CHANCELLOR CAPITALIZES UPON E-COMMERCE INDUSTRY
WITH ONLINE LEASE APPLICATIONS
Boston, MA -- March 1, 1999: Chancellor Corporation (OTC BB: CHLR) today announced that it launched online lease application forms for its Small Business Solutions program administered by Long River Capital, the Company's small business finance unit. Through the Small Business Solutions program, the Company is helping businesses get the equipment and financing they need to continue to fuel their growth.
The Company said the online lease application service is part of an overall plan to expand its www.chancellorcorp.com website by providing significantly more information resources and e-commerce services to facilitate investors' research and customers' purchasing decisions.
According to Brian M. Adley, Chancellor chairman and CEO, “We are committed to significantly expanding our Internet presence and services during 1999, and hope to release a comprehensive upgrade to our entire website by the end of the second quarter. Our goal is to create a simple, well-designed, and useful Internet destination by redesigning the site and expanding content to improve its usefulness as a business resource for our customers and informational tool for our investors.”
In addition to online lease application forms for small businesses, the new Chancellor site will showcase the Company's truck and trailer inventory available through its Tomahawk subsidiary, provide online and downloadable lease applications for fleet managers, and improve the quality and quantity of corporate and financial information tailored for the investment community.
Recognizing the rigid schedules and time constraints facing successful entrepreneurs and small business managers, the Company designed its online lease application service to streamline the process for its Small Business Solutions customers. Located at www.chancellorcorp.com/sbs.html, the online lease application site enables potential clients to download and print applications or submit the forms through the Internet directly to Chancellor for a rapid approval process.
Michael J. Marchese, a Director of Chancellor, commented, “Due to the dramatic growth of the Internet and its astounding potential for commercial use, bringing our unique Small Business Solutions program to the Internet user strengthens our competitive edge by enabling these busy entrepreneurs to realize all of their equipment financing options. With online applications that are easily accessible and presented in an understandable format, we are making the purchasing and financing decision process easier and therefore expect the website enhancement to generate additional customers.”
The Small Business Solutions program is a competitive financing program designed to help expanding businesses purchase equipment, ranging from $2,000 and $100,000 based on the original equipment cost, necessary for them to further their growth. The program also caters to the needs of equipment vendors and value-added resellers by providing private label customer financing, thus enabling these firms to increase sales and improve customer service. Chancellor's new online forms also include applications for customized private label finance programs to meet the specific needs of individual vendors and resellers.
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Chancellor Corporation is changing the equipment leasing business through innovative financing and fleet management programs which reduce customers' total holding costs and significantly improve fleet management through asset management, equipment maintenance, fuel management, and data management strategies. Since its founding in 1977, Chancellor has completed a total of approximately $1.5 billion in equipment lease transactions for its Fortune 500 and middle market customers in the U.S. and international markets, including South Africa and the CIS. Chancellor is a fleet management and transportation equipment leasing firm headquartered in Boston. The Company's Internet address is chancellorcorp.com. The Company is publicly traded under the symbol “CHLR.”
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of1995:
This release contains statements that are not historical facts and that may be deemed to contain forward-looking statements with respect to events, the occurrence of which involves risks and uncertainties, including, without limitation, demand and competition for the Company's lease financing services and the products to be leased by the Company, the continued availability to the Company of adequate financing, the ability of the Company to recover its investment in equipment through remarketing, and other risks and uncertainties detailed in the Company's Securities and Exchange Commission filings.
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