Hello, Anyone watching? From .55 to .70 on 102,000 shares 5-11-99.
News Release from 5-12-99
Tuesday May 11, 8:59 am Eastern Time
Company Press Release
Chancellor Acquires Investment Grade Equipment Lease Portfolio
BOSTON--(BUSINESS WIRE)--May 11, 1999--Chancellor Corporation (OTC BB:CHLR - news) announced today that it has acquired an equipment lease portfolio valued at approximately $9,000,000, based on original equipment cost. The portfolio primarily consists of equipment leases to investment grade companies including, Texaco (NYSE:TX - news) and Whirlpool (NYSE:WHR - news), all of whom are also serviced under other lease portfolios that the Company manages. The acquisition was made to increase the Company's operating assets, provide additional revenue from the scheduled lease payments, and further expand services to its existing client base.
Franklyn Churchill, president and chief operating officer, stated, ''This acquisition is part of our overall strategy to expand our investment grade portfolio. By purchasing these portfolio's we are also increasing Chancellor's visibility with some of the country's largest companies, including Wal-Mart, Texaco, Coca-Cola, Mobil, Goodyear, and Whirlpool. We believe that the exposure to these companies will help Chancellor build additional brand equity and enable it to achieve conquests in the origination of new leases to these companies. Chancellor believes that, through the introduction of its ''wholesale-plus'' program and the purchase of these equipment lease portfolios, it will be able to achieve greater market penetration in the investment grade market.''
Chancellor Corporation is spearheading an evolution in transportation equipment finance through innovative financing and fleet management programs. The Company seeks to reduce a customer's total holding cost through its ''Wholesale-Plus'' lease pricing strategy and through other value-added services, including 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 select international markets. 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 of 1995:
The statements contained in this release which are not historical facts may be deemed to contain forward-looking statements with respect to events, the occurrence of which involve 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.
For more information, see www.otcfn.com/chlr and www.chancellorcorp.com.
------------------------------------------------------------------------
Contact:
OTC Financial Network
Michael McGinty
877-663-0166 / 781-444-6100 ext. 46
geiten@otcfn.com
or
Chancellor Corporation
Peter Mullen, Director, Investor Relations
617-368-2716
pmullen@chancellorfleet.com
Bill McCabe
------------------------------------------------------------------------
More Quotes and News:Chancellor Corp (Massachusetts) (OTC BB:CHLR - news)Related News Categories: computers, transportation |
