Element Financial Corporation Signs Vendor Financing Agreement with Crestline
TORONTO, Oct. 7, 2013 /CNW/ - Element Financial Corporation (TSX:EFN) ("Element" or "the Company"), one of North America's leading independent equipment finance companies, today announced that it has signed a Vendor Financing Agreement (the "Agreement") with Saskatoon-based Crestline Coach Ltd. ("Crestline") that establishes Element as Crestline's preferred sales financing partner across North America.
Under the terms of the multi-year Agreement, Element will work in alignment with Crestline's sales and distribution channels in Canada and the United States to provide equipment financing solutions to customers for the full line of Crestline's ambulance and coach bus products.
"This preferred financing relationship gives Element the opportunity to help Crestline's North American customers acquire a best-in-class product with a financing option that takes full advantage of the durable value that is built into every one of Crestline's vehicles," said Todd Hudson, Element's Executive Vice President.
Crestline manufactures and distributes ambulances, speciality emergency vehicles and coach buses to public and private operators across North America. With an average transaction size ranging from $150 thousand to more than $5 million and over 10,000 vehicles sold, Crestline has been an industry leader in product innovation and flexibility in meeting the ever changing needs of its customer for over thirty-eight years.
"As a leading supplier of ambulances and coaches to the North American market, we selected Element as our sales financing partner because of their understanding of our business and the unique needs of our customers. Element's ability to seamlessly offer our customers a customized equipment financing solution in either Canada or the United States addresses the growing need of our customers for cost effective solutions to managing all aspects of their fleets," said Steve Hoffrogge, Crestline's Chief Executive Officer.
About Element Financial Corporation
With total assets of approximately $2.5 billion, Element Financial Corporation is one of North America's leading independent equipment finance companies. Element operates across North America in three verticals of the equipment finance market - Element Capital provides large ticket equipment financing, Element Finance serves the mid-ticket equipment finance market and Element Fleet provides vehicle fleet leasing and management solutions.
This release includes forward-looking statements regarding Element and its business. Such statements are based on the current expectations and views of future events of Element's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting Element, including risks regarding the equipment finance industry, economic factors and many other factors beyond the control of Element. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE Element Financial CorporationFor further information:
Senior Vice President
Corporate Affairs & Investor Relations
(416) 386-1067 ext. 2313
Chief Financial Officer
(416) 386-1067 ext. 2225