Accord Announces Normal Course Issuer Bid

    TORONTO, Aug. 5 /CNW/ - Accord Financial Corp. (TSX - ACD), a leading
North American provider of a wide range of factoring and other asset-based
financial services to businesses, today announced that Toronto Stock Exchange
(the "TSX") has accepted for filing a Notice of Intention to Make a Normal
Course Issuer Bid (the "Bid").
    Pursuant to this Bid, the Company may purchase up to 477,843 common
shares during the next 12 months being 5% of the 9,556,871 issued and
outstanding common shares as at July 31, 2008. All shares purchased pursuant
to the Bid will be cancelled. Share purchases will be made through facilities
of the TSX and in accordance with the TSX's rules and policies. Pursuant to
TSX policies, daily purchases made by the Company will not exceed 1,000 common
shares, subject to a prescribed exception which allows for one block purchase
per calendar week.
    The Bid will commence on August 8, 2008 and terminate on the earlier of
the date on which the Company completes its purchases pursuant to the Bid or
August 7, 2009. Under the Company's existing Bid, which commenced August 8,
2007 and expires August 7, 2008, 75,600 shares have been repurchased for
cancellation at an average price of $7.83 for a total consideration of
$591,782. The Company believes that it may be advantageous to engage in
repurchases of its common shares, from time to time, when they are trading at
prices which the Company believes reflect a discount from the underlying value
of the common shares.

    %SEDAR: 00001979E

For further information:

For further information: Stuart Adair, Chief Financial Officer, Accord
Financial Corp., 77 Bloor Street West, 18th floor, Toronto, Ontario, M5S 1M2,
(416) 961-0304 ext. 207,

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