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TORONTO, Jan. 30, 2012 /CNW Telbec/ - Element Financial Corporation (TSX: EFN), one of Canada's leading independent equipment finance companies, has established Element Capital, a newly formed business unit dedicated to large equipment financing and leasing transactions, including energy related assets, corporate aircraft and helicopters, rail and road transport, as well as mining and large-scale construction equipment.
To lead Element Capital, Steven Hudson, Chairman and Chief Executive Officer of Element Financial Corporation, is pleased to announce the appointment of Tony Bergeron as Executive Vice President. Mr. Bergeron will be based in Montreal. He will be assisted by an experienced sales and risk management team located in Montreal, Toronto and Calgary. He will report to Bruce Smith, President and Chief Operating Officer of the Corporation.
"The creation of Element Capital is an instrumental part of Element Financial Corporation's growth strategy to expand into capital asset financing with larger transaction size," said Steven Hudson. "We are thrilled to have recruited someone of Mr. Bergeron's calibre and expertise for Element Capital, and are confident that with his leadership skills and experience, he will contribute to the company's increased diversification and growth."
"The large-ticket segment offers the potential to accelerate the growth of our business, " Mr. Hudson added. "We believe Element Capital can increase its fee-based income with modest balance sheet consumption and generate over $250 million of annual volume."
Tony Bergeron is widely recognized as a proven leader across a wide range of diverse sectors, including air and road transportation, construction and manufacturing, and energy. He has over 20 years of experience in equipment financing and leasing in both private and public sectors. Prior to joining Element Financial Corporation, Mr. Bergeron was Senior Vice President for one of the world's largest leasing and financing companies, where he led the company's corporate aircraft finance group.
Tony Bergeron will be supported by a team of highly qualified professionals, including Christian De Broux, Senior Vice President, Risk Management. Mr. De Broux was Director of Specialized Services Management and Development at the largest integrated cooperative financial group in Canada.
Other members of the leadership team include Scott Benson, Senior Vice President, Capital Markets; Maxim Nadeau, Manager, Risk Underwriting; and Frédéric Larue, Regional Vice President, Sales.
"We are right on track with our business plan and well-positioned to meet the growing demand for lease financing across North America," added Pierre Lortie, Director of Element Financial Corporation. "As per our development plan, we acquired Alter Moneta, a key player in the Quebec market, in August 2011; we then increased our capital base and listed on the TSX in December 2011; and now we have established the Element Capital unit to finance large-ticket equipment. Most importantly, we are hiring people with the experience and the proven track record to support the continued North American growth of Element Financial Corporation."
Element Financial Corporation has over $425 million in assets. Its strategy for continued growth is to capture greater market share, expand strategic vendor relationships, establish its presence in additional equipment sectors and identify strategic acquisition and other partnership opportunities that will augment and complement the Company's areas of expertise. Element Financial Corporation's experienced management team, strong balance sheet, access to reliable funding, national origination capabilities, deep in-house leasing expertise and rapid flexible execution capabilities give it a strong competitive edge in the markets it serves.
About Element Financial Corporation
Element Financial Corporation is an independent finance company that originates, manages and funds equipment leases. In addition to its expansion into the large ticket equipment leasing sector through its Element Capital business unit, Element Financial Corporation, through its other business unit Element Finance, currently originates equipment finance assets within specific segments of the mid-ticket equipment finance market through its four specialized groups: manufacturing and industrial, transportation and construction, healthcare and golf, each of which has national scope and coverage.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE "1933 ACT") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT.
Forward Looking Statements
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, including Element's intention to increase its market share, expand strategic vendor relationships, establish a presence in additional equipment verticals, and assess potential acquisition opportunities, as well as the intended use of proceeds from the private placement, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the equipment finance industry, economic factors and the equity markets generally 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.
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