Press release from CNW Group
Element Acquisition of GE Capital Canadian Fleet Assets Receives Clearance from Canadian Competition Bureau
Tuesday, June 25, 2013
Element Acquisition of GE Capital Canadian Fleet Assets Receives Clearance from Canadian Competition Bureau18:15 EDT Tuesday, June 25, 2013
Transaction Closing Expected June 28, 2013
TORONTO, June 25, 2013 /CNW/ - Element Financial Corporation (TSX: EFN) ("Element") announced today that it has received clearance from the Canadian Competition Bureau under the Competition Act (Canada) to complete its previously announced acquisition of the assets of GE Capital's Canadian fleet leasing business (the "Transaction").
Subject to satisfaction of the remaining closing conditions, it is expected that the Transaction will close on June 28, 2013.
With total assets of approximately $2 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 leasing, 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 the company. 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 Corporation
For further information:
Senior Vice President
Corporate Affairs & Investor Relations
(416) 386-1067 ext. 2313
Chief Financial Officer
(416) 386-1067 ext. 2225