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July 11, 2001
Ampent Enters the Internet Fray Bob Rodi Says "Rest in Peace" but Keep the Wood Stakes In Ted Pierce-GE/Colonial Pacific Lament Manifest Gets Kudo for Lessee Insurance Guarantee Why the Plug? Barry Reitman Lessors.com To Be Acquired? A Plug? Or an Opinion? You Be the Judge Vectra Bank Colorado to Acquire Minnequa Bank ( leasing ) Brokerware Selects Triad Consultant Networks Financial Federal $125 Million Asset Securitization Financing Valley National Forms Valley Commercial Capital, LLC New Comdisco in Chicago????? Where Businesses Go When the Bank Says No
Betty Ferrero's New E-Mail Address
### company press release
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Equipment Vendors Accelerate Customers' Lease Transactions with Ampent Platform
SAN FRANCISCO--Ampent(TM) announced the signing of seven additional vendors who will utilize their private-labeled, patent-pending, transaction platform to accelerate their customers' equipment purchases, increase credit approvals and automate lease transactions.
The partners represent an array of equipment manufacturers and resellers including: Auspex, Avalon Equipment, Computer Connection of Central New York (CCNY), CMI, DRB Systems, Online Asset Exchange and TV Magic.
"The addition of these partners reinforces Ampent's increasing presence in the $260 billion leasing market," said Mike Popovich, Ampent Vice President of Sales. "Along with fast approvals, our vendors will benefit from Ampent's Wholesale Funding Network which accommodates a wide range of credit types, ensuring higher end-user approval percentages."
"The Ampent platform is an important addition to our financing options," said Peter Simpson, CFO of Auspex Systems. "By giving our customers the ability to apply for lease financing online at our web site as well as access to a broad network of funding sources, it makes leasing our file servers a very attractive alternative."
"It's a win-win solution," said Scott Fluty, CEO of CCNY. "Our customers get approvals at the point-of-sale, an easy online application and low-monthly payments; we get an automated process that generates income and helps improve our cashflow."
Ampent's private-labeled Capital Acceleration Platform(TM) (CAP) is an appealing leasing solution for companies that wish to offer speed, simplicity, savings and online account management to their customers. The CAP features online estimates and status reporting, fraud detection, real-time credit scoring and decision making, access to Ampent's Wholesale Funding Network, risk-adjusted pricing, automated document generation and workflow management.
About Ampent
Established in 1997, Ampent provides private-label lease financing solutions for capital equipment vendors and financial institutions. The Ampent Capital Acceleration Platform (CAP) provides our business partners and their customers with a simple, fast and complete equipment financing option. The CAP significantly increases the speed, efficiency and quality of finance transactions while reducing the cost and effort associated with traditional lease processes. Headquartered in San Francisco, CA, Ampent is a member of the Equipment Leasing Association of America and the United Association of Equipment Leasing and is backed by Athena Technology Ventures, Artemis Ventures, Sterling Payot Capital and other investors. For more information visit Ampent online at www.ampent.com.
CONTACT: Ampent Parker H. Trewin, 415/946-6300 ptrewin@ampent.com
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"Rest in Peace" but Keep the Wood Stakes In Bob Rodi, CLP
I haven't said anything for a long time but today leasingnews really stirred my blood. The news about SDI, Mike Price of T&W fame, and the former JDR Capital are but three names that exemplified the greed and avarice that was prevalent in our industry for the past decade. The failure of these companies and the shameful behavior of the management/ownership is a black mark on everyone that is left in this industry.
The stories in today's leasingnews emphasize the need, for those of us who remain, to take a stronger stance on the ethics and behavior of those in this industry, than ever before.
Whether this is done through list serves, websites, or association standards committees is irrelevant. The fact is that it must be done. Do not delude yourself into thinking that the behavior of these individuals and companies come at no cost to you. There are many innocent people in this business who are paying the price (no pun intended) for the behavior of the unethical and immoral. Look at the number of funding sources that are left to fund third party business. How will new lenders react when they learn about the recent history of our industry? How hard will it be to raise equity, subordinated debt, or complete a securitization? How have the actions of others impacted your rates, terms and the credit philosophy of the remaining lenders and lessors?
We are in a market that is bursting with opportunity for the third party originator. Instead it is a time of true irony. All the business one can find and almost no place to fund it. I hope that the brokers and lessors who supported these companies have learned a lesson that I once learned; Tthat they are responsible for their business, their employees and their families. They need to develop their own business philosophy. When someone offers to fund your business and it sounds too good to be true then know that it is and stay away from it.
As far T&W, JDR, SDI and others like them are concerned, when they are finally all put out of their misery we could put a true "Tombstone" add in the various leasing publications and make sure they are remembered as they truly were. Let's just make sure that the wooden stakes don't get pulled out for the next century or so. RIP
Bob Rodi, CLP President LeaseNOW, Inc. drlease@leasenow.com www.leasenow.com 1-800-321-LEAS (5327)x 101
---------------------------------------------------------------------------------------------------- Ted Pierce---Colonial Pacific/GE Lament
( We have attempted to obtain a comment from Colonial Pacific, and would be glad to print any comment they may have. I have known Ted Pierce for almost 30 years. He is one of the most professional persons in the leasing industry, and with his permission, we are printing his side of the story ( received June 29th ) to learn if there are any others with a similar situation. editor )
Kit, I just ran into an interesting situation involving Colonial Pacific /GE. You and other brokers that work with them may already know about the situation but here is what just happened to me.
I had a $75,000 approval with a customer through Colonial Pacific. Software. I just received a note from GE that the customer wanted to cancel the approval so I called C/P trying to find out what's going on. This is the information I have so far.
GE apparently has a division known as DELV or something like that. A lessee or a vendor can go direct to that division which falls under the C/P credit umbrella and that division of GE is treated the same as another broker. In other words, they can send in an application & if it has already been submitted or approved for another broker, such as myself, it is treated as a dual submission. In this case I did not receive a memo stating it was a dual submission, just a memo that the lessee wanted to cancel the deal with me. The fortunate thing is that I have a signed agreement with the lessee with money on the table. The unfortunate thing is that I have no idea what DELV's buy rates are, if they have to add points to survive, i.e., do they have an unfair advantage over C/P's brokers?
I expressed my concerns to the people at C/P and in all fairness, they don't know much about DELV and they said it has only happened a couple of times. In this case it happened to me on a $75,000 approval on a lessee that we have been working hard with to satisfy his needs--a very difficult lessee regarding credit and financials. I informed C/P that I felt this was almost unfair competition in that we are now competing with another division of GE for the same business. And is it fair competition? Who knows. I can understand broker to broker competition. We all pretty much have a level playing field with C/P and each other but to have to compete with another division within the GE umbrella doesn't seem right. I might be missing something here but so far more questions are unanswered than answered.
Anyway, this message is just a heads up for other C/P brokers. When I have a conversation with C/P on Monday I will suggest that they may be better off giving the broker community any leads that come in to them. Instead of making us compete with another division of GE, give us the opportunity to handle the business on a level playing field. Many of us have long term relationships with C/P. I have and I've always valued it and want to continue to do so well into the future.
Ted Pierce Insta Lease tpierce2@ix.netcom.com 916-983-1122
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Still the One----Manifest Guarantee Insurance Policy
Over the years, I have heard that Manifest has never breached their commitment to abstain from soliciting vendors directly or to work directly with prior lessees. This I have heard from other brokers and from two former BCL employees, Manifest's vendor direct "sister" company. Also, our company started working with Manifest about a year ago to supplement our internal lines and have been very pleased with their professionalism, good attitude and quick response to all inquiries.
Kit, with so much upheaval in our industry, they work very hard to stay consistent in all manners of their operation… its nice to know some folks really do try a little harder and its nice to be partnered up with organization like Manifest.
Drew Taggart United Leasing Associates ULA@Execpc.net
Why the Plug? Kit: (You may publish this or not, as you choose. However, I would appreciate your addressing the question.) I appreciate the fact that you do not accept compensation for promotion of services and products mentioned in Leasing News, but that can create an extra need to screen submitted material. By publishing Robert Kommer's unpaid advertisement ("Does the new FTC opinion letter change anything?" Leasing News July 10, 2001), you have lent your de facto (and inestimable) imprimatur to Mr. Kommers service. Is it, indeed, an "insurance policy" against the slings and arrows of the new authorization requirements?
Regards, ( Barry, his e-mail was news. His information was informative and useful to many who are looking into electronic signatures. The cost of .75 cents a name, no contract, no year in advance like Dun & Bradstreet charges, is a great bargain. All the listserve comments from attornies say to get a signature if you are going to run personal credit, not matter what anyone else says. The service bureaus also require it. Many funders now require the signature on their own form, even when discounting. And yes, Barry, there is a Santa Claus: we allow plugs in e-mail signatures. I could not use yours because it came as an attachment, which I don't have the time or ability to copy quickly, plus am always afraid of attachments as they may have a virus. But yes, it is a plug, and it is also news. I also personally think it is a great service at a great price. editor )
United Association of Equipment Leasing Annual Fall Conference October
25-28th, UAEL Group Rate: $172 Single/Double Occupancy The group block is available now. If people want, they can and should start making reservations now. For
registration and information on any meetings, "This
event, held each Fall, focuses on the UAEL Funding Source Forum, which features
funders from throughout the country who are available for appointments during
the program. In addition to these funding sources, suppliers exhibit their valuable
products and services at the Suppliers' Showcase. The educational programs that
are offered will keep you on top of the latest industry and operational developments.
A full social calendar will again provide a fun backdrop to making valuable relationships."
for more information: ------------------------------------------------------------------------------------------------------------ A Plug? Or an Opinion? You Be the Judge In reference to the following letter from your issue of 7/10: " Kit, my last 3 jobs in the Leasing Industry have ended up in disaster. Greed, manipulation from the ownership and of course the shaft, for those who cared enough to do it right. I wonder when and if things will ever change ? Good luck to those left in this Industry with any heart and soul, as for my self I am done !!!" Given the examples of greed and avarice chronicled daily in your newsletter it's easy to see how one becomes jaded. There are still some good leasing companies out there; PowerNet is one of them. We work hard at serving our customers and even harder at making sure we comply with our reps and warrants. We compensate our people fairly and treat them with dignity. As a result there are no million dollar bonuses here, no yachts. And yes, like your anonymous correspondent above, we are often left feeling that while we are doing things by the book our lunch is being eaten by less scrupulous competitors. Our largest challenge is finding good people who understand that success results from hard work. The numbers don't lie. Reps in our company that fund $250,000/month in small ticket can easily (and I mean EASILY) earn 6 figure incomes. So how many PowerNet reps earned 6-figure incomes last year? I'm embarrassed to say - none. Know any hard-working reps? :>) ************ John
Craine, VP Sales ( Will allow this plug. We "outsourced" the classified section as it was offered "gratis". It has been over 45 days, but since we are not "paying," other projects have a "higher priority. We hope to have a classified section soon. Also, don't mind legitimate plus when tied to a newsworthy comment. And by the way, the person who made the comment about the leasing industry, was not in sales, but a high administrative position ( not that sales is not important, but the comment comes from an "executive." editor ) ------------------------------------------------------------------------------------------ Betty Ferrero's New E-Mail Address I'm sorry to say I was one of three people let got last Tuesday from a sales staff of five. This decision was completely unexpected as I had been a consistent producer. I was told the decision was made in order to "improve the bottom line" which is a major concern these days. Very disconcerting to say the least as Fisher-Anderson is a fine company. But, what's done is done and I'm now looking for a new position. Your newsletter will become even more important as I search this difficult job market. Thank you for the notification I've been restored as a subscriber. Being without your newsletter for several days created a definite void. Please let my friends and clients know I haven't disappeared. I can be reached at Baferrero@aol.com and would love to hear from them Betty Ferrero Baferrero@aol.com --------------------------------------------------------------------------------------------------------- A Better Way? Kit: I wonder if there is anything you can do to improve readability for those of us using the AOL browser (I usually access my AOL email via the internet through Internet Explorer). As you may already know, every line you send to AOL comes though with bizarre and random line breaks, making reading your newsletter somewhat easier than cracking a code, but not as easy as reading straight text... Obviously, somewhere between you and the AOL readership something is being interpreted as a line break. Keep up the good work. Paul
Weiss (I also subscribe to AOL and re-read Leasing News on AOL, as a great many of our readers have AOL addresses.. The main problem is The List, which type is "justified" here, but in text, often does not come out per line. I have not sent in a full list as I did today because of this problem. Recently I have only been up-dating the month on line. Because we have new readers, I thought I should print the full list. I don't know why the text problem occurs when sent. I have noticed if you open AOL full, not half way or using the messenger, it makes a difference. Also using the latest version. But it does break up. Unfortunately, not everyone receives HTML, which would be the best way to send it. I should mention there are those who believe some viruses can be transmitted through HTML, especially to users of Microsoft Outlook, and some MIS are weary of all HTML transmission. I really don't know. I do know reading leasing news "on line" is the way to go, especially the list, which is very long ( over 80 more companies than when we started the list ). If there is a solution to the problem, sure would like to learn it. I would like any help on the subject. editor ) ----------------------------------------------------------------------------------------
Eastern Association of Equipment Leasing Chairman,
Burce Smith, Diversified Capital Credit
EAEL ####### ############## ############################ Lessors.com Could Be Acquired Atlanta, GA, - John O. Semon, CEO, Lessors.com, Inc. has confirmed the eLeasing portal could be acquired next year as the result of an unsolicited offer. Lessors.com provides free services to both the online and traditional equipment leasing markets and has received critical acclaim for its upscale technology conferences presented from the Ritz-Carlton hotels. Mr. Semon advised, "While it has not been our intention to sell Lessors.com, we will carefully review any proposal we feel might enhance and expand our business interest. We will defer further comment until we have had the opportunity to thoroughly explore all options." About Lessors.com A
privately held company backed by over 32 years experience in the equipment leasing
and finance markets, Lessors.com is the only free access vertical market portal
facilitating free search and free advertising of funding resources, employment,
technology products, services, news and information to the online equipment leasing
and finance markets. "Lessors.com's email distribution is regularly distributed
to over 5,000 professionals serving the equipment leasing and finance markets. ( Please note that lessors.com promotes its events via its portal, plus provides very useful information. We invite you to visit the site, if you have not already. editor ) _________________________________________________________________ ######## ################# ##################### Brokerware BrokerWare, Inc., St. Petersburg, FL, now merged into Funder OnLine, is proud to announce that it has selected Triad Consultants Network, Inc., Deltona, FL, to be its exclusive external marketing agent selling the Isis Leasing System application. Potential customers seeking information on Isis should direct their initial inquiries to Triad. Triad has extensive experience with Isis as they have worked with BrokerWare over the last year doing Isis training for BrokerWare clients. Triad was also contracted by BrokerWare to create and maintain documentation for Isis. Funder OnLine is a leading Business Services Provider offering end-to-end thin client transaction processing solutions to financial institutions, brokers, captive and independent finance companies and business providers. Triad is a premiere boutique consulting firm working within the Commercial Finance and Equipment Leasing Industries specializing in Strategic Business Planning, Marketing and Sales Management & Training, Operations Support, and Acquisition of Bank Lines. Contact
Information: #### ############### ############## Where Businesses Go When the Bank Says No By RICHARD NEWMAN Newjersey.com The Hearld/Hearld News Whenever the economy slows, business owners seeking loans find it harder to get their bank to say yes. But Joe Gohlich, co-owner and vice president of Millenium Communications Group, a six-year-old East Hanover company that designs and builds fiber-optic networks, found a lender willing to triple the amount of the business' credit line this year to cover expansion costs. It wasn't Gohlich's bank that fronted him the line of credit. It was his brokerage firm, Merrill Lynch, which has been more willing to extend credit than the bank has been. Gohlich knows what other business owners are learning: Banks, fearful of losses from bad loans, have tightened their purse strings. The Federal Reserve Bank's New York district said last month that more than 20 percent of the banks surveyed in the New York metropolitan area, which includes northern New Jersey, reported that they tightened commercial and industrial lending standards in April and May. Rates of growth in deposits and loans fell in that time, according to "an overwhelming majority" of banks polled -- even though demand for loans had increased. And loan delinquency rates edged up. Banks have reason to be worried about bad loans. Commercial banks nationwide wrote off $7 billion in losses from uncollectible loans in the first three months of 2001, a 38 percent increase from the first quarter of 2000, according to federal regulators. Commercial and industrial loans accounted for more than half of that increase. The loan losses come against an economic backdrop in which the nation's central bank has felt it prudent to cut key interest rates six times this year to fend off a recession as corporate profits swooned and jobless rates rose. "Banks in general, and we in particular, are looking for more collateral and tighter control on the collateral we had," said Bob Falese, executive vice president and senior lending officer at Cherry Hill-based Commerce Bank, which is the state's top Small Business Administration lender by dollar volume. "We clearly have a slowdown in economic activity, and that translates to a slowdown in [borrowers'] sales volume," Falese said. A young company like Millenium Communications Group, in an industry that's had a lot of the wind taken out of its sails, is at a particular disadvantage at the bank -- even though the company has doubled in size each year, growing to 160 employees and generating $22 million in sales in 2000. That's why, faced with the toughest lending environment since the early 1990s, more business owners like Gohlich are turning to non-bank lenders. "The banks seem to be saying to them, we loved you to death, but right now we don't love you as much," said Bruce Cohen, president of Westgate Financial Corp. in Hoboken, a company that will lend money against the accounts receivable or inventory of a cash-strapped company. Cohen said he has been seeing more customers with strong credit ratings being turned away by their banks. "We handle A-minus and B credits. We're seeing a lot of A credits," he said. Through asset-based lenders, businesses that can't get a loan at the bank can get financing by offering such assets as inventory, equipment, or receivables as collateral. The volume of asset-based loans nationwide grew 16 percent in 1999 to about $300 billion, according to the Commercial Finance Association, a trade group. The final numbers for 2000 are not yet in, but it is expected to be another year of double-digit growth. In recent months, however, "the rate of growth has slowed down, and that's because of the credit crunch," said Bruce H. Jones, deputy executive director of the Commercial Finance Association. Smaller finance companies that depend on lines of credit from banks cannot always get funding. "It's not unlike what happened in the early Nineties," he said. "There's lots of business out there, but when you depend on bank credit lines to raise funds, sometimes you can't get the money to lend." Merrill Lynch Business Financial Services, which for years has been trying to wrest market share of business loans from banks, has increased the size of its portfolio of loans to small and midsize businesses nationwide from $5.3 billion at the end of 2000 to $5.9 billion at the end of May. Joe Poy, regional director of Merrill Lynch Financial Services, said the unit has sought businesses with marginal loan qualifications, sometimes having borrowers sign over rights to their stocks and bonds to secure the loans. Falese said the bank is demanding more information from business owners who apply for financing or refinancing than it did before the economy abruptly slowed last year. He asks: What is their business plan or revised business plan? Is it the major customers who have pulled back? Is it a permanent slowdown or just a delay? Are they having to cut margins to move inventory? What's happening with their expenses? "It's not time to shut the window. It's time to be cautious when we're making the loan," Falese said. ### ########### ################# ############# Financial Federal Corporation Announces $125 Million Asset Securitization Financing NEW YORK---Financial Federal Corporation (NYSE:FIF) announced today that its wholly-owned operating subsidiary, Financial Federal Credit Inc., has successfully completed a $125 million asset securitization financing arranged by Bank of America Securities, LLC. The facility is structured as a revolving balance sheet financing and will be funded through the asset-backed commercial paper market. Steve F. Groth, CFO, commented: "Financial Federal Corporation is pleased to announce its first securitization financing. Entry into the asset securitization market represents a significant achievement in the Company's ongoing efforts to further diversify its sources of stable, cost-effective funding. Consistent with Financial Federal's conservative strategies, this securitization will have no 'gain on sale' and will be treated as debt on the Company's balance sheet." Financial Federal Corporation specializes in financing industrial, commercial and professional equipment through installment sales and leasing programs for manufacturers, dealers and end users nationwide. In addition to its New York office, the Company has six full-service operations centers in Texas, Illinois, New Jersey, North Carolina, Georgia and California, and numerous additional marketing locations throughout the country. For additional information, please visit us at www.financialfederal.com. This document contains forward-looking statements, which involve management assumptions, risks and uncertainties. Consequently, if such management assumptions prove to be incorrect or such risks or uncertainties materialize, the Company's actual results could differ materially from the results in the forward-looking statements. CONTACT:
########### #################### ########################### Vectra Bank Colorado to Acquire Minnequa Bank; Five-Branch, $319 Million Bank Broadens Vectra's Delivery System in Southern Colorado ( does equipment leasing ) DENVER & PUEBLO, Colo.---Vectra Bank Colorado today announced an agreement to acquire The Minnequa Bank of Pueblo, the largest independent banking organization in Pueblo, in a transaction that adds a key regional center to the Colorado communities served by Vectra. "This is a perfect fit for Vectra Bank Colorado because Vectra's approach to banking will complement the many strengths of the Minnequa organization, particularly its commitment to customer service and to meeting the needs of local consumers and businesses," said Bruce Alexander, president and CEO of Vectra Bank Colorado. The acquisition of Minnequa Bank, with $319 million in assets, will bring the assets of Vectra Bank Colorado to approximately $2.5 billion. "We'll now reach from Cortez to Durango to Alamosa to Pueblo to Colorado Springs -- all the way across the southern tier of the state -- which will help us more fully meet the needs of our customers who live and do business in the communities that make up this part of Colorado," said Alexander. The transaction is pending regulatory and shareholder approval. Owned by long-time Colorado banker Mahlon T. "Butch" White, Minnequa Bank was established in 1902 and became part of the banking enterprise of the Thatcher and White families, whose banking and mercantile business interests date to Pueblo's earliest days as a frontier community. Today, Minnequa is the largest independent bank in Pueblo as measured by deposits, with $292 million, and operates four banking offices in Pueblo and one in the Pueblo West community. Two other banks owned by White, the First National Bank of Durango and Bank of Monte Vista, are not part of the Vectra transaction. Minnequa's President and CEO John A. Marvel will continue in this role in the Pueblo market for Vectra. "We believe this is a match that makes sense for our customers and our employees. We'll continue to build on the longstanding reputation and relationships we've created in the Pueblo community. Now, we'll be able to bring our customers more resources, such as greater lending authority and new, technology-based products and services," said Marvel. According to Alexander, Vectra will bring expanded products to Minnequa's marketplace, including cash management services, corporate banking, residential mortgage lending, private trust and private banking, and insurance and investment services. Customers also will be able to access specialized kinds of banking services, from public finance to international banking. The two banks plan a transition to the Vectra Bank Colorado name in the fourth quarter once the transaction receives approval. Through more than 50 banks in 30 communities throughout the state, Vectra Bank Colorado offers banking, mortgages, personal trust and private banking, investment, leasing, real estate financing and cash management products and services to commercial enterprises of all sizes, as well as to individual customers. Organized around the needs of Colorado, the bank works to match its products, services and expertise to the differing requirements of the state's regional economies, including the urban Front Range, Colorado's agricultural communities and its mountain resorts. As the state's fifth-largest bank, with total assets of $2.2 billion and over 800 employees, Vectra Bank Colorado promises customers, "You do life. We'll do the banking." The bank's website address is www.vectrabank.com. Vectra is part of Zions Bancorporation, one of the nation's premier financial services companies, consisting of a collection of great banks in select high-growth markets. Under local management teams and community identities, Zions operates more than 400 full-service banking offices in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Utah and Washington. Forbes magazine recently named Zions one of America's best big companies. Minnequa's Chairman White will continue to be active in the Thatcher Foundation, established in 1924. The foundation has supported numerous local cultural, social and educational programs, including The Pueblo Zoo, The Greenway and Nature Center, Pueblo Family Social Services, The Pueblo YMCA, KTSC-TV, and the Pueblo Symphony. In 1982 the foundation provided funding to the Sangre de Cristo Arts & Conference Center for construction of the Helen Thatcher White Gallery building. The foundation was also instrumental in development of the White Library Branch in Pueblo West. In the last 13 years the foundation has given over $4 million to community projects and organizations.
CONTACT: # #################### ############## Valley National Forms Valley Commercial Capital, LLC WAYNE, N.J., / -- Gerald H. Lipkin, Chairman, President and CEO of Valley National Bank, has announced the formation of Valley Commercial Capital, LLC. A wholly-owned subsidiary of Valley National Bank, Valley Commercial Capital, LLC will offer both commercial equipment leases and financing for general aviation aircraft. (Logo: http://www.newscom.com/cgi-bin/prnh/19990930/VLYLOGO ) Valley Commercial Capital, LLC will be led by three New Jersey commercial banking veterans. Walter M. Horsting will serve as President of Valley Commercial Capital, LLC. Robert A. Ewing and Mary E. Nix will serve as First Vice President and Vice President, respectively. "We believe there is a tremendous opportunity for Valley in the commercial leasing area, and that it will complement and enhance our overall commercial lending business," Lipkin noted. "The collective experience of Valley Commercial Capital's principals will also help Valley achieve recognition as one of the country's premiere aircraft finance providers." Valley Commercial Capital, LLC will offer commercial equipment leases to businesses in Valley's marketplace for fixed assets ranging from computer and medical apparatus, to tractor-trailers and production/manufacturing equipment. "With market competitive pricing, we can offer our client base 100% financing for leases in a variety of terms and structures that will allow them to preserve their capital," said Horsting. "Leasing also provides excellent protection against equipment and product obsolescence." Valley Commercial Capital, LLC will also offer financing throughout the contiguous United States for general aviation aircraft, ranging from four-seat single engine trainers to twin-engine corporate jets. Valley will not finance experimental or ex-military aircraft. Refinancing for avionics updates or repairs will also be offered. Horsting has an extensive background in aviation finance and commercial leasing. As a chief administrative officer in commercial banking, he was responsible for day-to-day operations, budgets and forecasting, mergers and acquisitions and other corporate initiatives. He has also served as a financial analyst. Horsting is an accomplished private pilot. In addition to many years of experience in aviation finance, Ewing also worked for the Cessna Aircraft Company, where he marketed new aircraft. A past-president and current board member of the National Aircraft Finance Association, Ewing is also an accomplished private pilot. With 15 years experience in the equipment leasing industry, Nix has specialized in all facets of the business including repossession and remarketing, litigation of transactions, documentation, collections and credit. She has also managed a leveraged lease, leveraged buyout and real estate portfolio in excess of $1 billion. Valley National Bancorp (NYSE: VLY) is a regional bank holding company with $8 billion in assets headquartered in Wayne, New Jersey. Its principal subsidiary, Valley National Bank, including its Merchants Bank of New York Division, currently operates 125 offices located in 78 communities serving 10 counties throughout northern New Jersey and Manhattan. ########### ################# # # # ################### ( New Comdisco? ) Form+Function consulting Joins Sysix Technologies, LLC in an Exclusive Relationship to Provide Enterprise Commerce Management Solutions for Mid-Market CHICAGO--(BUSINESS WIRE)--July 11, 2001-- New alliance targets significant growth opportunity within SCM and CRM markets. Enterprise Commerce solutions are built on Solutions Consortium packaged 'concept to completion' model spanning technology consulting, infrastructure and financing. Mid-market clients gain single-source for "high value- low-risk" solution implementation and maximum return on technology investment. Form+Function consulting, an Enterprise Commerce Solutions Provider founded by Chicago technology leader Robert Bernard, founder and former CEO of Whittman-Hart, announced today that it has selected Sysix Technologies, LLC, a national provider of technology solutions for enterprise applications and eBusiness, and founding member of the Solutions Consortium, as its exclusive strategic alliance partner focused on the best practice-to-delivery implementation of customer relationship management (CRM) and supply chain management (SCM) solutions for mid-market companies. As part of the agreement, Form+Function consulting will partner with Sysix and join the Solutions Consortium to deliver enterprise CRM and SCM solutions built with industry-leading technology from i2, Oracle, Hewlett-Packard and others. The Solutions Consortium is an innovative group of technology companies acting together as one "virtual" organization. The Consortium allows the individual companies to pool their respective technology professionals, best practices, methodologies and market experience to bring customers a single-point solution to lower risk, accelerate implementation time and focus return on investment in technology. "We have formed this alliance to leverage the synergies among our organizations, as we recognize the skyrocketing market opportunities for ROI-based solutions within the customer relationship management and supply chain arenas," said Robert Bernard, CEO, Form+Function consulting. "Middle-market companies desperately need a single-source who can deliver the best performance driven technology in an accelerated timeframe. Maximizing productivity across a company's enterprise thru process efficiencies and enabling technologies is the cornerstone of Form+Function's business model. Together with its new Solution Consortium partners, Form+Function consulting is uniquely positioned to deliver on this promise." John Sheaffer, CEO of Sysix Technologies and one of the founding executives of the Solutions Consortium commented, "The addition of Form+Function to focus on CRM and Supply Chain initiatives is a key strategic move for the Solutions Consortium. The future is bright for both CRM and Supply Chain, particularly in mid-tier companies. Research groups report 31% of US companies plan to implement CRM in the next year and 7 out of 10 have incorporated CRM into their business strategies, while the supply chain market is expected to triple to $21 billion by 2005. As top priorities such as collaborative SCM, demand management/replenishment and analytics related to customer relationships rise within mid-sized companies - the Solutions Consortium will bring the strategic expertise, technology and financial options needed to quickly turn these concepts into reality." Form+Function consulting, which was launched in May 2001 is focused on solving complex business and technology issues of mid-market companies. The organization's go-to-market services model, Interactive Customer Experience, or "ICE," combines functional diagnostic and process expertise with enterprise management technologies. Sysix Technologies is an award-winning provider of mission-critical eBusiness and IT initiatives via a unique "bundled" model, which includes infrastructure selection, consulting services and financing. The company maintains relationships with Hewlett-Packard, EMC, Cisco and others. The 13-year-old technology company has a solid history of providing infrastructure solutions to traditional brick-and-mortar organizations versus a focus on dot.coms. In addition to Sysix and its subsidiaries, the Solutions Consortium includes: Symmetry Corporation, a key supplier of ERP implementation and operations solutions; and et alia, llc, a premier consulting group providing functional applications for ERP and Supply Chain Management solution services. The Solutions Consortium also provides financial options via Sysix Financial, LLC, a newly formed company providing full-service, ROI-based leasing for technology solutions, aimed at mid-market customers. About Sysix: Sysix provides mission-critical IT and eBusiness initiatives, primarily for customers in the manufacturing and financial service industries. The company is differentiated by its approach of providing "bundled" solutions including consulting services, infrastructure selection from leading technology providers such as Brocade, HP, Cisco, EMC and others; knowledge transfer and financial solutions. The company is headquartered outside of Chicago, and maintains offices across the country including Milwaukee, Indianapolis, Los Angeles and New Jersey. With the recent acquisition of JANDX, Inc, Sysix also gains offices and presence in Arizona and Michigan. For more information, visit the Sysix Web site: www.Sysix.com. The Solutions Consortium can be reached at 1-800-805-7921, through the Solutions Consortium Web site: www.solutionsconsortium.com, or via company Web sites: www.sysix.com; www.sym-corp.com; www.et-alia.com. CONTACT:
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