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August 22, 2001 Kit Menkin’s Leasing News www.leasingnews.org __________________________________________________________________ Headlines— Finova Emerges ToLeaseIt.com Signs Distribution Agreement With U.S. Wireless Data NetUPDATE, Inc. Acquires DocuTouch Corporation Streamlined Sales Tax Project --ELA Wienermobile Celebrates 65th Birthday More Nigerian Money CIT’s Bob Cragin Drives a Company Car ### denotes press release __________________________________________________________________ Finova Emerges Finova Group Inc. announced that it emerged from Chapter 11 bankruptcy protection on August 21 after borrowing $5.6 billion from Berkadia LLC, which was formed to bail out the company. A federal bankruptcy court had approved the reorganization plan earlier this month, giving a 50 percent stake in Finova to the bailout partnership formed by Berkshire Hathaway Inc. and Leucadia National Corp. The plan called for a $6 billion loan, but Finova chose to borrow less because it deemed it sufficient for the reorganization, the company said. The commercial lender said it will use the loan to pay creditors 70 cents on the dollar, as well as the full amount of interest. The reorganization plan provides that the rest of the $11 billion Finova debt will be covered by eight-year promissory notes at 7.5 percent interest. ------------------------------------------------------------------------------------- ### ############## #################### ############# ( attention: Microfinancial/Leasecomm ) ToLeaseIt.com Signs Distribution Agreement With U.S. Wireless Data
NEW YORK--( --U.S. Wireless Data, Inc. (USWD) (OTC: USWE), a leading provider of wireless payment services, and ToLeaseIt.com, a leader in leasing services for a broad range of business equipment, including point of sale (POS) terminals and accessories, have signed an agreement under which ToLeaseIt.com will distribute USWD's Synapse Adapter(TM) product. Under the agreement, ToLeaseIt.com has purchased Synapse Adapters from USWD and will market them through its vendor leasing channels on the ToLeaseIt.com website. The Synapse Adapter enables merchants to convert their dial-up POS terminals to wireless with "plug and play" simplicity. By switching from dial-up to wireless transmission of credit card transactions, merchants can save on communications costs and improve transactions speeds. "We are excited to offer a solution for retailers who want a low-cost alternative to a second business telephone line from the local telephone company," said Erik Zucker, President of ToLeaseIt.com. "U.S. Wireless Data's product provides merchants with a wireless alternative for savings and faster transactions." "ToLeaseIt.com is providing a creative and affordable business leasing solution that complements our wireless services. We are confident that this relationship will increase the use of the Synapse Adapter at the point of sale," said Christopher O'Hara, President of U.S. Wireless Data, Inc. ABOUT TOLEASEIT.COM ToLeaseIt.com, based in Jericho, New York, offers leasing services to thousands of businesses throughout the United States through its national network of affiliates. ToLeaseIt.com provides leasing packages with speed, low-cost, and convenience in the computer and business equipment marketplace. ToLeaseIt.com has over two decades of leasing expertise with a primary focus in leasing low-ticket equipment ($500-$10,000). ABOUT U.S. WIRELESS DATA U.S. Wireless Data, Inc. (www.uswirelessdata.com), founded in 1991, markets Synapse, its proprietary technology for wireless point of sale and ATM transactions. By providing a seamless interface among terminal manufacturers, wireless carriers, and payment processors, Synapse enables payment card and ATM transactions to be processed extremely fast, without the cost and inconvenience of a telephone line. Synapse's Internet-based tools offer on-line, real-time transaction monitoring, remote diagnostics and automated terminal activation. NXT, the company's wholly owned subsidiary, provides landline transaction and data transport solutions to the transaction industry, and processes more than 500 million transactions each year. U.S. Wireless Data is headquartered in New York City. Forward-Looking Statements: Except for historical information contained herein, this news release contains forward-looking statements that involve risk and uncertainties. While the management of U.S. Wireless Data, Inc. believes that current expectations reflect reasonable assumptions, actual results could vary materially depending on risks and uncertainties. The reports filed by USWD pursuant to United States securities laws contain detailed discussions of these factors and certain other risks. USWD assumes no obligation to update this information. Readers are advised to review these reports (which are available from the United States Securities and Exchange Commission's EDGAR database at http://www.sec.gov and at various other reference facilities in the United States). CONTACT: ToLeaseIt.com Erik Zucker, 516/750-9788 erikz@toleaseit.com or U.S. Wireless Data, Inc. Daniel Lamb, 212/905-0344 dlamb@uswirelessdata.com or Investor Relations Contacts: Lippert/Heilshorn & Associates William A. Walkowiak, CFA Ryan Daniels 212/838-3777 william@lhai.com #### ############ ################# ############### NetUPDATE, Inc. Acquires DocuTouch Corporation
DocuTouch Document Management and Digital Signature Capabilities to Be Integrated Into the NetUPDATE Platform REDMOND, Wash., / -- NetUPDATE, Inc. today announced it has acquired Seattle-based DocuTouch(TM) Corporation, a leader in document management and digital signatures. The acquisition is an important addition to the NetUPDATE Transaction Platform. With the DocuTouch addition, NetUPDATE will support the ability to securely store, route, collaborate on and even digitally sign everyday business documents. "The DocuTouch technology provides a critical component to our platform," said Tom Gonser, CEO and co-founder of NetUPDATE. "DocuTouch's Secure Internet Document Exchange (SIDEX) technology has tremendous synergy with our solution. The combination of NetUPDATE's transaction tools and DocuTouch's document management system will provide all of our users with the most advanced and easiest-to-use solution for managing document-centric business transactions." The DocuTouch tools will first appear as part of NetUPDATE's initial product, LoanUPDATE(SM), the "Virtual Loan Assistant." The solution specifically targets the inefficient and expensive loan processes in the $1.5-trillion Mortgage Industry. According to industry analysts, the entire mortgage process takes 30-45 days to complete. It can involve more than 100 documents and over 40 participants. In addition, all the participants use disconnected channels of communication such as E-mail, fax, postal mail, and courier, further complicating and lengthening the process. "All the inefficiencies in the mortgage process lead to overhead costs from $2,000 to $3,000 per loan," said Gonser. "This year, that translates into over $28 billion in loan processing expense. By integrating the DocuTouch technology into LoanUPDATE, we will be able to greatly reduce the time and processing costs involved in closing a mortgage." With DocuTouch's powerful document management tools, LoanUPDATE gains the ability to digitally manage all mortgage files. This, combined with LoanUPDATE's already strong communication capabilities, significantly increases the value of the solution as a virtual loan assistant. Ultimately, the integrated functionality enables LoanUPDATE to help mortgage professionals manage all the communication and documents in one secure, shared environment. The end result is increased loan volume, decreased loan closing times and back-office costs. Acting just like a real loan assistant, LoanUPDATE manages all of the administrative tasks associated with originating mortgages like distributing applications, collecting documents and keeping all parties informed of the transaction. This enables mortgage originators to spend more time on "high-value" tasks, such as generating more business and providing personalized customer service. "This is a very powerful value proposition for mortgage professionals," said Gonser. "With the DocuTouch capabilities integrated into LoanUPDATE, originators will ultimately be able to close a mortgage without printing a single piece of paper -- while working with their existing loan software. This is the future of the mortgage industry, and the DocuTouch acquisition puts us firmly in the lead," added Gonser. "In the past, companies have failed because they have deployed technology solutions without integrating them into pre-existing workflow processes," said Gonser. "By integrating tools like DocuTouch into LoanUPDATE and into their existing software, it becomes just another option available to them in context with the way they currently work. We like to say we make powerful technology useful by hiding it." The NetUPDATE platform is currently deployed in the LoanUPDATE solution, and has been chosen by Fannie Mae as an important part of their online infrastructure. The Company expects to create similar solutions for other financial services segments over next few years. About NetUPDATE, Inc. NetUPDATE, Inc. is a leading software and services provider for the financial services sector. Its solutions integrate financial information, streamline workflow processes and enhance communication among all parties involved in complex transactions. Currently focused on the mortgage industry, NetUPDATE offers LoanUPDATE(SM), the "Virtual Loan Assistant" (www.loanupdate.com), in addition to a loan origination software (LOS) product, Byte, The Qualifier Series(TM). NetUPDATE customers and partners include Qpoint Mortgage, National City Mortgage, Countrywide, Flagstar, Fannie Mae, Freddie Mac, DEXMA, Onyx Software, IMX Exchange and The Performance Group. NetUPDATE's headquarters are located at 6675 185th Ave. NE, #200, Redmond, WA 98052. Telephone: 425-453-9950. Web Site: www.netupdate.com. About DocuTouch Corporation DocuTouch (www.docutouch.com), established in 1998, is a leading provider of document management and digital signatures for mortgage, insurance, leasing, healthcare and legal markets. Its solution delivers time and cost efficiencies that come from managing, signing, closing and archiving legally binding contracts and transactions entirely online. PC Magazine, in a technical review by Edward Mendelsen, rated the DocuTouch online application "as solid as Fort Knox." DocuTouch has also been named to LocalBusiness.com's "50 Companies To Watch" in first quarter. Headquartered in Seattle, the company is funded by Timberline Ventures, Irwin Ventures, and Mitsui & Co. ### ########### ################# ################### ####### ------------------------------------------------------------------------------------------- Equipment Leasing Association The Streamlined Sales Tax Project is about to take a significant step as installation of the software based system is being completed for the online operations at three retailers. George Abi-Esber, Director, Tax & Government Affairs Department, TAXWARE International, Salem, Massachusetts reports finishing touches are being completed at O.C. TANNER, CONTROL-O-FAX, and RMA with the system soon to be operational. The next meeting of the Streamlined Sales Tax Project is scheduled for this week, Thursday and Friday, August 23-24, at the Hilton Minneapolis/St. Paul Airport in Minneapolis, Minnesota. Dennis Brown __________________________________________________________________ A company car I drive a company car. Bob Cragin __________________________________________________________________ 65 Years on the Hot Dog Highways - and Still Hauling Buns
Celebrate 65 years of Hotdogging history. This year marks the 65th anniversary of the Oscar Mayer WIENERMOBILE, originally leased by Steve Dallas’s father-in-law, Ivan Gonnif. Since it made its debut in 1936, the WIENERMOBILE has been a familiar sight on the hot dog highways of the United States, bringing family fun to millions. It was originally Kosher, and I bet you didn’t know that either. ___________________________________________________________________ Nigerian Money Hey Kit, The Nigerian Money transfer scammers have just kicked it up a notch. They are now making the messages "semi-personalized" and this one really tugged at my heartstrings. While I would categorize most of the e-mail we get on this as "spam", this one comes with out the normal reference to the brother or cousin of the assassinated general or leader of the finance ministry. This is a completely new and creative twist that is obviously designed to lead me to the conclusion that I, at the very least, met this individual at the International Franchise Exposition in Washington DC. Notice that this message makes no reference to any amount of money like the previous ones that use and amount of $30MM in US dollars. LeaseNOW had a booth at the International Franchise Expo this past April and while there are people that attend from around the world, I didn't particularly notice that Nigeria was well represented. At any rate you can decide whether or not to pass it on to the leasingnews readers. Bob Rodi,CLP President LeaseNOW, Inc. drlease@leasenow.com www.leasenow.com 1-800-321-LEAS (5327)x 101 DEAR SIR, I AM ONE OF THOSE THAT ATTENDE THE LAST IFE , AM SENDING THIS PROPOSAL TO YOU BECAUSE I KNOW YOU WILL BE ABLE TO HANDLE IT WELL FOR ME . PLS I BEG YOU TO HANDLE CONVERTLY AND SEAL PLEASE PERMIT ME TO APOLOGISE SHOULD MY REQUST CAUSE YOU ANT SURPRISE BECAUSE OF NO PREVIOUS RELATIONSHIP BETWEEN US. SEVERAL FUNDS, WHICH HAVE BEEN ON HOLD DUE TO LOGISTICS PROBLEMS, MIGHT BE RETURNED TO THE FEDERAL GOVERNMENT TREASURY IN LESS THAN ONE-MONTH FOLLOWING DIRECTIVES FROM THE MINISTRY OF FINANCE TO “WRITE OFF” ALL SUCH UNCLAIMED FOREIGN DEBTS. I SINCERELY KNOW WHAT BENEFITS YOU WILL ENJOY IF THIS DOES NOT OCCUR AND SUCH FUNDS ARE SUCCESSFULLY UTILIZED BY YOU. AS AN EXECUTIVE DIRECTOR IN THE APEX BANK AND THE NEW HEAD OF THE INTERNATIONAL WIRE AND TELEX SECTION, I HAVE AN ANSWER FOR YOU. THIS MONEY CAN BE CREDITED TO A BANK ACCOUNT OF YOUR CHOICE, NOMINATED BY YOU. IF YOU WILL ONLY ACCEPT MY CONDITIONS AND ABIDE BY IT, WE CAN EXECUTE THE TRANSFER WITHIN 72 HOURS. WE COULD ASSIST EACH OTHER BY (1) WORK OUT A GOOD PERCENTAGE OF THE MONEY PAYABLE IMMEDIATELY AFTER THE MONEY IS CREDITED TO YOUR ACCOUNT (2) YOU WILL ASSIST IN THE MOVEMENT OF MY SONS OUT OF NIGERIA TO YOUR COUNTRY. ONCE RECEIVED AND COMNFORTABLY SETTLED, I WILL THEN PUNCH AND RELEASE THE ENABLING SORTING CODE AND PASSWORD FOR A SWIFT TELEGRAPHIC TRANSFER (KTT) OF THE MONEY TO YOUR DESIGNATED ACCOUNT WITHIN 24 HOURS (3) YOU MUST PROMISE TO RE-TRANSFER THE FUND INTO ANOTHER ACCOUNT WITHIN 3 WORKING DAYS OF BEING CREDITED TO YOUR ORIGINAL ACCOUNT. THIS IS A SECURITY MEASURE. FINALLY, IF YOU ARE READY TO COLABORATE WITH ME, PLEASE CONFIRM YOUR BANK DETAILS WHERE YOU WOULD LIKE ME TO CHANNEL THE FUND. THIS IS A LAST RESORT AND A GOLDEN CHANCE OF GETTING THESE FUND. GET IN TOUCH WITH ME THROUGH THE ABOVE ADDRESS FOR FURTHER GUIDE LINES. BE GUIDED. JOHN TOMIWA CBN HEADQUARTERS, WUSE DISTRI And here is one we have not seen before: DR.ABIO KEAZORS. TEL:234 1 759 8183 FAX:234 1 759 5963 Dear Sir, It is my great pleasure to write this letter to you. Firstly I must solicit your strictest confidence in this subject. This is by virtue of it's being utterly confidential and top secret. A member of the NIGERIA EXPORT PROMOTION COUNCIL (N.E.P.C.) who was part of the Federal Government Delegation to your country during a Trade Exhibition gave your particulars to me. I have decided to seek a confidential operation with you in the execution of the deal described hereunder for the benefit of all parties and I hope that you keep it top secret because of the nature of the business. Within the Department of MINES AND POWER where I now work as a Director of Engineering and Projects and with the co-operation of four other very top government officials, including the erstwhile chair of the Contract Review Panel, we have under our controls overdue contract payment bills totaling Thirty-Eight Million Six Hundred Thousand United States Dollars(US$38,600,000.00),which we want to transfer to a foreign account, with the assistance and cooperation of a foreign company to receive the said funds on our behalf or a reliable foreign individual account to receive the funds. The source of the fund is as follows: During the last military Government of GENERAL SANNI ABACHA here in Nigeria, the government set up the PETROLEUM TRUST FUND to handle the Billions of Dollars of oil Revenue Accruing to Nigeria, this was to give the government some credibility. Unfortunately, top government officials set up companies and awarded themselves contracts from the Petroleum Trust Funds which were grossly over invoiced. The present civilian government is not aware of the atrocities committed by their predecessors and as result we have many such over invoiced contract payment pending and floating at the Central Bank of Nigeria. I as the former director of Bulk PURCHASE at the petroleum trust fund before it was handled overt the civilian government, I am aware of these funds and I have put together, with the cooperation of my colleagues the sum of Thirty-Eight Million, Six Hundred United States Dollars(US$38,600,000.00) contract payment. However, by virtue of our position as civil servants, we cannot acquire this money !in our name. I was therefore delegated as a matter of urgency by my colleagues to look for an oversea partner into whose account we would transfer |