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June 18, 2001
Comdisco/GE Talks Continue 7Northern Leasing Selects Davox Heller Financial's Franchise Finance Unit Adds to Staff IOS Capital/ IKON Office Solutions Raises $250 Million Lakeland Bank and National Bank of Sussex County - Together Key Lease Names Four to Top Positions
##### Denotes press release
GE Starts Talks With Comdisco
According to an article by Robert Clow, Nikki Tait and Peter Thal Larsen in the Financial Times of London, GE Capital "is in discussions with Comdisco about taking over the troubled financial group's leasing portfolio."
The article cites "people close to the negotiations" as saying GE's interest is in Comdisco's telecom and computer lease portfolio and not "in making a full takeover bid for Comdisco."
"People involved in the discussions now expect Comdisco to file for protection from its creditors under Chapter 11 of the US bankruptcy code before the break-up can be completed," the article says.
The article also states that Comdisco is completing an auction of its disaster recovery division.
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"It's time to take a fresh look at the way business is done-new ideas"
Ron Caruso--The Equipment Financing Journal (The EFJ)
The conclusion to draw from all of this should be obvious: the leasing industry urgently needs some new lessor blood and some new approaches/products. For too long, lessors have been offering the same bag of alternatives, and have been unable or unwilling to think outside of the proverbial box.
This is ironic for an industry that has always been creative and able to respond to challenges-from tax code changes to accounting requirements to money market conditions. A message to all: it's time to take a fresh look at the way business is done-new ideas and new products and new sources are needed. Stay tuned.
The next issue of the EFJ will feature the individuals chosen as the Pioneers of the Leasing Industry. They are...sorry, you'll have to wait for our July/August issue!
www.efj.com.
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MicroFinancial Inc. --MFI-- Announces Increased Quarterly Dividend
WALTHAM, Mass.--(-The Board of Directors of MicroFinancial Inc. (NYSE: MFI) voted to pay a dividend of $0.05 per common share, payable on or before July 13, 2001 to holders of record of MFI common stock as of June 29, 2001. This is an increased of $.005 from both the previous quarter and from the same quarter last year.
"This is the twenty-fifth consecutive quarterly dividend since we started paying dividends in July of 1995, and also the sixth consecutive annual increase" says Richard Latour, Executive Vice President, COO and CFO.
"We are proud of our long-term track record of earnings and dividend payouts. During our more 15 years of operations we have seen good and adverse economic environments, tight capital markets and periods of very high liquidity and through out these times MFI has prospered," adds Mr. Latour.
MicroFinancial Inc. (NYSE: MFI), headquartered in Waltham, MA, and with additional locations in Woburn, MA, Newark, CA and Herndon, VA, is a financial intermediary specializing in leasing and financing for products in the $500 to $10,000 range. The company has been in operation since 1986 and has been profitable each year since 1987.
Statements in this release that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, words such as "believes," "anticipates," "expects," "views, " and similar expressions are intended to identify forward-looking statements. The Company cautions that a number of important factors could cause actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. Readers should not place undue reliance on forward-looking statements, which reflect the management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure that it will be able to anticipate or respond timely to changes which could adversely affect its operating results in one or more fiscal quarters. Results of operations in any past period should not be considered indicative of results to be expected in future periods. Fluctuations in operating results may result in fluctuations in the price of the Company's common stock. For a more complete description of the prominent risks and uncertainties inherent in the Company's business, see the risks factors described in documents the Company files from time to time with the Securities and Exchange Commission.
CONTACT:
MicroFinancial Inc.
Richard F. Latour
781-890-0177
Richard.Latour@Leasecomm.com
KEYWORD: MASSACHUSETTS #####################
Northern Leasing Selects Davox for Customer Interaction Management; Ensemble Customer Contact Suite to Improve Customer Service, Optimize Agent Productivity
WESTFORD, Mass.---Davox Corporation (NASDAQ: DAVX), a proven provider of customer interaction management (CIM) solutions, today announced that Northern Leasing Systems, Inc. (NLSI) has selected Davox's Ensemble(TM) to augment contact center technology in several of NLSI's departments. NLSI, a New York City-based equipment finance company specializing in the origination and servicing of micro-ticket leases, licensed Davox's contact management products and purchased services to optimize the quality and productivity of NLSI's customer service, collections and sales agents as the company continues to expand its business.
The Davox technology will provide NLSI with outbound and inbound call blending and real-time and historical agent reporting capabilities, and will interface with NLSI's existing Visual Basic application. Davox's Enterprise Solutions Services team will provide NLSI with professional services, and will deliver its educational services program to provide training for the call-blending solution.
"As NLSI continues to grow, we want to upgrade our contact center technology to offer our lessees the highest quality customer service," said Steven Bernardone, vice president and CIO at NLSI. "Davox's technology and services were a natural choice because of their reputation for excellence and reliability."
"We believe that Ensemble provides the perfect solution for NLSI's business goals," said Anthony A. Colangelo, Davox's executive vice president of worldwide sales and international operations. "Davox's 20 years of expertise in the customer contact industry and our ability to rapidly deploy Ensemble make it a prime solution for NLSI's need to optimize customer interactions and to grow the business."
About Davox
Davox Corporation (NASDAQ: DAVX) is a proven provider of customer interaction management solutions that help companies more effectively manage customer interactions via telephone, email and the Internet. Davox solutions are used by more than 1,000 companies worldwide - including banks, telecommunications firms, utilities and retailers - to provide premium customer service, and to successfully establish and build valuable customer relationships. For further information, visit the Davox Web site at www.davox.com.
About NLSI
NLSI is a New York City-based equipment finance company specializing in the origination and servicing of micro-ticket leases. NLSI currently has over one hundred and fifty employees and has originated and services over 200,000 equipment leases. NLSI's equipment leases are primarily for Point-of Sale (POS) terminals used by retail and service merchants. The POS terminal provides electronic communication between the merchant and the merchant's credit card processing bank, for customers purchasing goods and services with VISA, Mastercard, AMEX, Discover and other credit and/or debit cards. NLSI provides leases for many different manufacturers of POS terminals including but not limited to Verifone, Hypercom, Datacard and Fortronics. For more information on NLSI, contact Steve Bernadore at (212) 216-8206.
Note: Davox is a registered trademark and Ensemble is a trademark of Davox Corporation. All other trademarks are the property of their respective holders.
In addition to historical information contained herein, this press release contains forward-looking statements concerning future expected financial, operating results, and product and marketing strategies. Davox's future actual results could differ materially from the forward-looking statements discussed or implied herein because of risks or uncertainties including, but not limited to, the difficulty in the development, marketing or selling of the Ensemble solution, the potential for a delay or change to the Ensemble platform, risks associated with competition and competitive pricing pressures, technological change, new product introduction and market acceptance, stock price volatility, the ability of the Company to attract and retain key personnel, general economic conditions in the United States and worldwide markets served by the Company, and those other factors discussed from time to time in the Company's public reports filed with the Securities and Exchange Commission, such as those discussed under "Certain Factors That May Affect Future Results" in the Company's quarterly reports on Form 10-Q and annual report on Form 10-K.
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Heller Financial's Franchise Finance Unit Adds to Staff
CHICAGO, -- Heller Financial (NYSE: HF) today announced that its Franchise Finance unit will add four operations professionals to its credit and documentation team. They will fill out the back office in the unit's new Chicago headquarters. Heller recently announced that its Franchise Finance headquarters would move from San Diego to Chicago to streamline efficiency and leverage resources.
"Heller is committed to achieving a high-performance, team-oriented environment focused on optimal efficiency and effective deployment of resources," said Laird Boulden, Group President of Commercial Equipment Finance and acting head of the Franchise Finance unit. "Aligned with that objective, we are pleased to announce the addition of some outstanding back office staff for our important Franchise Finance unit."
John T. Smith has accepted the position of Vice President, Region Credit Manager. In his new position, John will ensure the timely review, approval and closing of Franchise Finance transactions. John joined Heller in 1997 as Senior Credit Analyst where he gained significant credit experience in the convenience store and restaurant industries.
Heller also welcomes Rudy Navarro to Chicago from Heller's San Diego office. Rudy will continue his work as Senior Credit Analyst and will be responsible for credit review and underwriting of Franchise and core equipment finance transactions, working to ensure quick turnaround and adherence to credit standards. Rudy joined Heller as part of the launch of the San Diego Franchise Finance unit in 1999.
Additionally, Jennifer Paluch has accepted a position as Credit Analyst for the Franchise Finance unit. She will likewise focus on reviewing and underwriting Franchise transactions, as well as lending assistance to core equipment finance credit. She joined Heller Financial in 1997 as a Financial Analyst.
Finally, Beverly A. Harvey has been appointed as Documentation Manager for Franchise Finance, where she will be responsible for all aspects of the Franchise documentation and funding process. Beverly brings more than 16 years of experience to her new role. Joining Heller in 1996, she most recently held the position of Closing Manager for Small Business Finance.
Heller Financial, a self-funded financial services company, has been a consistent financing source to convenience stores, retail petroleum locations, casual dining chains and QSRs for nearly a decade. The Franchise Finance unit resides within Commercial Equipment Finance, a group that provides sophisticated, structured lease and loan products for growth-oriented companies. The group provides financing for a variety of industries, and has also developed specialized expertise in Special Purpose Property, Business Aviation and Franchise Finance. In 2000, this group within Heller Financial completed more than $1 billion in new business.
http://www.hellerfinancial.com .
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IOS Capital, the U.S. Captive Leasing Subsidiary of IKON Office Solutions, Announces Unsecured Public Debt Offering Totaling $250 Million
VALLEY FORGE, Pa., -- IKON Office Solutions (NYSE: IKN) announced today that its captive U.S. leasing subsidiary, IOS Capital, has completed an offering for $250 million in unsecured public debt that will mature in 2004. The offering was made pursuant to a previously filed shelf registration statement
. "We are extremely pleased that IOS Capital has successfully accessed the unsecured public debt market," stated James J. Forese, Chairman and CEO. "In light of the current economic climate and the difficulties many companies are facing during this challenging time in the capital markets, this offering demonstrates that investors continue to recognize IOS Capital as a leader in the equipment financing field.
"While the asset-backed market has been, and will continue to be, the primary financing source for IOS Capital, the unsecured market, together with various third party financings, provides IOS Capital with additional financing flexibility as IKON pursues growth opportunities in targeted markets."
Lehman Brothers Inc. managed the offering.
IKON Office Solutions (www.ikon.com) is one of the world's leading providers of products and services that help businesses communicate. IKON provides customers with total business solutions for every office, production and outsourcing need, including copiers and printers, color solutions, distributed printing, facilities management, imaging and legal document solutions, as well as network design and consulting, e-business development, telecommunications services and technology training. With fiscal 2000 revenues of $5.4 billion, IKON has approximately 800 locations worldwide including the United States, Canada, Mexico, the United Kingdom, France, Germany, Ireland, and Denmark.
IOS Capital, Inc. is a wholly owned subsidiary of IKON Office Solutions, Inc. Headquartered in Macon, Georgia, IOS Capital provides lease financing exclusively to IKON's customers in the United States. With a fiscal 2000 lease receivable portfolio of over $2.8 billion, IOS Capital is one of the largest captive finance companies in North America.
This news release includes information which may constitute forward- looking statements within the meaning of the federal securities laws. These forward-looking statements include, but are not limited to, statements relating to the Company's future financing sources. Although IKON believes the expectations contained in such forward-looking statements are reasonable, it can give no assurances that such expectations will prove correct. Such forward-looking statements are based upon management's current plans or expectations and are subject to a number of risks and uncertainties, including, but not limited to: risks and uncertainties relating to conducting operations in a competitive environment and a changing industry; delays, difficulties, management transitions and employment issues associated with consolidation of, and/or changes in, business operations; managing the integration of existing and acquired companies; risks and uncertainties associated with existing or future vendor relationships; and general economic conditions. As a consequence of these and other risks and uncertainties, IKON's current plans, anticipated actions and future financial condition and results may differ materially from those expressed in any forward-looking statements. Certain additional risks and uncertainties are set forth in IKON's 2000 Annual Report on Form 10-K/A filed with the Securities and Exchange Commission.
SOURCE IKON Office Solutions
CO: IKON Office Solutions; IOS Capital, Inc.; Lehman Brothers Inc.
ST: Pennsylvania, Georgia
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Lakeland Bank and National Bank of Sussex County - Together
OAK RIDGE, N.J., -- July 1, 2001 marks the final step in a 24-month process of affiliation as NBSC officially changes its name to Lakeland Bank. The integrated entity of Lakeland Bank and National Bank of Sussex County, both wholly owned subsidiaries of Lakeland Bancorp, is the dominant community bank in northwest New Jersey, with combined assets totaling over $930 million as of March 31, 2001. In addition, it ranks as one of the ten largest commercial banks headquartered in New Jersey. With thirty-two branches throughout Bergen, Essex, Morris, Passaic, and Sussex Counties, and more branches opening soon, Lakeland Bank has become a powerful player in the landscape of the New Jersey banking industry. Lakeland Bank and NBSC have worked diligently and successfully to become a single entity. That r
eality is reflected in the joining together under one single name: Lakeland Bank. Both banks worked through a strategic, detailed process toward the complete integration of the two. This union brings together the strengths of what have been two prosperous, healthy financial institutions.
Combined were not only the financial resources, but also the extensive experience of officers and other key personnel. Coming together into one expanded headquarters in Oak Ridge has allowed for the vital streamlining of methods and resources. Bank services, programs, and procedures were blended to bring forth the best of both organizations.
As described by Robert A. Vandenbergh, formerly the President and CEO of NBSC and now Lakeland's Executive Vice President and Chief Loan Officer, "We have expanded our mission and adopted a new theme: 'Interested, Invested, Involved'". Unchanged, however, are the mission values NBSC brings into the partnership: "customers, teamwork, employees, integrity, and profits to ensure shareholder value and the financial stability that our customers deserve."
In spring of 2001, Lakeland Bank and NBSC launched the final stage of merger: acquainting the public to the single name, which reflects the achieved reality of a single entity. "We chose the theme that most simply and accurately portrays the partnership- the same staff customers have long trusted from each bank, now gathered under a united banner," said Roger Bosma, President and CEO of Lakeland Bancorp. "While customers will benefit by the expanded number of offices and products through the joining of NBSC and Lakeland," he noted, "they can count on the same trusted people with whom they've enjoyed a banking relationship over the years."
Lakeland Bank offers an extensive array of consumer and commercial products and services, including online banking, localized commercial lending teams, equipment leasing, and less than 24-hour turnaround time on consumer loan applications. For more information on the merger, or for directions to an office in your neighborhood, call (973) 697-2000 or visit http://www.lakelandbank.com.
Lakeland Bancorp has a current asset base of $931 million and, with the opening of the office at Little Falls, thirty-two bank offices. The Bancorp's administrative offices are located at 250 Oak Ridge Road, Oak Ridge, New Jersey. More information about the Bancorp may be obtained by visiting their website, http://www.lakelandbank.com or by phone at (973) 697-2000.
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Editorial Suggestion
I have been reading you articles for a little over a month or two now and for the most part I have found them educational and interesting. I am young to the leasing industry (2 yrs) and I am a little disturbed over the name calling and finger pointing of these "professionals". It is obvious that your articles are read by many and that you have developed a pretty good following over the past "XX" years of writing the articles. I am not sure you receive monetary consideration for you efforts or if there is some other motivation you have for spending the time. I do appreciate your efforts and feel that what you do is admirable. BUT:
Is it possible to have a section of the your article that is strictly for news and another section, or other article all together, that can be used as a open forum for grown men and women to bicker at each other?? That would be great......Let me know your thoughts.
Please do not publish my name.
( Thank you for your editorial suggestion.Each issues is different. Sometimes funny, sometimes sad, often thought provoking, and my hope informative. If you find an article, press release, or diatribe not to your liking, skip it, don't read it. Hang in there with us and perhaps your e-mail may be a wake-up call for all of us. Editor )
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Key Equipment Finance Names Nicole R. Jantze, Senior Vice President, Human Resources and Facilities Management.
SUPERIOR, CO, - Key Equipment Finance, one of the nation's largest bank-held equipment financing companies, has announced that Nicole R. Jantze has been named senior vice president of human resources and facilities management. In this role Jantze will be responsible for the worldwide human resources and facilities functions of Key's equipment financing units. Her office is located at Key Equipment Finance headquarters outside Boulder, Colorado.
"Nicole has a strong and diverse background in human resources administration and management" said Paul A. Larkins, president and chief executive officer, Key Equipment Finance. "Her multi-industry background will be very useful as she identifies and manages human resources programs for our global staff who serve a variety of equipment financing audiences internationally."
Prior to joining Key, Jantze was director and vice president of human resources for the interactive division of XO Communications (formerly NEXTLINK Communications). She previously served as human resources manager for Fireman's Fund Insurance Company and held human resources and training positions with Hilton Hotels Corporation. She earned her bachelor of science from the University of Nevada, Las Vegas.
Key Equipment Finance provides business-to-business equipment financing solutions to businesses of many types and sizes. They focus on four distinct markets: ? small businesses in the U.S.; ? mid-to-large size businesses in the U.S. and Canada for acquisitions from $5,000 and up; ? equipment manufacturers, distributors and value-added resellers worldwide; and ? federal, state and local municipalities as well as other public sector organizations. Headquartered outside Boulder, Colorado, Key Equipment Finance manages a $7 billion equipment portfolio with annual originations exceeding $3 billion. The company, which operates in 25 countries and employs more than 700 people worldwide, has been in the equipment financing business for nearly 30 years. Additional information regarding Key Equipment Finance, its products and services can be obtained at KEFonline.com.
Key Equipment Finance is an affiliate of Cleveland-based KeyCorp, one of the nation's largest multiline financial services companies, with assets of approximately $86 billion. Key companies provide investment management, retail and commercial banking, retirement, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. The company's businesses deliver their products and services through facilities located in 46 states; a network of approximately 2,400 ATMs; telephone banking centers (1.800.KEY2YOU); and a Web site, Key.com,? that provides account access and financial products 24 hours a day. |
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