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| November 28, 2000
New Lease On Line: Leasecomm, Mainstream EIS, Collaborate to Jump Start On-Line Leasing WALTHAM, Mass.--(BUSINESS WIRE)--Nov. 28, 2000--Leasecomm, a wholly owned subsidiary of MicroFinancial, Inc., a leader in micro ticket equipment leasing, launched LeasecommDirect 3.0, the latest version of its proprietary, internet based leasing technology. This powerful online technology provides full service leasing, allowing its dealer base to submit lease applications, obtain credit decisions within minutes, and print completed lease agreements. It also provides reporting and analysis tools, personalization based on the user's position in that company and an enhanced user interface. Built upon a year of investment and development efforts, LeasecommDirect 3.0 is available exclusively to vendors using Leasecomm leasing programs. "Leasecomm is committed to the continued development of e-business solutions that improves the speed, ease of use and overall productivity of our leasing services" said Elaine Shuttleworth, Director of Internet Development. "Prior to the new release, nearly two-thirds of our 20,000 monthly applications were fully processed automatically on-line, so we have already had significant experience and success in the on-line world" said Peter Bleyleben, President. "LeasecommDirect 3.0 will continue to strengthen our technology leadership position in the leasing arena by providing increased efficiency and functionality for our customers" Mr. Bleyleben added. LeasecommDirect 3.0 was developed with the collaboration of Mainstream EIS of Merrimack, NH, who specializes in the design, development and deployment of database-web integration technologies. "Our real-time, interactive technology, integrated into the LeasecommDirect site, makes it possible for today's businesses to apply, receive credit decisions and complete lease agreements online. The overall result is greater responsiveness and reduced waiting, which is essential for small businesses that hope to thrive in today's fast-paced information economy," said Craig Peterson, Chairman and Founder of Mainstream EIS. Leasecomm Corporation, a wholly owned subsidiary of MicroFinancial Incorporated is a leading funding source in the industry of micro ticket financing. MicroFinancial Inc., (NYSE: MFI), headquartered in Waltham, MA, and with additional locations in Woburn, MA, and Newark, CA, is a financial intermediary specializing in financing for products in the $500 to $10,000 range. The company has been in operation since 1986 and has been profitable since the second quarter of 1987. Through its operating subsidiary, Leasecomm, the company has provided funding for 100s of thousands, mostly commercial, accounts nationwide. Mainstream EIS of Merrimack, NH founded in 1993 is a privately held information technology company. 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. NETBANK, Inc. Announces Plan To Repurchase up to 660,000 Shares ATLANTA,-- NetBank, Inc., the holding company for NetBank(R), Member FDIC, Equal Housing Lender, (Nasdaq: NTBK; http://www.netbank.com), and the world's leading Internet bank with more than $1.7 billion in assets, announced today that the board of directors has authorized the repurchase of up to 660,000 shares of NetBank stock. Earlier in the year, the board had approved a buy back of up to one million shares. As of September 30, 2000, the date of NetBank's last reported financial statements, the Company had bought approximately 340,000 shares, primarily in the month of May. Based on the November 24, 2000 closing price of $6.88 per share, the 660,000 shares available under the current program have a market value of approximately $4.5 million. NetBank's book value per share was $8.36 on September 30, 2000. "This buyback program is prudent at this time," said D. R. Grimes, NetBank CEO. "The current stock price for NetBank does not recognize our consistent profitability nor our unprecedented growth. I believe the price is a reflection of the stock market's recent downward momentum, not our actual performance. I believe the market will rebound in time -- rewarding first those companies that have demonstrated sound financial management and market leadership. We have no plans to deviate from our strategy of growing profitably and maintaining exceptional internal account growth. Our existing capital structure, strong balance sheet and profitable operations will allow us to meet our capital requirements for the foreseeable future." NetBank will make periodic purchases in cash in the open market or private transactions. The 660,000 shares authorized for repurchase represent approximately two percent of NetBank's current shares outstanding. For additional information, see NetBank's April 18, 2000 announcement, "NETBANK, Inc. Plans to Repurchase Up to One Million Shares." About NetBank(R) NETBANK, Inc., (Nasdaq: NTBK; http://www.netbank.com), is a financial services company whose sole subsidiary, NetBank, Member FDIC, is the first profitable pure Internet bank in the country, having achieved profitability in the past ten consecutive quarters. With more than $1.7 billion in assets and customers in all 50 states and 20 foreign countries, NetBank was recently recognized as the best online bank by readers of Worth magazine in its annual "Readers' Choice Awards" survey and as a Money.com pick for "Best Online Banks." With its low-cost, branchless business model, NetBank is able to reward its customers with high interest rates on deposits with low- or no-fee banking services. Products and services include free online account access, free checking, free unlimited online bill payment and presentment, free unlimited ATM use, VISA(R) Check Card, VISA(R) credit card, online brokerage services, mortgage lending, home equity lines and loans, insurance, IRAs, online safe deposit boxes and business equipment leasing services. NetBank is a member of the AFFN, Cirrus, Honor/Star and NYCE ATM Networks. For more information on NetBank, its products and services, visit the Web site at http://www.netbank.com, or call 1-888-BKONWEB (256-6932). "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding NetBank's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year. SOURCE
NetBank, Inc. MicroBilt Rolls Out New CREDITCOMMANDER.COM--A Web Based Solution for Delivering Instant Credit Bureau Data Retrieval KENNESAW, Ga.--(BUSINESS WIRE)--Nov. 28, 2000--MicroBilt Corporation a nationwide leader in credit bureau data retrieval announced the launch of the CREDITCOMMANDER.COM site - a web based solution for delivering instant credit bureau data retrieval. The new CreditCommander.com website allows customers to make on the spot credit decisions from data gathered from all the major credit bureaus. CreditCommander.com is the latest in a series of strategic business ventures initiated by MicroBilt in the past 12 months. The website follows the successful May 2000 launch of Credit Commander 2000, a credit application management software package. It builds on the August 2000 strategic merger with DataFax to provide credit solutions for e-commerce. The addition of CreditCommander.com also complements the October 2000 launch of MicroBilt's Software Developers Kit (SDK), a new program for integrating consumer or commercial credit report retrieval and automated decision-making into an organization's in-house software application or website. "CreditCommander.com is unique in its approach to helping clients make intelligent and fact based credit decisions within seconds of initial contact from a prospect or customer," explained Michael Garretson, General Manager of MicroBilt. "The web based tools cut the traditional credit approval process down from minutes and hours to just seconds, which can result in significant cost savings in a very short period of time." "With CreditCommander.com we deliver to our customers the THREE I's" explained Pamela Williams, Marketing Specialist of MicroBilt. "INSTANT SETUP - customers set up an account instantly and begin receiving credit data without the need for time consuming software delivery or installation. INSTANT DECISIONS - credit report requests are delivered 24-7-365 over the Internet. INSTANT ROI - CreditCommander.com users can realize immediate cost savings through enhanced customer retention and maximization of existing manpower and resources." MicroBilt also services over 300 affiliated credit bureaus throughout North America. CreditCommander.com can reinforce each affiliate's market strengths by setting up a "mirror site" branded with each bureau's own identity and URL. "Allowing our affiliate credit bureaus to put their own corporate name and identity on CreditCommander.com strengthens their customer ties, allows for seamless cross platform communication and reporting as well as opening revenue and fee sharing opportunities," said Garretson. MicroBilt (www.Microbilt.com), formerly a First Data Corporation subsidiary, is headquartered in Kennesaw, Georgia with offices in Princeton, New Jersey, South Carolina and California. MicroBilt is a nationwide leader in credit bureau data retrieval providing credit solutions to the Financial (banking, mortgages, home equity, credit union, collections), Rental or Leasing, Health Care, Insurance, Law Enforcement, Educational (Universities, Colleges and institutions of higher learning) and Utilities (gas, electric, cellular, cable, residential phones) industries. MicroBilt services over 30,000 customers throughout the United States and Canada. For more information, contact MicroBilt Corporation, 1640 Airport Road, Suite 115, Kennesaw, GA 30144. Telephone: 800/884-4747. Or visit their website at www.microbilt.com. CONTACT:
MicroBilt Corporation, Kennesaw
Spring eLeasing Conferenceugust August 28-30, 2001 http://www.lessors.com/conf_dir.html Plus further information www.lessors.com Garmentrade and First International Bank Tailor Agreement to Finance Apparel Companies and Their Suppliers Online SAN FRANCISCO & HARTFORD, Conn.--Nov. 28, 2000-- Loans
And Leases Up To $5 Million Per Transaction To Enhance Apparel Supply Chain Speed
And Efficiency
First International has agreed to make commercial and international credit products
available online - up to US $5 million per transaction - to textile mills that
supply fabric and trim, apparel manufacturers, and designers. About Garmentrade Corp. Garmentrade (www.garmentrade.com.) provides textile and apparel trading partners with powerful Internet-based collaboration and sourcing tools. Garmentrade has the support and backing of top international venture financing organizations with an understanding and total commitment to the apparel and textile industry. About First International Bank and First International Bancorp Inc. First International Bank (www.firstinterbank.com) - a world leader in the use of SBA, USDA and Export-Import Bank loans - provides innovative credit, trade and financial solutions for small and medium size industrial businesses. The company has more than 200 employees and representatives at 29 locations worldwide, including offices coast-to-coast in the U.S. and international representatives located in the Americas, Asia, Africa, the Middle East and Central Europe. In 1999, the company originated $551 million in loans primarily within its industrial niche, and closed the year with a managed loan portfolio of $1.1 billion. Established in 1955, the bank is a subsidiary of publicly traded First International Bancorp Inc. (NASDAQ: FNCE), with headquarters in Hartford, Connecticut. CONTACT:
Garmentrade Corp. or First
International Bank Malls Register 2.4% Sales Increase for Thanksgiving Weekend ( the day before Christmas is the busiest single day, and this year, look for Saturday and Sunday before Christmas on Monday to be the craziest buying days of the year---so shop early ). NEW YORK----The 2000 holiday shopping season at the nation's malls got off to a positive start this past Thanksgiving weekend, according to the International Council of Shopping Centers, who hope to promote more business. Sales in mall specialty stores increased 2.4% compared to the same period last year. Summary of Sales Results for November 24 - 26, 2000 by category: Apparel
3.9 % CarsDirect.com Achieves Lending Milestone: $100 Million in Auto Loans and Leases in 10 Months LOS ANGELES--(BUSINESS WIRE)--Nov. 28, 2000-- Expanded Financing Options Provide Solid Revenue Stream, Affirm Company's Growth Strategies CarsDirect.com, a leading direct online automotive provider, today announced it has funded more than $100 million in loans and leases since January 1, 2000, through its financing arm, CD1 Financial. The milestone provides the latest indication of CarsDirect.com's success in bringing car buyers online and underscores the company's drive to strong, sustainable growth. Building on its successful alliance with Bank One, CarsDirect.com recently added four additional premier lenders to its consortium, including AmeriCredit, Chase Manhattan, Union Bank of California and WFS Financial. The combination of these loan and lease partners provides accelerated growth in lending while enhancing the CarsDirect.com customer experience. "We are committed to providing our customers with innovative, valuable options and services while enhancing the company's strength. Clearly, auto financing has continued to develop as a solid, supplemental revenue stream for CarsDirect.com," said Gene Schutt, CEO of CarsDirect.com's CD1 Financial.com unit. "As we continue to meet our goals for increasing penetration of our auto financing products, consumers are the true beneficiaries, gaining access to an unprecedented number of options for financing or leasing vehicles online. The milestone we're announcing today is proof we remain on the leading edge as a one-stop shop for car buying -- and we've made financing a car as convenient as shopping for it." CarsDirect.com is continuously looking for ways to streamline the purchasing and financing process for car and truck buyers. In addition to forming the multi-lender service, which provides customers with a greater level of financing options, the company recently announced an alliance with Fair, Isaac(R) (NYSE:FIC), a global provider of customer analytics and decision technology, to develop a breakthrough decisioning engine for instant pre-approval and choice of multiple loan or lease offers. After completing a free, easy-to-use online credit application, CarsDirect.com customers will be able to select from matching financing programs and then obtain final approval in as little as 45 seconds. About CarsDirect.com CarsDirect.com (http://www.carsdirect.com) is a leading direct online provider of new automobiles and related products and services, such as loan and lease financing and extended warranties. CarsDirect.com allows consumers to research, price, configure, order, purchase and finance a vehicle online. The company's user-friendly, intuitive Web site offers consumers product information for nearly every make, model and style of new automobile available in the United States today, as well as the ability to simultaneously compare the specifications of competing vehicles. CarsDirect.com offers an online shopping experience that features competitive, up-front, no-haggle pricing on new vehicles. The company sources vehicles through a priority dealer network of more than 2,500 automotive dealer franchises nationwide.
CONTACT: CarsDirect.com or Ketchum
Eric Greene, Press Release Amembal Joins LENDX Advisory Board
LENDX, the premier online corporate equipment finance marketplace providing end-to-end
e-finance solutions, announced that equipment leasing expert and educator, Sudhir
Amembal, has joined the company's Advisory Board. Amembal, chairman of Amembal
Capital, is world-renowned for his scholarship, consulting and publications in
the area of equipment leasing and lease accounting. He has consulted on behalf
of a variety of institutions, ranging from small businesses to Fortune 500 companies
and governments, including China, Indonesia and Russia. He has also authored fourteen
books, including the industry standard, The Handbook of Equipment Leasing. "Sudhir
has been a friend and advisor to LENDX from the beginning, and we are thrilled
to make our relationship official," said Ken Fosina, executive vice president
of marketing and business development, and co-founder of LENDX. "This paves the
way for the creation of educational and business initiatives with Sudhir and it
brings us an invaluable advisor with a global perspective. Financial Federal Corporation Announces Record Earnings for the First Quarter of Fiscal 2001 NEW YORK--(BUSINESS WIRE)--Nov. 28, 2000--Financial Federal Corporation ("FIF" - NYSE), a nationwide, independent financial services company specializing in equipment financing and leasing for middle market businesses, announced record net earnings for the quarter ended October 31, 2000 of $7.3 million, a 17% increase over the $6.2 million reported for the first quarter of fiscal 2000. Diluted earnings per share increased by 14% to $0.41 for the first quarter of fiscal 2001 from $0.36 for the comparable quarter last year. The increase in diluted earnings per share was lower than the increase in net earnings due to the effect that the Company's convertible subordinated notes have on the diluted earnings per share calculation. New business originated during the quarter amounted to $173 million. Finance receivables outstanding increased 21% and aggregated $1.188 billion at October 31, 2000 versus $985 million at October 31, 1999. Paul R. Sinsheimer, President, commented: "We are pleased once again to report that the Company's historical record of consecutive increases in outstanding receivables and net earnings continued in the first quarter of fiscal 2001, despite certain industry trends, including softening demand for heavy equipment and trucks, rising interest rates, higher fuel costs, as well as weakening general economic conditions. We believe Financial Federal has continued to perform quite favorably by adhering to its business model and not bowing to imprudent competitive pressures." "Asset quality measures for the fiscal quarter were once again very favorable," remarked Steve F. Groth, Chief Financial Officer. "Net credit losses of $346,000 for the quarter were 0.12% of average finance receivables on an annualized basis. Accounts contractually delinquent over 60 days aggregated 1.7% of total receivables at October 31, 2000. Non-performing receivables (as defined in the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2000) were 1.6% of total finance receivables outstanding at October 31, 2000. Industry-wide, asset quality measures generally have weakened somewhat during recent quarters. Financial Federal Corporation's asset quality measures continued to be among the best in the industry." Certain statements in this document including the words or phrases "can be," "expects," "may affect," "may depend," "believes," "estimate," "project," and similar words and phrases constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to various known and unknown risks and uncertainties and the Company cautions you that any forward-looking information provided by or on its behalf is not a guarantee of future performance. The Company's actual results could differ materially from those anticipated by such forward-looking statements due to a number of factors, some of which are beyond the Company's control, including, without limitation, (i) the ability to obtain funding on acceptable terms, (ii) changes in the risks inherent in the Company's receivables portfolio and the adequacy of the Company's reserves, (iii) changes in market interest rates, (iv) changes in economic, financial, and market conditions, (v) changes in competitive conditions, (vi) the loss of key executives or personnel, as well as those discussed in the Company's other public filings. Forward-looking statements apply only as of the date made and the Company is not required to update forward-looking statements for subsequent or unanticipated events or circumstances. Financial Federal Corporation specializes in financing industrial and commercial 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, Arizona and Georgia, and numerous additional marketing locations throughout the country. For additional information, please visit the Company's website at www.financialfederal.com.
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