This Border ##### Denotes Press Release (Not Written By Leasing News)
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Sales Manager: Atlanta, GA
30 years in transportation Finance with strong management/ sales background. Represented company on national & region markets. Started two successful operations- produce profits and growth. Email:email@example.com
Sales Manager: Dallas/Fort Worth, TX.
Domestic-int'l exp. Small to middle ticket. 24 yrs with Fortune 500 firms(2). Consistently achieves margin/ volume goals. email: firstname.lastname@example.org
Sales Manager: New York, NY
I have over 25 years owning an independent leasing company that specialized in truck leasing. Tow trucks, Limos, ambulances, tractors, etc.. Email:email@example.com
Sales Manager: Orange County, CA. Experienced sales manager. Proven ability to develop high volume vendor, direct or third party business. Seek sales management, program management or senior sales origination role. email:firstname.lastname@example.org
Sales Manager: Portland, OR. 18+ yrs w/bank leasing company. Supervised 14- 20 sales people. Willing to relocate for the proper position. Or, seeking sales position in current location (13+yrs direct sales). email:email@example.com
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Senior level sales professional w/ (20) plus experience in mid market financing & leasing. The last (8) plus years being self employed in middle market brokerage. Email:firstname.lastname@example.org
full list at: http://188.8.131.52/LeasingNews/JobPostings.htm
(We help people find jobs!!! Posting for “Job Wanted” is Free.)
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GE Posts Third-Quarter Earnings of $.40 per Share, With Double-Digit Growth at Eight of 13 Businesses And Solid Cash Flow From Operating Activities
(While third-quarter earnings before required accounting changes slipped two percent,
GE experienced double-digit growth at eight of its 13 business units.
Earnings were $4 billion, compared with $4.1 billion in the same quarter last year.
Revenues were up two percent from the third quarter of last year to $33.4 billion
(The world’s largest company also announced on Friday that it had agreed to buy British medical company Amersham for $9.5 billion in shares as the U.S. firm expands in the high-growth health care technology sector. editor)
GE Posts Third-Quarter Earnings of $.40 per Share, With Double-Digit Growth at Eight of 13 Businesses And Solid Cash Flow From Operating Activities
FAIRFIELD, Conn--GE's earnings before required accounting changes for third quarter 2003 were $4.0 billion, or $.40 per share, compared with $4.1 billion, or $.41 per share, in third quarter 2002, the Company announced today.
"We delivered broad-based performance and continued to develop the resources with which we will create growth in a slow-growth world," said GE Chairman and CEO Jeff Immelt. "We had several major operating highlights in the quarter: eight of 13 businesses delivered double-digit earnings growth, cash flow from operating activities increased 29%, and our five new growth platforms increased their sales by 18%.
"During the quarter, we continued to accelerate the transformation of our portfolio. We announced or completed the dispositions of GE Edison Life, Financial Guaranty Insurance Company, GE Superabrasives, and Specialty Chemicals. This week we completed a definitive agreement to form NBC-Universal and create a diversified, fast-growth media business with $13 billion of pro forma 2003 revenues.
"And this morning, we announced an agreement to acquire Amersham plc, a global leader in molecular medicine. With combined pro forma 2003 revenues of $13 billion, the pairing of Amersham with GE Medical Systems will create a healthcare technology leader operating in one of the fastest-growing areas of medicine."
Third Quarter 2003 Financial Highlights
-- Earnings before required accounting changes were $4.021 billion, or $.40 per share, down 2% compared with last year's $4.087 billion, or $.41 per share. Eight of GE's 13 businesses -- Commercial Finance, Consumer Finance, Consumer Products, Insurance, Medical Systems, NBC, Specialty Materials and Transportation Systems - achieved double-digit earnings growth during the quarter. As expected, their performance was offset by the continued effects of the decline in sales of large gas turbines in the U.S. and lower non-cash earnings from the U.S. pension plans. Excluding Power Systems and the effects of pension income from both periods, earnings per share grew 14%.
-- Revenues of $33.4 billion were up 2% compared to third quarter 2002. Industrial sales declined 5% to $16.5 billion, reflecting Power Systems' lower gas turbine sales; excluding Power Systems in both periods, industrial sales were flat. Financial services revenues of $17.0 billion were up 13%.
-- Cash generated from GE's operating activities in the first nine months of 2003 was $7.4 billion, up 29% from last year's $5.7 billion.
-- Net earnings -- earnings after required accounting changes -- were $.36 per share in third quarter 2003 and $.41 per share in third quarter 2002. On July 1, 2003, GE adopted FASB Interpretation No. 46 (FIN 46), which requires the consolidation of certain entities by companies that do not control those entities. Upon adoption of the new standard, GE consolidated $51 billion of assets and recorded a non-cash transition charge of $372 million, or $.04 per share, as previously estimated.
"We continue to execute in a challenging economy," Immelt said. "We're entering the fourth quarter with positive momentum and we expect to earn $.45-$.47 per share -- up 45% over last year's reported results. With multiple revenue streams and new platforms, we expect 10 of our 13 businesses to generate double-digit earnings growth in the quarter, with per-share growth from operations, excluding mainly the impact of last year's reinsurance charges, of more than 10%. For the full year, we expect to deliver $1.55-$1.57 per share.
"At the same time, we are positioning the company for long-term, high-value growth. Our core initiatives -- technology, services, customer focus, globalization, and growth platforms -- are building sustainable competitive advantage. The creation of NBC-Universal and the expansion of our healthcare business through the Amersham transaction should give our company strong momentum for the future.
"I am immensely proud of the GE team that is making the company better each day," Immelt said.
Third Quarter 2003 Business Highlights
-- Commenced exclusive negotiations with Vivendi Universal to merge NBC with Vivendi Universal Entertainment and create one of the fastest- growing and most profitable media companies; signed definitive agreement on Oct. 8.
-- Led the summer ratings period in prime-time among adults 18-49 for the ninth year in a row, winning every prime-time week between Memorial Day and Labor Day among adults 18-49.
-- Continued to lead among adults 18-49 at the start of the fall television season, with the three highest-rated new-series premieres and an overall premiere-week winning margin of 24 percent.
-- Shattered all previous Bravo ratings records with Queer Eye for the Straight Guy, and more than doubled the channel's year-ago prime-time average ratings among viewers 25-54.
-- Received total orders for the quarter of $2.4 billion, up 8% over third quarter 2002, led by 29% growth in orders for Ultrasound products to $224 million. Orders in China totaled $174 million, up 18% over third quarter 2002.
-- Announced the signing of an historic seven-year agreement with New York Presbyterian Hospital to provide GE's management development and performance improvement methods as well as access to cutting-edge technologies such as flat panel digital mammography, digital X-Ray, computed tomography (CT), magnetic resonance imaging (MRI) and positron emission tomography (PET).
-- Introduced the GE InstaTrak(TM) Surgical Navigation System, an advanced technology for cranial and spine procedures which surgeons can use to more clearly visualize a patient's anatomy and optimally position surgical instruments.
-- Received regulatory approvals for the acquisition of Instrumentarium Corporation, a leading provider of medical equipment and services for the operating room, and completed the transaction Oct. 9; in addition, completed the acquisition of Triple G(R) Systems Group, a developer of medical laboratory information systems.
-- Won engine and services orders in the quarter totaling $2.4 billion.
-- Won orders for commercial engines for wide-body aircraft from China Airlines, ILFC and Japan Airlines, and from Skywest for regional jet aircraft. In addition, CFMI, a 50/50 joint venture of GE and Snecma Moteurs of France, won commercial engines deals for narrow-body aircraft with AirTran Airways, Frontier Airlines and Southwest Airlines.
-- Signed a 15-year services agreement with AirTran worth approximately $700 million to maintain the airline's CFM56-7 engines.
-- Attained certification of the GE90-115B engine with the U.S. Federal Aviation Administration, and continued a 1,600-hour flight test program on Boeing's new 777 extended-range aircraft, with delivery to customers of the first aircraft planned for April 2004.
-- Commenced commercial operation of the H System(TM), the most energy-efficient combined-cycle power generation system ever built, at Baglan Bay in Wales.
-- Won agreements to supply more than 180 1.5-megawatt wind turbines, including 25 to DKR Development LLC of Houston Texas for the Sweetwater Wind Project, and 16 turbines, along with turnkey construction of two wind farms, to ENERSIS SA of Portugal.
-- Signed new Energy Services contractual service commitments valued at $1.4 billion. Contractual service agreements in place totaled $29.7 billion and covered 18% more gas turbines and 17% more sites than in third quarter 2002.
-- Signed an agreement with Aker Kvaerner-Kvaerner Oilfield Products to continue development and commercialization of subsea compression technology designed to reduce the costs of deepwater oil and gas field exploitation.
-- Acquired MJ Harden Associates, Inc., which specializes in geographic information systems solutions for industries such as pipelines and utilities.
-- Agreed to acquire most of Transamerica's commercial finance business, adding $8.5 billion in managed assets and expanding distribution financing for manufacturers and dealers, as well as leasing and commercial loan financing for a wide range of sectors including equipment, real estate and international structured finance.
-- Continued to grow healthcare financial services by co-leading $150 million in financing for Hanger Orthopedic, a leading provider of orthopedic and prosthetic services, and participating in a $135 million financing for Inverness Medical, a provider of women's health products.
-- Formed a strategic alliance with Kaleida Health, the largest health system serving western New York, which includes both financing and GE Medical Systems equipment.
-- Ended the quarter with only three out of 1,200 Aviation Services aircraft on the ground, and finished placing all new aircraft ordered for 2003 and 2004.
-- Added more than $2 billion in assets by acquiring the Allbank personal and auto loan businesses from Bankgesellschaft Berlin AG.
-- Teamed in the U.K. with Harrods, the world's leading luxury department store, and in Australia with Coles Myer, Australia's largest department store, to launch DualCard(TM), a new co-branded product offering the benefits of both a store card and MasterCard as well as enhanced in- store benefits and loyalty programs.
-- Agreed to acquire GC Corporation, a subsidiary of Promise Co., Ltd., the third-largest personal lender in Japan, adding approximately $1 billion in assets and more than three million credit card holders.
-- Signed a multi-year extension with Brooks Brothers in the U.S. to continue private label credit card programs through 2006.
-- Completed the sale of GE Edison Life and GE Auto & Home for $2.1 billion and a $500 million special dividend and agreed to sell a majority stake of Financial Guaranty Insurance Company in a transaction that values the company at approximately $2.15 billion, executing Insurance's plans to focus operations on segments with the highest growth potential -- targeted consumer retirement income and protection, selected commercial and reinsurance segments and mortgage insurance -- while redeploying capital elsewhere in GE.
-- Completed the simultaneous acquisition of OSi Specialties, an organosilicones business, from Crompton Corporation and the sale of GESM's Specialty Chemicals business to Crompton.
-- Agreed to sell its Superabrasives industrial diamond business to Littlejohn Fund II, a private investment firm.
-- Reached a five-year agreement with Valero Energy Corporation for GE Water Technologies to supply specialty chemicals and services, and provide a dedicated team of engineers, for comprehensive water and process treatment at Valero's 14 oil refineries on North America.
-- Continued globalization efforts, shipping 20 locomotive modernization kits to Kazakhstan to provide significantly improved fuel efficiency, pulling capacity and engine life; in addition, won an order from Albania State Railways to modernize the Tirana-Durres line.
-- Shipped seven pre-production GE Evolution Series(TM) locomotives. To date, the cleanest freight locomotive on the rails has logged 167,000 revenue-producing service miles, representing more than two years of testing.
-- Launched GE StreetLab(R), a portable explosives and narcotics identification system that can determine the composition of pills, liquids and visible powders.
-- Introduced a new, advanced power converter for GE Wind Energy's 1.5 megawatt wind turbine that outperforms existing converters.
-- Launched a variety of new range and refrigeration products, including a complete line of bottom freezers and GE Profile(TM) Freestanding Electric Convection Ranges, which feature all-electronic, glass-touch controls and a tri-ring burner, and which bake more evenly than any other leading brand.
-- Won highest ranking from a leading consumer magazine for GE Profile(TM) dryers.
GE (NYSE: GE) is a diversified technology and services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming and plastics, GE operates in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com.
CONTACT:General Electric, Fairfield David Frail, 203/373-3387 email@example.com
Update: DVI Issues News Release on Auction Results
DVI, Inc. announced the auction of assets was conducted and completed. The Company said
that while a number of bids were received, it has determined that the recovery for creditors may best be achieved by working with its DIP lenders and other constituents to maximize value through other means, all of which are being examined.
"Our primary objectives in filing for Chapter 11 were to stabilize DVI's operations and increase the Company's cash position to give us the time to assess strategic alternatives to obtain recovery for creditors. To that end, we were able to maintain business operations, arrange a needed DIP facility and organize a process through which we could determine whether outside offers would better maximize value for creditors," said Mark E. Toney, DVI CEO. "Now that we have conducted the auction process, the key constituents and the Company believe that the best way to maximize creditor recovery may be through other means and we will continue to work with the DIP lenders and the Creditors' Committee in the coming weeks to push this process forward."
Toney said that the Company, its DIP lenders and the Creditors' Committee were in discussions for developing an Asset Management Plan which may include the selling of certain assets as well as running-off some portfolios. In addition, the plan may include further reductions in operating costs and professional fees associated with the bankruptcy process as part of the overall management of assets and effort to maximize recovery to creditors.
The Company also stated that it is highly unlikely that DVI's equity holders will receive any recovery and it is highly likely that the unsecured creditors could be significantly impaired.
(Note: It is rumored that several companies are considering purchasing the company
out of bankruptcy, including settling lawsuits over $100 million. A detriment is
the number of employees who have left, or are leaving. With the auction out of
the way, can the company crawl back without the backing of a major “partner.”
As a side note, perhaps the creditors may also be considered “partners.” editor.)
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HEALTHCAPITAL FORMS MEDICAL ASSET FUND, LP
APPOINTS RAYMOND LEONE AS V.P.-ASSET MANAGEMENT
Shelton-CT: HealthCapital Financial I, Inc., an equipment financing company exclusive to the healthcare industry, is pleased to announce the formation of Medical Asset Fund, LP and the appointment of Raymond J. Leone as Vice President - Asset Management. HealthCapital Financial I, Inc. will serve as the General Partner for Medical Asset Fund, L.P.
Medical Asset Fund, LP will provide equity investments in operating leases to customers of select medical equipment manufacturers, to include, physicians, group physician practices, out patient modalities and hospitals. Suitable equipment for operating lease consideration encompasses a broad range of revenue producing assets in specialties such as ophthalmology, radiology, oncology, urology, cardiology, neurology and others.
"As a principal in this field, HealthCapital will promote operating lease products to their existing vendor clients and to direct customers where the equipment meets the fund's investment parameters," states Scott Preiser, Executive Vice President of HealthCapital.
Mr. Leone will be responsible for all syndication activities on operating lease transactions within the fund on both the "buy" and "sell" side
HealthCapital Financial I, Inc. is a wholly owned subsidiary of HealthCapital Financial Group, LLC, a Connecticut based company which specializes in providing a broad menu of financial products within the healthcare industry. Those include marketing consulting, consumer/patient financing and equipment leasing.
For further information contact Raymond Leone at (203) 225-7575 ext. 220
Raymond J. Leone
HealthCapital Financial Group, LLC
1077 Bridgeport Ave.
Shelton, CT 06484
Phone: 203 225-7575 ext 220
Fax: 203 225-9112
Cell: 203 984-0491
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California election has good news, bad news for truckers
The big news in California may be the recall of Gov. Gray Davis and the victory of Gov.-elect Arnold Schwarzenegger, but for truckers, the news today is about roads and cash.
The roads part is a state initiative, Proposition 53, which would have dedicated a percentage of the state’s general fund to infrastructure improvements, including road work, on a pay-as-you-go basis. The measure was voted on as part of the same ballot that contained the recall. It failed, 64 percent to 36 percent.
The cash part is Schwarzenegger’s promise that he would repeal the recent increase in the vehicle license fee – now a possibility since the actor-turned- politician has been elected.
The vehicle license fee dropped in 1998 after the General Assembly passed a law that cut the payments made by vehicle owners subject to California registration, according to a letter from Ken Reed, chief of the state’s IRP office. However, the same bill Reed wrote required the fee to return to its previous, higher level when California’s general fund did not have enough money to pay for the “offset,” or reduction.
California is in the midst of a significant budget crisis, and major cuts are expected in many programs. That means the 1998 law, requiring the fees to go up, has been triggered.
The fee is based on a percentage of a truck’s value. On a $100,000 rig, the fee last year would be $650. After Oct. 1, the fee on that hypothetical truck will rise to its former level, roughly $2,000. However, the older the truck, the lower its value and the lower the fee its owner would pay.
Cars are also paying significantly increased vehicle license fees under the law, leading to widespread dissatisfaction with the increase.
Media outlets reported that the new governor-elect promised while on the campaign trail that he would rescind the increase. However, that would require an act of the General Assembly, and would add billions to the state’s already multibillion-dollar deficit, according to budget analysts.
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Lease-Purchase OOIDA Survival Calculator
The Owner-Operator Independent Drivers Association
Survival Calculator - Spreadsheet
***Now Added The OOIDA Cost Per Mile Spreadsheet***
The best time to know if a Lease-Purchase contract will be profitable for you is before you sign it. The same is true if the contract is so flawed that there is no way on earth you can buy that truck and make a living at the same time. You don’t want to come to that realization six months down the road when you find yourself under emergency financial stress.
This simple calculator has a place for every variable that goes into a small trucking business’s cash flow analysis. Note that as you put in your variables, the bottom line of whether you are making or losing money changes. After you put in the figures that reflects what you think you will do in the coming year, (not what the recruiter blows smoke about) do some additional calculations. Change the miles to a lower and then a higher number and see how mileage affects the bottom line. Then go back to your original best estimate of miles and do some “If/Then” calculations on diesel fuel prices. Put in the highest figure you have ever seen on a fuel pump. Put in the figure between today’s price and the highest price you have seen. Note how little diesel price fluctuations have to be to make thousands of dollars difference in the bottom line. Because fuel is your single biggest cost, go back and check the lease’s handling of fuel surcharges. If there is no fuel surcharge in place, you can easily see with this calculator how a simple hic-up in the fuel price can take you from being a profitable trucker to being a bankrupt trucker in short order.
INSTRUCTIONS: The OOIDA Lease-Purchase Survival Calculator-Spreadsheet is a Microsoft® Excel file. You MUST have Microsoft® Excel installed on your computer to open this page.
Open the OOIDA Lease-Purchase Survival Calculator-Spreadsheet (best have Excel "on"...
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Feinberg joins Equilease as Senior Vice President -Business and Corporate Development
Equilease Financial Services, Inc is pleased to announce that Burt Feinberg joined the firm as Senior Vice President - Business and Corporate Development reporting to Gary Silverhardt, Equilease's President.
Equilease is a specialty finance company focused on acquiring performing, distress, underperforming and orphaned loan and lease portfolios from other financial institutions. The company is fully staffed with in house capability to perform due diligence, billing, collecting, workout management, accounting, data conversions, tax compliance and ongoing portfolio management. Since implementing its current business strategy in the spring of 2002, the company has acquired eight portfolios aggregating in excess of $200 million, ranging in size from $3 million to $105 million.
Mr. Feinberg will be involved in the acquisition of new portfolios and seeking out acquisition and joint venture opportunities that will benefit from Equilease's core competencies. In addition, Mr. Feinberg will help in the underwriting process, portfolio management and capital market activities. Prior to Equilease Mr. Feinberg was with FINOVA Capital for six years where he held various management and sales management positions. Most recently he managed FINOVA's Commercial Equipment Finance and Franchise Lending businesses which had combined assets in excess of $1.5 billion. He worked closely with Berkadia LLC and played an instrumental role in the management of and ultimate sale of a substantial portion of these assets through a series of portfolio and loan/lease sales. Prior to FINOVA, Mr. Feinberg held various new business development positions providing mid to large ticket structured lending and leasing for Chemical Bank, Bank New England Leasing, Xerox Credit and lastly CIT. Burt holds an MBA from the New York University Stern Graduate School of Business.
According to Mr. Feinberg "Equilease is an incredibly nimble company with an ability to quickly assess, price, close, transition and effectively manage various types of portfolios."
"We believe Burt is a great addition to our team adding depth to our organization. He is very experienced with a unique background that includes sales, credit, asset sales, portfolio management and capital market activities. In fact, he has already contributed towards the consummation of new business with our recent acquisition of a bank portfolio in excess of $17 million," stated Mr. Silverhardt.
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*** announcement ************************************************
"ELA Recruits Members For California Manufacturer's Investment Credit
As the 6% California Manufacturer's Investment Credit (MIC) expires at
year end ELA will coordinate with the MIC Coalition of the California
Manufacturers & Technology Association (CMTA) seeking to reinstitute the
credit. One objective will be a provision allowing lessees to pass the
credit back to the lessor. If you wish to participate in this effort please
send complete contact information (company, street address, telephone, fax,
email address) to firstname.lastname@example.org
At this preliminary phase the Equipment Leasing Association will assemble a working group in anticipation of complementing the MIC Coalition in Sacramento. Even if based outside California, your company may have personnel in the state able to assist.
Please include contact information on these individuals including email
**** announcement ********************************************
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Electro Rent Corporation Plans Extraordinary Cash Distribution of $4 Per Share
VAN NUYS, Calif.--3--Electro Rent Corporation (Nasdaq:ELRC) announced today that its Board of Directors has approved an extraordinary cash distribution of $4 per share. The extraordinary cash distribution, which totals approximately $100 million, is expected to be paid on January 14, 2004, to shareholders of record on December 16, 2003. The record and payment dates may be adjusted following completion of a Consent Solicitation of the Company's shareholders later this year.
Chairman and Chief Executive Officer Daniel Greenberg said, "Electro Rent is debt-free and had accumulated cash and marketable securities totaling $168.4 million at August 31, 2003. Following a careful evaluation of our strategy and the financial resources we will need to accomplish our goals, and taking into account recent changes in tax law regarding dividends, we believe that this extraordinary cash distribution strikes the right balance between delivering immediate value to our shareholders and supporting our business for the long term with ample resources to consider any acquisition opportunities that might develop in our industry."
Greenberg noted that Electro Rent will seek shareholder consent to clarify the effect of the extraordinary distribution on outstanding options and to authorize a reverse stock split if appropriate following the distribution. Electro Rent intends to mail to its stockholders a Consent Solicitation that will contain important information about these proposals. The Consent Solicitation and related exhibits also will be available at the SEC's website, www.sec.gov. This summary press release does not provide all of the important information with respect to these proposals. Accordingly, Electro Rent shareholders should carefully review the Consent Solicitation, and the documents which it references, before determining whether to consent to these proposals.
Weitzman Announces Retirement
Separately, Greenberg announced the retirement of William Weitzman, Electro Rent's President and Chief Operating Officer, after 33 years with the Company. Weitzman stepped down effective today as an officer and director, but will remain an employee of Electro Rent and assist in an appropriate transition until his 65th birthday in January of next year.
"Bill has been a trusted and valued colleague and a key figure in our management team for more than 30 years. Among his most recent significant contributions to Electro Rent's success was his role in managing our operations so that the Company remained healthy and profitable during the past few difficult years in the technology industry," Greenberg said. "I join with our Board in thanking Bill for his long and dedicated service. All of us at Electro Rent wish him continued success."
About Electro Rent
Electro Rent Corporation (www.ElectroRent.com) is one of the largest nationwide organizations devoted to the short-term rental and leasing of personal computers, servers and general purpose electronic test equipment.
CONTACT:Electro Rent Corporation Daniel Greenberg, 818-786-2525 or Investor Contact: Berkman Associates Neil Berkman, 310-277-5162 info@BerkmanAssociates.com
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Mitsubishi Caterpillar Forklift Europe and CitiCapital Join Forces in Pan-European Vendor Program
NEW YORK----Mitsubishi Caterpillar Forklift Europe and CitiCapital have joined forces in establishing a Pan-European Vendor Finance Program for five key countries: the UK, France, Germany, Spain and Italy. The Pan-European vendor finance program is expected to generate more then EUR77 million in finance volume in the first two years. Mitsubishi Caterpillar already has successful vendor programs with CitiCapital in the US and Canada with a current portfolio of $300 million US.
CitiCapital was selected because it could offer a pan-European program using the same guaranteed residual values and pan-European pricing across the five countries. Common credit decision times were also established. This allows Mitsubishi Caterpillar to offer competitive rates in each domestic market.
The program enables Mitsubishi Caterpillar to offer finance support to their dealers, in order to take greater advantage of market opportunities with these highly competitive rates. Mitsubishi Caterpillar has committed substantial resources to support leasing- and rental contracts. Mitsubishi Caterpillar dealers in Europe can offer end-users more competitive finance solutions, ranging from finance leases to operating leases for short- and long-term rental products.
"Mitsubishi Caterpillar Forklift Trucks is proud to offer one of the most competitive finance conditions known in the Forklift- and Warehouse Equipment industry today. Being able to offer customers finance solutions has become a standard in the industry. More customers than ever finance their purchase of our premium quality products via our lease or rental programs," said S. Kodai, President of Mitsubishi Caterpillar Forklift Europe for the European, Africa and Middle East region. "We selected CitiCapital because it can offer a pan-European program using the same guaranteed residual values and pan-European pricing across the five countries, with common credit decision times. This allows us to offer competitive rates in each domestic market."
"CitiCapital is pleased to team up with Mitsubishi Caterpillar to provide a complete range of asset-based finance products to the end customers," said Scott Thomas Anderson, Business Head for CitiCapital in continental Europe. "The scheme is simple to administer and customer-friendly. By leveraging Citigroup's global capabilities, CitiCapital is able to provide a competitive advantage for Mitsubishi Caterpillar."
About Mitsubishi Forklift Trucks:
Mitsubishi Forklift Trucks offers one of the world's most comprehensive ranges of material handling products, including counterbalance forklift trucks and warehouse equipment. As a result, it is able to offer the perfect vehicle for almost any task, in almost any environment.
More information about Mitsubishi forklift trucks and warehouse equipment is available www.mitforklift.com
About Caterpillar Lift Trucks:
Since the 1960's Cat Lift Trucks has been producing lift trucks designed to last and built to perform in some of the toughest environments in the world. Today those brand values of durability and serviceability are at the core of a complete range of lift trucks and warehouse equipment. Together with its dealer network, Cat Lift Trucks is dedicated to providing customers with comprehensive materials handling solutions and cost-effective machine selection. Its' off the shelf' parts availability in excess of 95% is the highest in the industry. Cat Lift Trucks dealers offer Extended Power train Warranty, a variety of maintenance plans tailored to customers' specific needs and Cat-trained service technicians to respond quickly and efficiently when required. Cat Lift Trucks also provide a full range of finance and rental options. Its 'International Fleet Sales & Services' department delivers the benefits of the global Cat Lift Trucks network to customers with international or worldwide operations. For more information visit www.catliftruck.com
With a current global portfolio of over $27 billion, CitiCapital, a business unit of Citigroup, is the largest U.S. bank-affiliated commercial finance company. CitiCapital provides a full range of financing solutions and services to over 575,000 customers throughout the world and is a market leader in transportation, material handling, construction, business technology and medical equipment finance. Additional information can be found at www.citicapital.com.
Citigroup (NYSE:C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers. Additional information may be found at: www.citigroup.com.
CONTACT:Mitsubishi Arjan Barten w: (+31) 036 - 5494328 or Citigroup Europe Andrea Hurst w: 044 020 7500 1308 or Citigroup US Anita Gupta w: 212 559 0297
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LeaseCompare.com Offers Full-Service Auto Leasing Using Edmunds.com True Market Value Data
CINCINNATI----Automobile Consumer Services, Inc. (ACS), an innovator in online, direct-to-consumer auto leasing, has added full-service auto leasing to its popular www.LeaseCompare.com website. Now consumers can visit the site, build a new vehicle, obtain a realistic purchase price and see instant lease payments.
Up until now, visitors to LeaseCompare.com had to find a vehicle and negotiate their own price before receiving instant lease quotes. Now, using Edmunds.com's True Market Value(R) (TMV(R)) pricing, ACS secures the vehicle for the national TMV(R) price, making this new service a one-stop shop for obtaining a lease.
"LeaseCompare.com now makes it easier for the consumer to lease a new car by using realistic prices to calculate competitive lease payment options," says Tarry Shebesta, president of ACS. The Edmunds.com TMV(R) figure represents the estimated national average selling price, a "fair deal." Using TMV(R) pricing to quote lease payments provides new automotive buyers with a more accurate method of determining realistic transaction prices for specific new vehicle models.
For example: A typically equipped 2004 Lexus RX330 with an MSRP of $40,650 and a TMV(R) price of $40,030 shows a 39 month lease payment of $571 plus tax. Full disclosure of lease details are provided, including the residual value, money factor and all fees.
Once a customer selects a lease payment option and applies for credit at LeaseCompare.com, ACS facilitates the entire leasing process. After a credit review is completed, ACS locates the vehicle, completes the paperwork and arranges for delivery. In essence, consumers can now arrange a great lease on a new vehicle without leaving home.
About Automobile Consumer Services, Inc. (www.acscorp.com)
Based in Cincinnati, Automobile Consumer Services, Inc. (ACS) is a leading provider of consumer automotive services, including car buying and leasing, fleet resources, vehicle remarketing, and used vehicle sales.
Founded in 1989, ACS's mission is to provide services that enhance the experience of buying or leasing a car. ACS achieves this by leading the industry with innovative proprietary technology, superior customer service, and years of industry experience.
Edmunds.com True Market Value(R) and TMV(R) are registered trademarks of Edmunds.com, Inc.
CONTACT:Automobile Consumer Services, Inc. Tarry Shebesta, 513-527-7700, ext. 11 email@example.com
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Multimedia Games Provides $21 Million Loan to Lytton Rancheria for Tribal Land Acquisition
AUSTIN, Texas----Multimedia Games, Inc. (Nasdaq:MGAM) announced that it entered into an agreement with the Sonoma County, California-based Lytton Rancheria of California ("Lytton Rancheria"), a federally recognized Indian Tribe, whereby Multimedia Games ("Multimedia") advanced the Tribe approximately $21 million, which the Tribe used to facilitate the transfer of land in San Pablo, California to the United States in trust for Lytton Rancheria.
The Bureau of Indian Affairs today accepted the San Pablo land in trust for the Tribe, relieving the Tribe of the landless status it has endured for over forty years.
Under the terms of the agreement, the advance was made as a bridge loan to Lytton Rancheria with an initial term of two months, and, under certain conditions, a potential extended term of twelve additional months. The bridge loan is to be repaid upon the Tribe's securing alternative funding. Interest on the loan will accrue at a commercially reasonable rate commencing on the date of the advance. The loan is secured by certain of the Tribe's personal property, as well as the net cash flow from the existing card room that is currently in operation at the acquired site.
Clifton Lind, President and CEO of Multimedia Games, commented, "It is an honor to enter into this transaction with Lytton Rancheria's tribal leadership. This loan is consistent with Multimedia's long-standing support of Native American tribes and their efforts to maintain sovereign rights. However, it is important to note that this agreement is simply a loan, with no additional requirements or conditions imposed on Lytton Rancheria, other than the pledge of the collateral securing the loan and the requirement that the loan be repaid with interest within its term."
Multimedia is funding the agreement from cash on hand and by utilizing a small portion of its current working capital line of credit. Multimedia Games continues to move forward with its previously announced Oklahoma development project commitments, which amount to approximately $26 million, and believes the Company's internally generated funds and capital resources and availability are sufficient to fund these commitments.
The advance to Lytton Rancheria is a loan and not a project development agreement. Multimedia has entered into and previously disclosed five project development agreements, which include the recently opened WinStar facility in Oklahoma. In those agreements, Multimedia secures a long-term revenue share percentage and a guaranteed percentage of the tribal gaming facilities' available floor space in exchange for development and construction funding. Due to the short-term nature of this advance, the Lytton Rancheria transaction is different from Multimedia's project development funding agreements in that there are no assurances that the Tribe will either develop a tribal gaming facility or enter into an equipment leasing agreement with Multimedia if they do pursue gaming opportunities on the acquired land.
About Multimedia Games, Inc.
Multimedia Games, Inc. is the nation's leading supplier of interactive electronic games and player stations to the rapidly growing Native American gaming market. The Company's games are delivered through a telecommunications network that links its player stations with one another both within and among gaming facilities. Multimedia designs and develops networks, software and content that provide its customers with comprehensive gaming systems. The Company's development and marketing efforts focus on Class II gaming systems and Class III video lottery systems for use by Native American tribes throughout the United States. Additional information may be found at www.multimediagames.com.
CONTACT:Multimedia Games, Inc. Clifton Lind, 512-334-7500 OR Jaffoni & Collins Incorporated Joseph N. Jaffoni/Richard Land, 212-835-8500 firstname.lastname@example.org
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This Day in American History
1845- the Naval academy was established at Windmill Point, Fort Severn, Annapolis, MD, on a nine-acre site. I t officially opened with 56 students. On July 1, 1850, the name was changed to the U.S. Naval Academy. The following year, the academy instituted a standard four-year program. From may 9, 1861 to September 9, 1865, while Maryland was part of the Confederacy, the academy was transferred to Newport, RI.
( lower half of: http://memory.loc.gov/ammem/today/oct10.html
1850-The Chesapeake & Ohio Canal was completed and opened for business along its entire 184.5 mile length from Washington, DC to Cumberland, Maryland. Sections of the canal opened for navigation as they were completed; from Georgetown in Washington, DC to Seneca, Maryland in 1831; then to Harpers Ferry in 1833; to Hancock in 1839; and finally to Cumberland in 1850. Commerce traveled primarily on the water, not roads which were subject to weather
and “poor” even in the best of times; and by wagon train.
1874- Beatrice Moses Hinkle birthday- U.S. physician. As San Francisco's city physician, she was the first U.S. woman to hold a public health post. She was one of the two physicians who established the nation's first psychotherapeutic clinic.
She was among the earliest Jungian analysts in America, having rejected Freud with whom she'd personally studied. She was among the earliest practitioners of Jungian analysis in America, and contributed to the conceptual framework of the theory. Her Recreating of the Individual (1923) took a strong stand regarding women individuality. It was noted particularly for its chapters on women and artists.
1881- Ethel Traphagen birthday- U.S. fashion designer, influential founder of Traphagen School of Fashion design.
1886- Griswold Lorillard of Tuxedo Park, NY, fashioned the first tuxedo for men.
Pierre Lorillard IV, heir to a tobacco fortune and the biggest landowner in town, asked his tailor to create four new formal black jackets modeled after the tailless red wool coats worn by English for hunters. Lorillard declined to wear the result, but his son Griswold Lorillard and three of his friends did along with waistcoats of scarlet satin, and the look caught on. Some say this is more fiction than fact, but history records the Tuxedo Club
and Lorillard responding on wearing it that it was a Tuxedo.
1900- Helen Hayes birthday - U.S. actress; the winner of every award possible for an actor on the stage, in the movies, and TV. She began her acting career at age 5 and continued it for more than 85 years winning Academy Awards, Tonys, and Emmys. She received The Medal of Freedom (1986), the Kennedy Center Honors (1981), and even had a Broadway theater was named after her. An award in her name established for achievement in professional theater. Died March 17, 1993
1905-birthday of Willie “The Devil” Wells, Baseball Hall of Fame short-stop born at Austin, TX. Wells is generally considered the greatest shortstop to play in the Negro Leagues. As manager of the Newark Eagles, he developed several players, who became major leaguers. Inducted into the Hall of Fame in 1997. Died at Austin, Jan 21, 1989..
1915- famous Count Basie trumpeter and soloist Harry “Sweets” Edison born, Columbus, Ohio. 1921-Birthday of bass player Monk Montgomery, Indianapolis, IL1920- Indians' Bill Wambsganss becomes the only player in World Series history to complete an unassisted triple play as he makes a leaping catch, steps on second base and then tags the runner from first base.
1917-Pianist 1917 Thelonious Monk Birthday
1923- In the first post season game ever played at Yankee Stadium, veteran Giant outfielder Casey Stengel breaks a 4-4 deadlock in the top of the ninth inning with an inside-the-park HR off Joe Bush. It is the first World Series game to be broadcast nationally
1928-Birthday of piano player Junior Mance, Chicago, IL
1933- Procter and Gamble, Cincinnati, OH developed the first synthetic laundry detergent, whose formula included a surfactant to emulsify dirt, and called it
Deft. The first effective powdered detergent made for use in washing machines , and the first to contain a phosphate compound as a water softener, was Tide, developed by Procter and Gamble in 1946. 1943-Birthday of guitarist Steve Miller, Dallas, TX
1935-Premiere of Jazz opera Porgy and Bess, by George Gershwin. One of Gershwin's greatest works, the opera blended African American folk music, jazz, Tin Pan Alley, and classical styles. The show included the classic song "Summertime," among other classics, brought modern by Gil Evans and Miles Davis.
1948 -The largest crowd ever to attend an American League game, 86,288 fans, jam Cleveland's Municipal Stadium to witness Boston Brave hurler Warren Spahn beat Bob Feller and the Indians, 11-5 in Game 5 of the Fall Classic.
Goodnight Irene - The Weavers
La Vie En Rose - Tony Martin
Bonaparte’s Retreat - Kay Starr
I’m Moving On - Hank Snow
1959- Stan Kenton, June Christy, Four Freshman record Road Show album at Purdue University.
1957- “Zorro” premiered on TV. Originally he appeared in a McCulley novel and several films. Don Diego de Ia Vega (Guy Williams), a Spanish nobleman, is summoned to California by his father, Don Alejandro (George J. Lewis), to fight for the people. Diego’s alter ego is Zorro, a dashing and assertive defender of the people. My father Lawrence Menkin wrote several of these episodes. He was
well known as a TV Western writer, serving as story editor for Wagon Train,
writing for Bonanza, Death Valley Days, Cisco Kid, among many others. Although the last telecast of Zoro was Sept 24, 1959, the series reappeared in later years, first as a remake and then as a sequel, and once again was made as a movie, titled The Mask of Zorro, in 1998.
It’s All in the Game - Tommy Edwards
Rock-in Robin - Bobby Day
Tea for Two Cha-Cha - The Tommy Dorsey Orchestra
Bird Dog - The Everly Brothers
1962- Bob Newhart Show” premiered on TV. This half-hour variety series was hosted by Bob Newhart, a successful stand-up comedian famous for his trademark “telephone conversation” monologues. Regulars included Jackie Joseph, Kay Westfall, Jack Grinnage, Mickey Manners, Pearl Shear, June Ericson, Andy Albin and announcer Dan Sorkin. The show was critically acclaimed, winning both an Emmy and a Peabody in its short time on the air. Newhart later starred in situation comedies. In “The Bob Newhart Show,” which aired 1972—78 he played a psychologist.
1970 - Neil Diamond reached the #1 spot on the pop music charts for the first time with "Cracklin’ Rosie". In 1972, Diamond would reach a similar pinnacle with "Song Sung Blue".
“Up-Stairs, Downstairs” premiered on TV.. The 52 episodes of this “Masterpiece
Theatre” series covered the years 1903 to 1930 in the life of a wealthy
London family (“Upstairs’) and their many servants (“Downstairs”).
Produced by London Weekend Television, cast members included Angela
Baddeley, Pauline Collins, Gordon Jackson and Jean Marsh. Won a Golden
Globe for Best Drama TV Show in 1975 and an Emmy for Outstanding Limited
Series in 1976.The last episode aired May 1, 1977, though the series
has been rerun several times on PBS.
Jack & Diane - John Cougar
Eye in the Sky - The Alan Parsons Project
I Keep Forgettin’ (Every Time You’re Near) - Michael McDonald
Yesterday’s Wine - Merle Haggard/George Jones
Close to You - Maxi Priest
Praying for Time - George Michael
Something Happened on the Way to Heaven - Phil Collins
Friends in Low Places - Garth Brooks
1992-Spiro Theodore Agnew became the second person to resign the office of vice present of the Untied States. Agnew entered a pleas of no contest to a charge of income tax evasion for contract kickbacks received while he was governor of Maryland and after he became vice president. He was sentenced to pay a $10,000 fine and serve three years probation Agnew was elected vice president twice, serving under President Richard M. Nixon.
1999 -Scoring more than 19 NFL teams, the Red Sox establish a major league record for most runs and biggest margin of victory in a post-season game as they rout the Indians, 23-7 to tie the 5-game series at two games apiece.
World Series Champions This Date
1924 Washington Senators
1926 St. Louis Cardinals
1931 St. Louis Cardinals
1937 New York Yankees
1945 Detroit Tigers
1951 New York Yankees
1956 New York Yankees
1957 Milwaukee Braves
1968 Detroit Tigers