Leasing News

If you have not had a prior trial, get 30 days for free and then see if you want to keep the HTML version. Classified ads and subscriptions help support the operation of Leasing

Classified Ads---Sales Jobs Wanted

Sales: Atlanta, GA. Equipment Finance/Tax Leasing professional, with 20+ years experience originating, structuring, and closing. Direct & vendor development sales. Mid-market and Fortune 1000 - customers throughout Southeast.

Email: wmplumer@yahoo.com

Sales: Atlanta, GA. Consistent top performer,

results oriented with outstanding sourcing, structuring and negotiation skills. Direct& vendor development sales. Mid-market and above - Customers throughout Southeast. Email:w.t.dent@comcast.net

Sales: Atlanta, GA. 15 Yr extensive small & mid-ticket leasing. Strong book of business & vendor/direct base. Strong closing, structuring, communication, negotiation & nat'l program skills w/following in key markets.

Email: leasepro4@aol.com

Sales:Austin,Texas 24yrs exp.in equip leasing sales, vendor/direct, leasing high-tech to rolling stock. HP12C/17B. Small-Mid Ticket. Seeking Texas territory which can be covered from Austin home-base. Email:GeorgeMinchew@sbcglobal.net

Sales: Bakersfield, CA.

I have an extensive sales and management background in equipment leasing. My work history exhibits my major strength in small ticket equipment leasing. Email: pangress@msn.com

Sales: Central, NC.

7 yrs.equip leasing &finance; specialist in heavy construction equip for 2-top-5-specialty finance/lease companies, NC &VA territories. $10-15MM annual funding. Downsized in 2002, now independent broker with varied customer base. Email: sunriseleasing@aol.com

Sales: Chicago, IL. 12+ yrs multinational/ national sales & business development. Seeking role with captive lessor or global leasing company. Will relo right opportunity. Experience structuring complex transactions. Email: leasingismylife@yahoo.com

Sales: Denver, CO.

17 yr sales exp.. in leasing sales (territory, National Accts, Sales mgt.) looking to bring experience to s sales/sales mgt role. Successful, accountable, ethical, aggressive, results. Email:lease442000@yahoo.com

Sales: Denver CO.

Experienced Equipment Leasing Broker looking for a in house leasing company. Can bring a book of business with me or develop new territory where needed. Email: Steven@eagle2.net

Sales: Denver, OR.

Broker representative: Seek employment or partnership w/estab. finance group. Prior engineer making career change. Have pursued extensive self-education/ formal training.

Email: dbrown@thirdwavefinance.com

Sales: Detroit, MI. 16-year lease veteran looking for opportunity in the Detroit area. Ability to bring on new accounts and manage existing base. Up to 60% travel acceptable. Email:ebonbri@aol.com

Sales: Greensboro, N.C. Seeking direct & broker sales w/major finance companies in NC or southeast market. Small to mid-ticket range. Stable &family oriented. Will have series 6,63,65 license shortly. Email:kc1492@aol.com

Sales: Hartford, CT. 10+ yrs leasing sales exp.; multi-industry, small-large ticket, Direct, Vendor, and Captive exp. Seeking sales position with captive or independent company with equity investment capability. Email: bcurt95@aol.com

Sales: Jacksonville, FL.

Seasoned equipment leasing professional, with over 10 years of experience, looking for position in business development in Northern Florida territory.

Email: rene.bradshaw@superig.com.br

Sales: Louisville, KY

I have been in leasing/financing of construction, machine tool, and mfg equipment for 20+ years. Traveled KY, IN, OH and TN.

Email:kyle90@msn.com

Sales: Minneapolis, MN. 10+ yrs Equipment Leasing in Upper Midwest. Investment Grade Database. Previous vendor/small/middle market exp. Super Trump, 17B & account database exp. Email: golfadm@yahoo.com

Sales: Mission Viejo, CA

Account Sales Executive with 10 years of leasing experience looking for company to bring existing customer base.

Email:makelly21@hotmail.com

Sales: Orange County, CA.

Skilled deal-closer at above-average rates. Entrepreneurial. Accomplished lease-structurer specializing in transportation. Exp. in direct/ captive & syndicator environments servicing vendors, brokers, & end-users. Email:originator@sbcglobal.net

Sales: Philadelphia , PA Seeking an open opportunity to advance in the automotive, commercial leasing & finance industry......... Email: alexe362002@yahoo.com

Sales: Phoenix, AZ. 20-year veteran with multiple industry experience, solid closing skills, middle-market database, sourcing direct/ vendors. Seeking direct/vendor/captive lessor with direct funding & equity infusion capabilities. Email: lease321@cox.net

Sales: Port St. Lucie, Southeast, FL.

Highly experience in middle market leasing sales. Consistent producer, strong credit, organizational and territory management skills. Seek position with bank related or captive organization. david34983@bellsouth.net

Sales: Prairie Village, KS Have substantial deal flow and database of broker referral sources. Generated and closed over $22M LY. Seeking exclusive relationship w/direct founder. Email:fiergl@aol.com

Sales: Princeton, NJ: Regional Sales Manager: Last 15 years with captive. Knowledgeable in all aspects of leasing. Application to funding. Worked with 25 salespeople - east coast.

Email: denisregan@msn.com

Sales: St. Louis, MO

Proven equipment finance sales professional looking for a new challenge which rewards success. Equipment type and location open provided you want business. Email:amlifter@aol.com

Sales: San Bernardino, CA.

Account executive w/4 years exp. in small ticket &lower end middle market lease transactions, Outstanding ACT database compiled of over 500 vendors. Seeking a career driven position w/a reputable lessor Email: moneytoloan@hotmail.com

Sales: San Francisco Bay Area, CA

10+ yrs in middle market leasing. Seek direct lessor only. Transaction size from $500M to $10.0MM. Client base: printing, food, retail, manufacturing. Email:edm173@sbcglobal.net

Sales: Stuart, Fl. 17 years exp. leasing in small ticket and large ticket, portfolio management exp. along with sales management and administrative background, strong sales and marketing skills. Email: sales@rvcglobal.com

Sales: Tampa, FL. 27 years experience. Very adept in bank lease programs and direct sales in MM/LT. Looking to re-enter the industry. Will relocate to Texas. Hungry. Email: cwilliams@triit.com

88 Ads posted at: http://64.125.68.90/LeasingNews/JobPostings.htm

[Headlines]

__________________________________________________

Meet the Editor Thursday, December 18^th, 9:00am California Time

This is an open forum auditorium style for anyone who wants to ask me a question

or make a statement to those in the “public forum.”

Internet Netiquette will be followed. No “swear” words will be allowed.

If you want to call Bill Tucker a crook, you may (and I hope you have the guts to use your real name) and should there be any ramifications, it will not be on Leasing News as this will be a “public forum,” where we declare we are not

responsible for what is said.

You want to laugh at me, now is your opportunity.

Stop hiding under the rocks!!

Stop slithering in the grass.

Come out and get me!!!

Kit Menkin, editor/publisher

[Headlines]

*** announcement *********************************

NTEA Executive Director, James D. Carney to deliver American Trucking Industry Report at Lease Funding & Distribution Showcase

ATLANTA, - (Lessors Network) - James D. Carney, Executive Director, National Truck Equipment Association (NTEA) will deliver the American Trucking Industry Report at the Lessors Network Lease Funding & Distribution Showcase scheduled March 11-12, 2004.

Showcase details are available from the Lessors Network web site at www.lessors.com.

About The Lessors Network

The Lessors Network is a global sales & marketing network for the equipment leasing industry, facilitating new business development opportunities within the corporate and municipal markets.

www.lessors.com

[Headlines]

**** announcement ********************************************

Lease Tax in Chicago “postponed”

http://www.chicagotribune.com/news/printedition/
chi-0312100236dec10,1,6465011.story?coll=chi-printmetro-hed

[Headlines]

____________________________________________________

### Press Release ###########################

Fifth Avenue Funding Selects Portfolio Financial Servicing Company

Portland Oregon -: Portfolio Financial Servicing Company (PFSC) the nation's largest independent provider of third party servicing for lease and loan portfolios

announced that is has been selected by Fifth Avenue Funding to become Primary Servicer of their lease and loan portfolio.

As part of this agreement PFSC will provide complete lease and loan administration functions from monthly invoicing to collections and loss recovery. According to Mr. Jerry Hudspeth- President of PFSC, "We are very pleased to partner with Fifth Avenue Funding. Fifth Avenue's industry expertise and aggressiveness coupled with their access to capital will allow

them to make a significant impact in the market ."

Mr. David Arzi - Managing Director of Fifth Avenue Funding adds, ""PFSC's servicing expertise allows us to focus and leverage our core competencies. We believe our industry expertise and business model coupled with PFSC's capabilities, reputation and experience creates a formidable and dynamic industry force."

About Fifth Avenue FundingFifth Avenue Funding ( www.fifthavenuefunding.com ) is a specialty lender focused on customized funding solutions in the areas of real estate, equipment leasing and structured

finance. With over $1 Billion in capital, Fifth Avenue Funding makes investments for its own account.

Fifth Avenue Funding's ability to provide capital on a wide range of asset classes across an extensive breadth of industries coupled with their financial expertise gives them the ability to provide financing to high yield companies as well as distressed credits.

About Portfolio Financial Servicing Company

PFSC is the largest independent commercial lease and loan-servicing company is the U.S. and is headquartered in Portland, Oregon. PFSC provides primary/master servicing,

backup/successor servicing, and consulting for lease and loan portfolios. It currently manages over $6.0 billion in assets. More information can be found at www.pfsc.com .

Contact:

PFSC - Eric Gross: (503) 721-3226 egross@pfsc.com

Fifth Avenue Funding - David Arzi: 212.381.4402 darzi@marathonfund.com

[Headlines]

### Press Release ########################

Fitch: U.S. Auto Finance Whole-Loan Sales Can Spell Capital Relief

Fitch Ratings-New York-: Fitch Ratings believes that the new and developing market of U.S. auto finance whole-loan sales (WLS), under certain circumstances, may provide capital relief to a seller/servicer, according to a new special report published jointly today by the Financial Institutions and Asset-Backed Securities (ABS) Groups. In addition to capital relief, auto finance WLS may create access to alternative liquidity. While a whole-loan transaction, the sale of a loan to another party, is quite common in the U.S. residential mortgage market, these types of transactions are fairly new to the automotive finance sector.

'Fitch believes that the development of a whole loan market for auto finance contracts is a positive innovation for automotive lenders since it may provide an added source of liquidity and potential capital relief' said Christopher Wolfe, Director, Fitch Ratings. 'However, Fitch does not believe that all whole-loan transactions will necessarily result in capital relief for the seller and due to the developing nature of this market Fitch will review such sales on a case-by-case basis.'

In the new report Fitch identifies key considerations to use in order to determine if a whole-loan sale transaction generates any capital relief. How much relief is generated is a function of the collateral attributes of the pool of loans, such as, but not limited to, loan maturity, weighted-average coupon and credit score relative to loans retained by the seller.

Fitch anticipates that the auto finance whole-loan sales market will grow in 2004 and beyond. In the past two years, it is estimated that more than $20 billion in auto loans have been sold on a whole-loan basis.

Also discussed in the report is the Fitch's ABS perspective on WLS as some pools have been securitized. Fitch expects the volume of ABS generated from WLS to grow in 2004 as issuers recognize potential benefits and investors become more familiar with the product and associated risks.

The new special report titled 'Auto Finance Whole-Loan Sales: Do They Spell Capital Relief?' is available on Fitch's web site at 'www.fitchratings.com' under the 'Financial Institutions' heading and clicking on 'Finance & Leasing' and selecting 'Special Reports' or by contacting the Ratings Desk at 1-800-893-4824.

Contact: Financial Institutions - Christopher D. Wolfe, +1-212-908-0771 or John S. Olert, +1-212-908-0663, New York. Asset-Backed Securities - Chris Mrazek, +1-212-908-0667 or Thomas Nieliwocki, +1-212-908-0565, New York.

[Headlines]

### Press Release ##########################

------------------------------------------------------------------------

Menkin Awarded Salvation Army “Emeritus Award”

http://two.leasingnews.org/images/Salv_Army.jpg

Captain Howard Bennett, Chairman and Santa Clara County Superior Court Judge Mary Jo Levinger, Kit Menkin, Past Chairman Ken Kelly.

This was the first such award in the San Jose four county districts ever given at

the board of directors meeting December 11 in San Jose, California.

A perpetual award in his name is to be awarded for volunteer work contributed.

This was given for forty years of service serving as chairman, president, welfare

secretary, and a list of accomplishments was read, as Kit Menkin takes

his first sabbatical from the Army.

http://two.leasingnews.org/images/Kits_award.jpg

He has also received the Salvation Army "Others" Award.

http://two.leasingnews.org/images/others.jpg

He previously was awarded the San Francisco District Award, "Silver Tambourine" several years ago for the organization of the Santa Clara County Board . He has been active in all phases of Salvation Army work since he was discharged from the US Army in 1963. He and two of his squad were the

only survivors.

[Headlines]

--------------------------------------------------------------------

### Press Release ##########################

28th Annual CIT Construction Industry Forecast Shows Strong Optimism for 2004

16% Spike in Confidence Represents Biggest One-Year Rise in Forecast's

28-Year History

TEMPE, Ariz., -- CIT Equipment Finance, a

unit of CIT Group Inc. (NYSE: CIT), today announced the results of the 28th

annual CIT Construction Industry Forecast. The 2004 outlook indicates that

U.S. construction industry leaders are significantly more positive about the

industry's prospects than at any time since 1999. Of nine U.S. regions

surveyed, eight showed double-digit improvements in optimism. CIT Equipment

Finance is one of North America's leading providers of financial services to

the construction industry.

"This year's CIT Construction Industry Forecast tells a much different

story than last year's," said Roy Keller, President, CIT Equipment Finance.

"The overall year-over-year growth in optimism was the most impressive in the

28-year history of the Forecast as sentiment significantly rebounded from last

year's levels to figures not seen since 1999. This bodes well for the entire

construction industry as the Forecast has traditionally been a consistent and

accurate predictor of what lies ahead."

Now in its 28th year, the CIT Construction Industry Forecast independently

surveys U.S. construction executives on their perceptions of the state of the

industry and trends for the coming year. Over 900 contractors and equipment

distributors were surveyed via telephone interviews across the country.

The Optimism Quotient (OQ) is the Forecast's primary indicator for

assessing and comparing the respondents' level of confidence in the health of

the construction industry. The OQ is a weighted and averaged number that

expresses construction executives' perceptions of the industry's prospects for

the coming year. Generally, a number of 100 or higher indicates strong

optimism in the industry's one-year outlook while a number below 100 indicates

a more cautious projection.

2004 OQ: "Strong Optimism"

The 2004 Construction Industry Forecast's overall optimism quotient jumped

14 points -- from last year's 89 to 103 -- the highest level since 2000, when

the Forecast accurately predicted a softening in the U.S. construction

industry. The OQ for contractors and distributors rose 13 and 16 points,

respectively (please see chart below).

National Optimism Quotient Trend

Total Contractors Distributors

1999 104 103 105

2000 102 100 103

2001 93 92 93

2002 88 86 90

2003 89 88 89

2004 103 101 105

Regional Highlights:

The U.S. was divided into nine regions for the survey:

* West South Central: Arkansas, Louisiana, Oklahoma, Texas

* East South Central: Alabama, Kentucky, Mississippi, Tennessee

* Mountain: Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah,

Wyoming

* South Atlantic: Delaware, District of Columbia, Florida, Georgia,

Maryland, North Carolina, South Carolina, Virginia, West Virginia

* Pacific: Alaska, California, Hawaii, Oregon, Washington

* New England: Connecticut, Maine, Massachusetts, New Hampshire, Rhode

Island, Vermont

* Middle Atlantic: New Jersey, New York, Pennsylvania

* West North Central: Iowa, Kansas, Minnesota, Missouri, Nebraska, North

Dakota, South Dakota

* East North Central: Illinois, Indiana, Michigan, Ohio, Wisconsin

Following are the key 2004 regional highlights:

* The OQ in six of nine U.S. regions rose 14 points or more

* The West South Central is the most positive region, posting the highest

OQ (118) of any region in the past five years

-- This was the second consecutive year this region had the highest OQ

* The Mountain, South Atlantic, West South Central and Pacific regions

experienced the highest year-over-year OQ increases (18-20)

* Eight of the nine regions showed double-digit OQ increases for 2004

-- The East North Central region is the only region to experience a

decline in OQ (-1)

* The East North Central, West North Central, New England and Middle

Atlantic regions had the lowest OQ ratings in 2004 (90-92)

* No region had an OQ below 90 for the first time since 2000

A statistical summary of each region follows:

Region 2003 OQ 2004 OQ OQ Change

(in points)

West South Central 100 118 18

East South Central 100 114 14

Mountain 94 114 20

South Atlantic 93 113 20

Pacific 86 105 19

New England 82 92 10

Middle Atlantic 78 91 13

West North Central 73 90 17

East North Central 91 90 -1

National Average 89 103 14

U.S. Construction Trends

* Finance:

Industry-wide, executives are slightly more positive about their financial

prospects than they were in 2003. Eighty-nine per cent of contractors and

distributors surveyed expect to generate at least as much net income in 2004

as compared to 85% in 2003. Concurrently, 68% of contractors and 66% of

distributors anticipate higher financing costs for 2004 - up significantly

from 2003 (when 51% and 56%, respectively, thought they would rise). Cost of

capital was cited as one of the industry's most significant issues by 42% of

contractors and 44% of distributors.

For the second consecutive year, the rising cost of insurance was the top

issue on the minds of construction industry executives. Eighty-nine percent

of contractors and 87% of distributors mentioned insurance costs as one of the

most pressing issues facing the industry in 2004 (compared to 85% and 87%,

respectively, last year). Also, 49% of contractors and 64% of distributors

cite profit margins as a major concern for 2004. Cash flow was cited as a

major problem by 42% of contractors and 56% of distributors.

* Equipment:

Contractors continue to take a conservative approach to investing in new

or used equipment. Roughly 44% of contractors surveyed said they will

purchase equipment in 2004 versus 49% in 2003. Just half of these contractors

indicated that they will purchase new equipment. Twenty-three percent plan to

purchase only used equipment (21% in 2003). Distributors, on the other hand,

have a more optimistic view of the 2004 new equipment market. Fifty-one

percent predict that their new-equipment sales figures will be higher next

year (versus 43% in the 2003 Forecast). Distributors and contractors share

similar views in the used-equipment market. Neither group thinks

used-equipment sales will be much different in 2004 than they were in 2003.

Only 38% of distributors predict that used-equipment sales will increase in

2004.

* Equipment Rental:

As equipment fleets grow older, more contractors continue to find it

necessary to use rental equipment to back up the equipment they own. Twenty

percent of non-builders said covering for equipment that breaks down is one of

their top reasons for renting - twice as many cited breakdowns as a reason

last year.

Competition with large equipment-rental companies is becoming the norm for

distributors. Seventy-six percent say they compete directly with rental

companies, up from 71% last year. This year, 86% of distributors with

light-equipment rental business said they had competition from rental outlets

- an increase of 21% in just one year.

* Business Strategies:

With fewer commercial construction opportunities available, builders have

focused more on the vibrant homebuilding market. Seventy-one percent of

builders reported that residential and apartment construction was their

primary source of business, outdistancing commercial construction that ranked

second with just 15%. Non-builders and distributors are much more

diversified. Sixteen percent of non-builders (same as 2003) said that

excavation or clearing was their top business area. Twenty-five percent of

contractors listed earthmoving and reclamation as their top business source,

down slightly from last year.

* Technology:

The Internet continues to grow in importance as a business tool for the

U.S. construction industry. Fifty-two percent of contractors and 63% of

distributors consider the Internet to be a valuable source of industry

information. In addition, for the fourth consecutive year, more than 75% of

distributors say that their business use of the Internet will grow in the

coming year. Seventy-seven percent of distributors and 54% of contractors say

they plan to use the Web more in the coming year. On average, distributors

expect to make 11.4% of their equipment sales and 9.5% of their equipment

rentals online in 2004, up significantly from 2003.

* Issues and Opportunities:

The number of builders naming residential construction as the industry's

single best opportunity has increased consistently in each of the past six

years. Sixty-four percent of builders said residential construction was their

top opportunity (62% last year and 32% in 2002) versus only 16% of builders

who said non-residential construction was their top opportunity.

Other National 2004 Forecast Highlights:

Contractors

* What is your projection for construction activity in 2004 compared to

2003?

Increase 37%

No change 52%

Decrease 10%

* What is your projection for bidding activity in 2004 compared to 2003?

Increase 49%

No change 41%

Decrease 10%

Distributors

* What is your projection for residential construction activity in 2004

compared to 2003?

Increase 32%

No change 50%

Decrease 18%

* What is your projection for non-residential construction activity in

2004 compared to 2003?

Increase 45%

No change 42%

Decrease 13%

Contractors

* How do you view the overall business outlook for 2004 compared to 2003?

Better 46%

Equal to 45%

Worse than 10%

Distributors

* How do you view the overall business outlook for 2004 compared to 2003?

Better 62%

Equal to 30%

Worse than 8%

For a copy of the CIT Construction Industry Forecast,

please contact Sarah Malinowski at 201-460-2845.

About CIT Equipment Finance

CIT Equipment Finance - U.S. is a leading lessor and lender in the

construction, printing, machine tools, plastics, healthcare, and manufacturing

markets. Further information can be obtained at the company's website at

http://www.cit.com or http://www.efinance-it.com.

About CIT

CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance

company, provides clients with financing and leasing products and advisory

services. Founded in 1908, CIT has nearly $50 billion in assets under

management and possesses the financial resources, industry expertise and

product knowledge to serve the needs of clients across approximately 30

industries. CIT, a Fortune 500 Company, holds leading positions in vendor

financing, U.S. factoring, equipment and transportation financing, Small

Business Administration loans, and asset-based and credit-secured lending.

CIT, with its principal offices in New York City and Livingston, New Jersey

has approximately 6,000 employees in locations throughout North America,

Europe, Latin and South America, and the Pacific Rim. For more information,

visit http://www.cit.com.

SOURCE CIT Equipment Finance

[Headlines]

### Press Release ##############################

IKON Announces Transition Out Of US and Canadian Leasing Business

IKON to Receive Approximately $1.5 Billion in Gross Cash Proceeds from GE; Significantly Improves Balance Sheet and Capital Requirements

ANNOUNCES STRATEGIC ALLIANCE WITH GE VENDOR FINANCIAL SERVICES FOR LEASE FINANCING IN THE U.S. AND CANADA

Valley Forge, Pennsylvania - - IKON Office Solutions, Inc. (NYSE:IKN) today announced that it has entered into a definitive agreement with GE Vendor Financial Services ("GE"), a business unit of GE Commercial Finance, that will make GE the Company's preferred lease-financing source in the U.S. and Canada. Under the definitive agreement, for approximately $1.5 billion in gross proceeds, IKON will sell certain assets and liabilities of IOS Capital, including a portion of its lease portfolio; transfer its facilities, systems and processes to GE; and have the approximately 400 IOS Capital employees offered employment by GE. In addition, IKON will enter into a Program Agreement with GE for funding or servicing of IKON's lease originations in the U.S. and Canada.

Highlights of the transaction include:

- IKON to receive approximately $1.5 billion in gross proceeds;

- IKON significantly transforms balance sheet and future capital requirements;

- GE to conduct leasing operations out of the existing IOS Capital facilities;

- GE to provide funding and servicing of IKON's future lease originations in the U.S. and Canada;

- The initial term of the Program Agreement will be five years;

- IKON to receive a percentage fee based on all new lease originations funded by GE;

- IKON to receive a monthly volume fee for the first five years for providing exclusive services related to lease generation;

- IKON and GE will enter into profit-sharing agreements related to certain remarketing services provided by IKON; and,

- The program will be designed to optimize IKON's existing sales, credit processes and customer servicing relationships to provide for a seamless transition for IKON's customers and employees.

"This new alliance will unleash the value of IKON's high-quality leasing organization, while we simultaneously create an even more powerful, combined offering with GE Vendor Financial Services that supports our future, and mutually beneficial goals," stated Matthew J. Espe, IKON's Chairman and Chief Executive Officer. "The transaction will allow us to significantly transform our balance sheet. In addition, with the majority of our equipment sales leased by customers, this alliance will provide a strong earnings contribution with steady cash flows, allowing us to free invested capital that can now be redeployed to accelerate internal growth and return value to our shareholders.

"IOS Capital has played an important role in the continued evolution of IKON's business model. Leading many of our initial centralization and process investments, IOS Capital has been an early benefactor in the value creation achieved as IKON completes its operational transformation. Lease offerings and sales tools have been effectively integrated with our sales organization that has continued to win market share, growing the percentage of equipment sales that are leased from 66% to 81% in four years and the total portfolio by over 30%, to make IOS Capital the 11th largest captive finance organization in North America. In addition, our steadfast commitment to centralization, process disciplines and customer service has shaped IOS Capital into a high-quality lease organization and the only office equipment lease organization to achieve a Select Servicer status by Standard & Poor's. As we looked to move to the next level of value creation, it was very important for us to align with a company that will deliver the same high standards of service to our customers that they have come to expect from IOS Capital.

"GE is an obvious choice because of their world-class reputation as a financial services provider with a strong history of excellence that can offer our customers a broader range of credit capabilities and financial products," continued Espe. "GE's significant experience in commercial finance and equipment leasing will provide IKON greater flexibility to support our global growth initiatives. This alliance pairs two organizations that have a customer-centered vision, superior asset origination capabilities and a commitment to quality. This is an exciting time in our company's evolution; it's another step in a series of value creation actions that will benefit IKON, its customers, and our shareholders," concluded Espe.

"A highly respected participant in the equipment leasing market, IKON brings to GE a quality portfolio of assets, as well as a reputation for managing a responsive and efficient leasing business," said Dan Henson, President and Chief Executive Officer of GE Vendor Financial Services. "We look forward to continuing to deliver the highest level of service and support to existing and new IKON leasing customers, and continued growth for both businesses."

Asset Sale and Program Agreements

Under the terms of the agreements, and subject to closing adjustments, IKON will receive gross proceeds of approximately $1.5 billion for certain assets and liabilities of IOS Capital, which include $1.9 billion of assets (including approximately $1.8 billion in net lease receivables and corresponding residuals, of which approximately $0.4 billion is supported by lease-backed notes to be transferred to GE); transfer its Macon, Georgia facilities and its systems and related processes to GE; and have the approximately 400 IOS Capital employees offered employment by GE.

IKON will retain approximately $1.4 billion of IOS Capital's net lease receivables and corresponding residuals, of which approximately $1.2 billion is supported by lease-backed notes, primarily related to the two most recent asset-backed transactions. This portfolio will be serviced by GE and is expected to primarily run off over the next 24 months. IKON will retain the Canadian portfolio and assume IOS Capital's $350 million 7.25% notes due 2008 and $300 million 5% convertible notes due 2007.

In addition, under the terms of the Program Agreement, GE Vendor Financial Services will become IKON's preferred lease-financing source, with IKON receiving a lease origination fee on all new lease originations provided to GE Vendor Financial Services for a five year term, with a three or five year renewal option. During the initial five year term, IKON will also receive a monthly volume fee for providing exclusive services related to lease generation, subject to a maximum aggregate fee of $253 million over the term of the agreement. For remarketing and other services provided by IKON to support GE Vendor Financial Services, IKON will receive variable rates of profit-sharing on net proceeds.

Use of Proceeds

Proceeds from the transaction are intended to be used to strengthen IKON's balance sheet, improve its financial flexibility, pay transaction-related deferred taxes and for general corporate purposes. Excluding lease finance debt, the Company intends to target a debt to capital ratio in the range of 30% to 35%. In anticipation of the substantial improvement of IKON's balance sheet, continued strong cash generation and reduced capital requirements as a result of this transaction, IKON has also announced today that it intends to enter into negotiations to replace or amend its existing $300 million credit facility to increase its options for use of proceeds, including share repurchases and other strategic alternatives.

Closing

The transaction has been approved by both companies. The closing of the transaction is subject to execution of the definitive Program Agreement and customary conditions, including receipt of third party consents. The transaction is expected to close in the first quarter of calendar 2004.

Lehman Brothers acted as IKON's exclusive financial advisor.

About IKON

IKON Office Solutions (www.ikon.com) integrates imaging systems and services that help businesses manage document workflow and increase efficiency. As the world's largest independent distribution channel for copier and printer technologies, IKON offers best-in-class systems from leading manufacturers such as Canon, Ricoh and Hewlett Packard and service support through its team of 7,000 service professionals worldwide. IKON also represents the industry's broadest portfolio of document management services: outsourcing and professional services, on-site copy and mailroom management, fleet management, off-site digital printing solutions, and customized workflow and imaging application development. IKON also provides lease financing services to its customers through its wholly-owned subsidiaries, including IOS Capital, LLC. With Fiscal 2003 revenues of $4.7 billion, IKON has approximately 600 locations throughout North America and Europe.

IOS Capital, LLC is IKON's wholly-owned leasing subsidiary in the U.S. Created in 1987, IOS Capital services more than 100,000 customers, manages over 400,000 assets and originates approximately $1.5 billion in new financing on an annualized basis. IOS Capital has approximately 400 employees and is located in Macon, Georgia.

About GE Vendor Financial Services

GE Vendor Financial Services (www.vendorfinancialservices.com), a unit of GE Commercial Finance, is a global leader in developing and providing financial solutions and services to equipment manufacturers, distributors, dealers and their end users. With $26 billion in served assets worldwide, 1,200 manufacturers, 49,000 dealers & distributors and over 600,000 accounts in more than 30 countries, Vendor Financial Services helps its customers drive new business by providing superior service, a commitment to quality and the application of the latest e-commerce technology.

About GE Commercial Finance

GE Commercial Finance offers businesses of all sizes an array of financial services and products worldwide. With approximately $200 billion in assets and an expertise in the mid-market segment, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. A wholly owned subsidiary of the General Electric Company, GE Commercial Finance is headquartered in Stamford, Connecticut, USA. GE is a diversified services, technology and manufacturing company with operations worldwide.

Contacts:

Veronica L. Rosa

IKON Office Solutions

Investor Relations

610-408-7196

vrosa@ikon.com

Evan Smith, CFA / Erica Pettit

KCSA Worldwide

Media Relations

212-896-1251 / 212-896-1248

esmith@kcsa.com /

[Headlines]

### Press Release ###################################

Classified Ads---Help Wanted

Accounting Mgr/Bookkeeper: Will implement and monitor stringent financial policies, procedures and internal controls. Must have full understanding of the leasing operation to include income recognition, amortization, forecasting and budgeting. Exp with Lease Plus preferred. Have at least 5 years exp. in the small ticket leasing industry. BA in Accounting preferred. email: careers@fivepointcapital.com
REF: LNORG

About the company: Five Point Capital, Inc. is a rapidly growing San Diego based national equipment finance company. We are continually looking to add talented people to our growing force who have the same ambitions and drive to make Five Point Capital #1 in our industry. www.fivepointcapital.com

Stable funding source seeks experienced leasing representative; book of business required; remote office capability; send resume to jobs@balboacapital.com and reference leasingnews in subject line.

Senior Credit Analyst: Will be responsible for credit investigation, analysis and have the ability to assess the creditworthiness of our clients. Must have superb quantitative analytical skills and 2 yrs. exp in the small ticket leasing industry.
email: careers@fivepointcapital.com
REF: LNORG

Senior Funding/Doc Specialist: Will produce accurate documentation and provide support as the contact between our sales force, vendors and banks. Ensure doc requests are completed in an accurate and timely manner. Must be detail oriented and have at least 2 yrs exp, small ticket leasing industry preferred.
email: careers@fivepointcapital.com
REF:LNORG

[Headlines]

---------------------------------------------------------------------------------------------------

News Briefs---

2004 Will Be the U.S.'S Best Year Economically in Last 20 Years, The Conference Board Reports in a Revised

Mortgate Rates Dip

http://www.usatoday.com/money/perfi/housing/2003-12-11-mortgages_x.htm

Survey: Economic woes top region's list of worries

http://www.bayarea.com/mld/mercurynews/business/7466084.htm

Judge Allows Amtrak Protest

http://www.washingtonpost.com/wp-dyn/articles/A56264-2003Dec11.html

Caterpillar Chairman and CEO Glen Barton to Retire Jan. 31; Board Names James Owens as Successor

Notorious URL Scammer Pleads Guilty

http://www.internetnews.com/bus-news/article.php/3287981

AT&T unveils Internet phone service plans

http://www.boston.com/business/technology
/articles/2003/12/11/att_unveils_internet_phone_service_plans/

Industry to sell Internet phone services

http://www.boston.com/business/technology/
articles/2003/12/12/industry_to_sell_internet_phone_services/

[Headlines]

---------------------------------------------------------------------------------------------------

Sports Briefs---

Dan Reeves Firing Flames Rumors

http://bucs.tbo.com/bucs/MGAKW1F62OD.html

Banged-up Vick returns to practice
http://www.ajc.com/falcons/content/sports/falcons/1203/12notes.html

Officer suspended for trying to get McNair released

http://www.theredzone.org/news/showarticle.asp?ArticleID=721

[Headlines]

--------------------------------------------------------------------------------------------------

California Nuts Brief---

Assembly approves Arnolds spending cap, bond

http://www.bayarea.com/mld/mercurynews/7472723.htm

http://www.nytimes.com/reuters/politics/politics-
economy-california.html

[Headlines]

---------------------------------------------------------------------------------------------------

"Gimme that Wine"

Top Five Holiday Drinks
http://www.foodnetwork.com/food/et_hd_christmas/article/
0,1972,FOOD_9832_2444369,00.html

Plenty of gift ideas to keep you in the wine game

Cellaring guides to bottle tags to fancy corkscrews

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2003/12/11/WIGVE3JMIO1.DTL

Bringing it on home - now French diners can keep the wine
http://story.news.yahoo.com/news?tmpl=story&cid=1516&ncid=1516&e
=11&u=/afp/20031210/od_afp/lifestyle_france_wine_031210172051

Airline Unveils Wine Bottle of the Future -- And It's (Gasp!) Plastic

http://www.winespectator.com/Wine/Daily/News/0,1145,2281,00.html

Top Book to Buy Your "Chef" for Christmas
http://store.foodnetwork.com/shop/product.asp?product_code=6014
&department_code=2&category_code=82&subcategory_code=
81&search_type=subcategory

[Headlines]

This Day in American History

1712- The South Carolina colony passed a "Sunday Law" requiring "all...persons whatsoever" to attend church each Sunday, to refrain from skilled labor, and to do no traveling by horse or wagon beyond the necessary. Infractions of this law were met with a 10_shilling fine and/or a two_hour lock_up in the village stocks

1745- Birthday of John Jay, American statesman, diplomat and first chief justice of the US Supreme Court ( 1789-95), coauthor ( with Alexander Hamilton and James Madison ) of the influential “Federalist” papers, born New York, NY. Jay died at Bedford, NY, May 17,1829.
http://www.constitution.org/img/judge009.htm

(lower part of: http://memory.loc.gov/ammem/today/dec12.html )

1787- Pennsylvania became the second state to ratify the US Constitution, by a vote of 46 to 23. One of the original 13 colonies, Pennsylvania is geographically located in the keystone position in relation to the other 12 colonies, earning the nickname, the Keystone State. The state capital is Harrisburg, a city almost midway between Pennsylvania’s two most well-known cites, Pittsburgh in Western Pennsylvania and Philadelphia in the east. Philadelphia is also where the first Continental Congress met and where the Declaration of Independence was signed. Not so famous is the state bird, the ruffed grouse and the state flower, the mountain laurel.

http://memory.loc.gov/ammem/today/dec12.html

1790- the first Catholic Bible printed in English was a 900-page quarto printed by Carey, Stewart and Company, Philadelphia. It was issued in 49-page sections every Saturday. It was based on the New Testament published in 1582 in Reims, France, and the Old Testament published in Douai, Flanders, in 1609.

1805- birthday of William Lloyd Garrison, American anti-slavery leader, poet, and journalist, born at Newburyport, MA. Garrison died at New York, NY, May 24, 1879.

http://www.spartacus.schoolnet.co.uk/USASgarrison.htm

http://www.nps.gov/boaf/garris~1.htm

1805-Birthday of Henry Wells, one of the fathers of speed-conscious delivery and banking services. Born in Thetford, Vermont, Wells cut his teeth working as an agent for Harden’s Express in upstate New York. Clearly taken with the express transport business, Wells set up his own shop, Livingston Wells and Pomeroy’s Express, which ferried "goods, valuables, and specie" between Buffalo and Albany. By 1844, Wells sensed that it was time to push his business west of Buffalo, and he joined forces with William Fargo and Daniel Dunning to start Wells and Company, which would service terrain beyond the upper reaches of New York. While this was all fairly ambitious maneuvering, the 1850s saw Wells make an even stronger move to conquer the express market. First, in 1850, ever ambitious, he merged his two concerns into the American Express Company, which initially covered California and the Eastern seaboard (it later stretched to serve Latin America). Then, in 1852, he linked up with Fargo again to form Wells, Fargo and Company, a joint-stock venture that served as a holding company for the Wells Fargo Bank. Along with bankrolling business ventures, Wells used his ever-swelling fortune to aid the plight of chronic stutters, as well as to establish Wells Seminary (now Wells College) for women.

1806- birthday of Stand Watie, born at Rome Georgia, and died there September 9, 1871. Cherokee chief who, by signing the treaty of New Echota, surrendered his people’s land in Georgia, forcing relocation to Oklahoma. Though three other signers were murdered, Watie escaped and went onto initiate the first volunteer Cherokee regiment for the Confederates in the Civil War. Promoted to brigadier general, he was active in destroying property of other Native Americans who supported the Union.. He never gave up.

1862- Naval Engagement at Yazoo River MS (USS CAIRO torpedoed)

http://www.nps.gov/vick/cairo/cairo.htm

1870- Joseph Hayne Rainey of Georgetown, SC, was sworn in as the first black to serve in the US House of Representatives. Rainey filled the seat of Benjamin Franklin Whittemore, which had been declared vacant by the House. He served until March 3, 1879.

http://search.eb.com/blackhistory/micro/492/61.html

1870- Rachel Crothers birthday - U.S., playwright, director, and producer.

She triumphed on Broadway with 34 of the 38 plays she wrote in her lifetime, usually doing everything from writing to casting to directing to producing on her way to becoming a legend.

http://dizzy.library.arizona.edu/users/btravers/sabbatical/crothers.htm

http://us.imdb.com/name/nm0189405/

1899- African-American George F. Grant of Boston, Massachusetts obtained a patent for his invention, the golf tee. It was a wooden tee with a tapering base portion and a flexible tubular concave shoulder to hold the golf ball. As a side

note, Grant was the first black to graduate from Harvard University.

1906 Oscar Straus, 1st Jewish cabinet member, appointed Secretary of Commerce

by Theodore Roosevelt. 1850–1926, b. Rhenish Bavaria, grad. Columbia (B.A., 1871; LL.B., 1873), was a diplomat and author. He practiced law in New York City until 1881 and then went into business with his brothers. He was minister to Turkey (1887–89) under President Grover Cleveland and again (1898–1900) under William McKinley and was ambassador to Turkey (1909–10) under William H. Taft. He was appointed (1902) to the Permanent Court of Arbitration (the Hague Tribunal) and was (1906–9) Secretary of Commerce and Labor under Theodore Roosevelt. He was candidate for governor of New York on the Progressive party ticket in 1912. He wrote several books, including Roger Williams (1894), The American Spirit (1913), and Under Four Administrations (1922).

1912- birthday of Henry Armstrong, box, born Henry Jackson, Jr., at Columbus, Mississippi. Armstrong was the first boxer to hold three world titles simultaneously. He won the featherweight title on October 29, 1937, the welterweight title on May 31, 1938, and the lightweight title three months later. Died at Los Angeles, CA, Oct. 22,1988.

1915- Frank Sinatra born at Hoboken, NJ. While the websites gives more

history, briefly Frank Sinatra matured from a teen idol to the premiere singer of American popular music. Known as the “Chairman of the Board” to his fans, he made more than 200 albums. His signature songs included “ All the Way,” “ New York, New York,” and “May Way.” His file career included musicals ( On the Town and Pal Joey) and two gritty films for which won Oscar nominations, From Here to Eternity and the Man wit the Golden Arm. One of his many

movies is making a revival with stars of the day instead of his “rat pack,” Oceans

Eleven. He died May 14, 1998, at Los Angeles, CA. “ Put Your Dreams

Away for Another Day.”

1918-Birthday of jazz great Joe Williams born Cordele, GA. The album that

turned me onto jazz in the early 1950’s when it came out, “Count Basie Swings, Joe Williams Sings,” is still wonderful today.

1925- the first motel opened, called the Motel Inn, San Luis Obispo, California. Arthur S. Heineman was the architect. The building featured a sign with flashing lights that alternated the letters H and M preceding the letters otel to spell out “ Hotel” and “ Motel” I t had accommodations for 160 guests individual chalets with garage, bathroom, and telephone. It was designed for motorists to be a

“drive-up” hotel.

1929-Jazz pianist Toshiko Akiyoshi born Darien, Manchuria.

1938- Connie Francis birthday –Beach blanket favorite. Her first big single in the 50s was "Who's Sorry Now." She had a dozen hit singles and albums including "Where the Boys Are."

http://www.12mb.com/connie/intro.htm

http://www.swinginchicks.com/connie_francis.htm

1946- UN accepts 6 Manhattan blocks as a gift from John D Rockefeller Jr

http://www.angelfire.com/dc/undersiege/therockefellers.html

1949---Top Hits

Mule Train - Frankie Laine
I Can Dream, Can’t I? - The Tommy Dorsey Orchestra (vocal: Jack Leonard)
Don’t Cry, Joe - The Gordon Jenkins Orchestra (vocal: Betty Brewer)
Mule Train - Tennessee Ernie Ford

1952 -Peter J. McGovern becomes the president of the Little League replacing Charles Durban who resigned due to ill health. The league which started in 1939 with two leagues has now grown to 1,800 leagues in 48 states and international sites.

1955 - The largest philanthropic act in the world was announced by the Ford Foundation which gave $500,000,000 to private hospitals, colleges and medical schools.

1957---Top Hits
Jailhouse Rock - Elvis Presley
Raunchy - Bill Justis
Peggy Sue - Buddy Holly
My Special Angel - Bobby Helms

1959 - At 22 years and 104 days of age, Bruce McLaren became the youngest driver to win a Grand Prix race as he earned first place at Sebring, Florida.

1961 - Former big band singer (with Kay Kyser) Mike Douglas began a variety TV show from Cleveland. The show became most successful when KYW-TV moved from Cleveland to Philadelphia. Then, when the Douglas show left Philly for Hollywood, it folded. All things considered, it was a successful syndication effort, nationally, for Westinghouse Productions.

1963 - "John Fitzgerald Kennedy - A Memorial Album" became the fastest-selling record of all time when 4 million copies of the disk, each selling for 99 cents, were sold in six days -- between December 7-12. The memorial tribute was recorded November 22, the day President Kennedy was assassinated in Dallas.

1963- Frank Sinatra Jr returned after being kidnapped

http://www.geocities.com/surfinagain/arch08-1.html

http://www.thejukejoint.com/franksinatrajr.html

1965---Top Hits
Turn! Turn! Turn! - The Byrds
Let’s Hang On! - The 4 Seasons
I Got You (I Feel Good) - James Brown
Make the World Go Away - Eddy Arnold

1965- Gale Sayers of the Chicago Bears tied an NFL record by scoring six touchdowns in the Bears’ 61-20 win over the San Francisco 49ers. Sayers rushed for four score, caught an 80-yard touchdown pass and returned a punt 85 yards.

1965-US Supreme Courts votes 4-3 allowing Braves to move to Atlanta. Earlier, the Braves' move to Atlanta was halted by a court order, forcing a lame duck season in Milwaukee. The Braves led the league with 196 homers. In 1966, The Braves and Pirates debuted Major League Baseball's first season in Atlanta on April 12, with Pittsburgh winning, 3-2, in 13 innings. Atlanta was fifth in its initial season, but Aaron hit 44 homers and had 127 RBI to lead the league.

1971- left wing Bobby Hull of the Chicago Blackhawks got the 1,000^th point of his NHL career, an assist in the first period of a 5-3 victory over the Minnesota North Stars. Hull finished his career with 1,170 points and entered the Hockey Hall of Fame in 1983.

1973---Top Hits
Top of the World - Carpenters
Goodbye Yellow Brick Road - Elton John
The Love I Lost - Harol Melvin & The Bluenotes
The Most Beautiful Girl - Charlie Rich

1980 - Oil tycoon Armand Hammer bought a notebook of writings by Leonardo da Vinci for $5.28 million at auction in London. It was the highest price ever paid for a manuscript. It was 36 pages long and dated back to 1508.

1980 - The U.S. Congress amended the Copyright Act in 1980 to explicitly recognize that computer programs were protected as literary works.

1981---Top Hits
Physical - Olivia Newton-John
Waiting for a Girl like You - Foreigner
Every Little Thing She Does is Magic - The Police
Still Doin’ Time - George Jones

1982- known as the “Great Snowplow Play.” The New England Patriots defeated the Miami Dolphins, 3-0, in a driving snowstorm at Foxboro Stadium. The winning points came on a late field goal by John Smith, kicked after a snowplow came onto the field and cleared a spot for Smith and his holder. According to Kimberlee R. Coleman’s husband, the person who cleared the field was a state prisoner out on a work furlough. The Miami Dolphins believe they are robbed in the snowplow game by a 24-year-old man who is serving a 15-year sentence for robbing a house and is now on a work release program from the prison. Late in the fourth quarter, the New England Patriots are preparing to break a scoreless tie with a field goal when coach Ron Meyer waves Mark Henderson onto the field at Foxboro Stadium. Henderson fires up his yellow John Deere (Model 314) and heads for the Miami 23-yard line. Despite screams of protest from the Dolphins, Henderson runs a terrific sweep with his tractor-driven snowplow and clears the area for kicker John Smith. Smith kicks a 33-yard field goal with 4:40 left. After the Patriots' 3-0 victory, livid Dolphins coach Don Shula says, "The officials shouldn't have let it happen." Henderson says, "I figured, 'What's the most they could do? Put me in jail?' "

1983 - Football’s Jim Brown showed up in "Sports Illustrated" again. This time, he was not on the cover as in September, 1960, but inside the magazine -- a record span of more than 23 years between spreads, as they say in the publishing biz.

1984 - The group known as Band Aid -- 38 of Britain’s top rock musicians -- recorded "Do They Know This is Christmas?" for Ethiopian famine victims. Despite the best of intentions, much of the food raised never got to the starving Ethiopians. In fact, much of it was found rotting on docks, not fit for human consumption. More than a Band-Aid was needed to fix that political mess.

1986 - James ‘Bonecrusher’ Smith became the first college graduate to win the world heavyweight boxing crown. “If I only had a bwain...,” he said, as he beat the brains out of Tim Witherspoon so badly, poor Tim couldn’t count to ten. “One, duh. Eight. Six. Duh. I’m out.”

1986 - The LA Lakers beat the Boston Celtics, 117-110, to become the first visiting team to win at the old Boston Garden since December, 1985 -- a streak of 48 straight wins for the Celtics.

1989---Top Hits
We Didn’t Start the Fire - Billy Joel
Another Day in Paradise - Phil Collins
Don’t Know Much - Linda Ronstadt (featuring Aaron Neville)
If Tomorrow Never Comes - Garth Brooks

1992 - The soundtrack from the movie "The Bodyguard" was the #1 album in the U.S. A smash, as they say, it was number one for twenty weeks. The track listing: "I Will Always Love You", "I Have Nothing", "I’m Every Woman", "Run to You", "Queen of the Night", "Jesus Loves Me", all by Whitney Houston; "Even If My Heart Would Break", by Kenny G & Aaron Neville; "Someday (I’m Coming Back)", by Lisa Stansfield; "It’s Gonna Be a Lovely Day", by The S.O.U.L S.Y.S.T.E.M.; "Peace, Love And Understanding (What's So Funny ’Bout)", by Curtis Stigers; "Theme from The Bodyguard", by Alan Silvestri; and "Trust in Me", by Joe Cocker featuring Sass Jordan.

1994- IBM said it would halt shipments of Pentium computers because of a flaw in the Pentium chip. The November 7 issue of Electrical Engineering Times announced the "floating point" bug in the Pentium chip, which could produce mathematical errors. Intel officials admitted they had known about the flaw for some time but thought it so unlikely to cause problems that they did not disclose the problem, creating an uproar among computer users. Intel said it would replace flawed chips only if users showed they engaged in computer work that might be affected by the error. Consumers attacked Intel for its position, and later, the company agreed to replace any chips that were returned. Ironically, six months later, only about three percent of customers had requested a replacement chip.

1995 - The International Olympic Committee announced that NBC had successfully bid a record $2.3 billion for the exclusive U.S. TV (broadcast and cable) rights to the 2004 and 2008 Summer Games and the 2006 Winter Games. $894 million is for the 2008 games alone. And the deal calls for a 50-50 revenue sharing program with the IOC.

[Headlines]