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##### Press Release #############
UAEL & EAEL Unanimously Approve Merger of Associations;
New Association to Form January 1, 2009
LA QUINTA, CA-- The United Association of Equipment Leasing and the Eastern Association of Equipment Lessors announce the unanimous approval of the proposed merger of the two associations. Effective January 1st, 2009, the National Equipment Finance Association (NEFA) will become a truly national association serving brokers, independent finance companies, funders and service providers.
NEFA's mission continues to be to foster the exchange of information and ideas on transacting business within the equipment leasing and commercial finance industry by providing opportunity to discuss, debate and publish subjects of interest to its members.
"The unanimous vote of our members reflects their strong desire to expand our membership and opportunities for networking and education", stated UAEL's President, Paul Knowlton. "The task force did an excellent job of examining this opportunity and presenting it to our membership throughout the year. They solicited and responded to input and presented a very well thought out and compelling proposal to merge. The UAEL Board of Directors is very excited about the upcoming transition. We look forward to continuing our strong educational and regional programs. This is really just a name change and our members are simply going to see additional value to their membership."
"The synergies between our members was quite amazing and the economies of the merger will allow us to increase our member benefits with greater exposure to national funders and increased educational programs", commented Bruce Smith, EAEL's President. "We look forward to continuing the strong relationships we have enjoyed and including new participants in our activities. The merger just made a lot of sense, which was confirmed by the unanimous vote of our members."
The new NEFA Board is meeting in early November and already is hard at work kicking off committee activities and planning for the Spring Conference in Orlando, Florida, April 23 -26, 2009.
The full Board of Directors is posted at www.uael.org and www.eael.org.
The Executive Committee of NEFA is as follows:
President, Brent Hall - Pinnacle Business Finance Vice President, Brian Bjella - Grandview Financial Treasurer, George Parker - Leasing Technologies International, Inc. Secretary, Randy Haug - Lease Team, Inc. Past President, Bruce Winter - FSG Leasing, Inc.
The Executive Directors of both UAEL and EAEL, Joe Woodley and Alison Pryor will continue on with NEFA as membership development directors. The management of the association will be handled by Meeting Expectations, Inc. in Atlanta, GA. This will provide additional member communications and tools for the volunteer committees to enact plans and projects. The transition work has begun and a new website for NEFA will be announced soon. All regional events including holiday parties will take place and additional information about the merger and NEFA will be presented. All members are encouraged to stay active and volunteer for committees and activities during this exciting first year for NEFA.
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