CLEARLINK'R' Capital Corporation and ICON Capital Corp. Announce Agreement.MISSISSAUGA, Ontario For the First Nation, see . Mississauga (pronounced: [ˌmɪsɪˈsɑgə] listen -- CLEARLINK Capital Corporation (CLEARLINK) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CNK CNK Crash Nitro Kart (Playstation 2 video game) CNK Coated Natural Kraft (MeadWestvaco paperboard) CNK Compute Node Kernel CNK Cryptonet Key ), a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. provider and equipment trading organization based in Mississauga, Ontario, Canada, and ICON Capital Corp. (ICON Capital), an equipment leasing Equipment Leasing is a financing option to lease equipment for a certain amount of time. Leasing Benefits
New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , have signed a definitive agreement whereby CLEARLINK will sell and ICON Capital will acquire CLEARLINK's leasing business. Under the terms of the agreement, which has been approved by each company's Board of Directors, ICON Capital will acquire CLEARLINK's leasing business and portfolio, and assume the obligations related thereto. The consideration to be paid in the transaction is approximately $52.6 million in cash and the assumption of certain liabilities, which amount will be adjusted at closing for interim activities. The transaction is subject to customary closing conditions, which include regulatory approvals and approval by CLEARLINK's shareholders. It is anticipated that the closing will occur prior to March 31, 2006. Fraser R. Berrill, President and Chief Executive Officer of CLEARLINK, stated "I am very pleased to announce this transaction with ICON Capital. Our decision to sell the leasing business to ICON Capital is the culmination of an ongoing strategic review process. After several years of declining activities in the leasing business, the Board determined that it was preferable to sell this business to ICON Capital rather than incur the resource commitment, time investment and uncertainty of a successful turnaround. ICON Capital, which has the experience and resources to achieve the long-term potential of this business, will continue to provide the level of service our customers have come to expect from CLEARLINK and offer the employees in our leasing business the opportunity to continue with the business that they have been dedicated to for many years." Beau Clarke, Chairman and Chief Executive Officer of ICON Capital, added that "ICON is excited about the opportunity to acquire CLEARLINK's leasing business and portfolio and is delighted to welcome CLEARLINK's employees into the ICON family. Together in the newly combined company, we believe that we will continue to provide superior service to our customers while building on the solid foundation already created by both CLEARLINK's and ICON's employees and continue to achieve future success both in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. ." CLEARLINK will continue to manage a small number of leases excluded from the transaction, but will not be writing new lease business. It will continue to maintain its existing trading business, which is not included in the transaction, and explore avenues to grow that business. CLEARLINK will also focus on resolving its remaining litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. matters. After closing, CLEARLINK will continue to invest its excess cash while exploring opportunities in new financial services or shareholder value initiatives. A proxy circular will be mailed to CLEARLINK's shareholders shortly for a meeting of CLEARLINK's shareholders expected to be held in February 2006. At that meeting, CLEARLINK's shareholders will be asked to approve the transaction and to approve a change to CLEARLINK's name. About CLEARLINK CLEARLINK Capital Corporation is an innovative financial services provider and equipment trading organization. Based in Mississauga, Ontario, CLEARLINK operates throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe. About ICON Capital ICON Capital Corp. is one of the largest independent equipment leasing and financing companies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , with headquarters in New York City and offices in San Francisco and Boston. CLEARLINK(R) is a registered trademark of CLEARLINK Capital Corporation. CLEARLINK Capital Corporation (TSX:CNK) |
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