Chancellor Acquires Remarketing Rights for a $200 Million Portfolio.Business Editors BOSTON--(BUSINESS WIRE)--Nov. 8, 2000 Chancellor Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CHLR) announced today that, through a venture with an Oregon-based financial institution, it has acquired the remarketing rights to several portfolios with an original equipment value of over $200 million. The remarketing portfolio consists of approximately 8,000 vehicles from a consortium of banks, consisting mainly of Class 3-6 trucks. Through this agreement, Chancellor will administer all remarketing, re-leasing, and maintenance of these vehicles. The equipment will be remarketed through our national platform of truck centers with retail locations in Atlanta, GA; Dallas, TX; Elizabeth, NJ; Indianapolis, IN; Monroe, OH; Omaha, NE; Orlando, FL; and Richmond, VA. Craig Jackson Craig Jackson may be:
A lessor of land is a landlord. Cross-references Landlord and Tenant. lessor n. the owner of real property who rents it to a lessee pursuant to a written lease. , seller and remarketer of Class 8 tractors and commercial trailers. The Company feels that e-commerce will cause major shifts in distribution and freight patterns. Currently goods move from manufacturing to warehousing to retail to the end customer. In our opinion, e-commerce will remove the middlemen, causing the goods to move quicker, in smaller vehicles from the manufacturer directly to the customer. With over 400 units on the ground today, the agreement provides Chancellor with an immediate entry strategy into another market." Chancellor Corporation is a transportation trading company, complete with equipment finance and fleet management solutions to its customers. The Company is spearheading an evolution through the introduction of its innovative "Wholesale-Plus"(TM) pricing, unique trade-in programs, the roll out of value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. , and its Truck "Trading Cycle" Concept. Since its founding in 1977, Chancellor has completed a total of approximately $1.5 billion in equipment lease transactions for its Fortune 500 and middle market customers in the U.S. and select international markets. The Company's Internet address There are two kinds of addresses that are widely used on the Internet. One is a person's e-mail address, and the other is the address of a Web site, which is known as a URL. Following is an explanation of Internet e-mail addresses only. For more on URLs, see URL and Internet domain name. is http://www.chancellorcorp.com. The Company is publicly traded under the symbol "CHLR". "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements contained in this release which are not historical facts may be deemed to contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. with respect to events, the occurrence of which involves risks and uncertainties, including, without limitation, demand and competition for the Company's lease financing and asset management services and the products to be leased or remarketed by the Company, the continued availability to the Company of adequate financing, the ability of the Company to recover its investment in equipment through remarketing, and other risks and uncertainties detailed in the Company's Securities and Exchange Commission filings. |
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