Coach Industries Group Acquires $1.5 Million Commercial Transportation Lease Portfolio.FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla. -- Coach Industries Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CIGI CIGI Computer Image Generator Interface CIGI Career Information Guidance India CIGI Coach Industries Group Inc. ) ("Coach"), a holding company focused on manufacturing luxury limousines and specialty vehicles, announced today that its new wholly-owned subsidiary, Coach 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. , Inc., purchased a commercial portfolio of transportation leases with a face value of $1.5 million. All of the leases are performing assets. The leases are expected to have an immediate positive impact on revenues and cash flow of Coach. Francis O'Donnell, President and Chief Executive Officer of CIGI, commented, "An exciting aspect to the purchase of the performing lease portfolio is that the customer base represented within the portfolio creates a captive target market for the full array of products and services offered by Coach." This is the second significant event recently announced regarding the Coach's newly-created wholly-owned subsidiary, Coach Financial Services, Inc. On July 14, 2004, Coach announced that Coach Financial Services, Inc. had secured a $4.5 Million wholesale lending facility from Sovereign Bank and separately announced it has launched Go Commercial Lease Holding, Inc. ("Go Commercial"). Go Commercial will utilize the $4.5 million wholesale lending facility to immediately begin offering lease financing for limousines, commercial fleets and high-end luxury automobiles. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. O'Donnell, "The purchase of this portfolio immediately makes Coach Financial Services, Inc. a new force within the commercial vehicle lease industry. In addition to lease financing, the array of products and services provided by Coach Financial Services will provide financing solutions to the approximate 14,000 domestic limousine operators, and satisfy the capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. for vehicle acquisition for businesses throughout the United States." About Coach Industries Group, Inc. Coach Industries Group, Inc. is a holding company focused on manufacturing luxury limousine and specialty vehicles. Its two wholly-owned subsidiaries, Springfield Coach Industries Corporation, Inc. ("Springfield") (http://www.limoland.com) and Commercial Transportation Manufacturing Corporation ("CTMC CTMC Canadian Tobacco Manufacturers' Council CTMC Continuous Time Markov Chain CTMC Classical Trajectory Monte Carlo CTMC Central Texas Medical Center (San Marcos, Texas) CTMC Communication Theory Mini-Conference ") (http://www.uscoach.com), are among the largest limousine manufacturing companies in the United States. The Company's wholly-owned subsidiary, Coach Financial Services, Inc., will offer an array of financial products including financing for luxury limousines, commercial fleets and high-end automobiles as well as other financial services, such as specialty lines of insurance products. 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 which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. |
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