Element Signs Vendor Finance Agreement with Tremcar Inc.

| October 28, 2012 | 0 Comments

TORONTO , Oct. 26, 2012 /CNW/ – Element Financial Corporation (EFN.TO)
(“Element” or “the Company”), Canada’s leading independent equipment
finance company, today announced that it has signed a comprehensive
vendor finance agreement with Tremcar Inc, Canada’s leading
manufacturer of tank trailers.

The multi-year agreement provides Element with the opportunity to offer
point-of-sale equipment financing to Canadian customers of
Montreal-based Tremcar which manufactures custom-made stainless steel
and aluminum tank trailers used in a wide variety of industries from
food transportation to energy development.  In addition to providing
equipment financing solutions to Tremcar end users, as part of the
agreement, Element has provided Location Tremlease Inc. with a fleet
financing facility to increase the number of tank trailers that
Tremcar’s affiliate rents to customers.

“We have had an informal relationship with Tremcar for some time and
have grown to understand the financing needs of their customers,” noted
Todd Hudson , Element’s Executive Vice President. “This formal vendor
finance agreement is a natural extension of this relationship and
provides Element with access to a high quality customer base acquiring
a best-in-class asset,” added Mr. Hudson .

“This agreement provides Tremcar and Location Tremlease customers with
direct access to innovative and effective equipment financing solutions
from Canada’s largest independent finance company,” noted Jacques
Tremblay , Tremcar’s Chairman.

The domestic tanker market continues to grow at a rapid pace. As the
leading Canadian manufacturer of a full line of tanker trailers for the
chemicals, food and petroleum distribution industries, Tremcar is well
positioned to participate in this growth. Approximately 70 percent of
Tremcar’s production is sold in Canada , with the remaining 30 percent
sold in the US. Element anticipates expanding Tremcar’s vendor program
into the US market once the Canadian facility is fully deployed across
Tremcar’s domestic operations.

About Tremcar Inc. and Location Tremlease Inc.

With sales and distribution operations across Canada and the US, and
manufacturing facilities in Quebec , Ontario (under the Hutchinson trade
name) and Ohio, family-owned Tremcar was founded in 1962 and has grown
to become a leading manufacturer of tank trailers for the North
American market. Its product line includes stainless steel and aluminum
tanks trailers used in a wide variety of industries for the
transportation of liquids and dry bulk materials. Location Tremlease
provides short and long term rental services to Tremcar’s customers in
Canada .

About Element Financial Corporation

With total assets of approximately $1 billion , Element Financial
Corporation is Canada’s leading independent equipment finance company.
Element operates nationally in three segments of the equipment finance
market – Element Capital provides large ticket equipment leasing,
Element Finance serves the mid-ticket equipment finance market and
Element Fleet provides vehicle fleet leasing and management solutions
through the Company’s TLS Fleet Management division.

Forward Looking Statements

This release includes forward-looking statements regarding Element and
its business. Such statements are based on the current expectations and
views of future events of Element’s management. In some cases the
forward-looking statements can be identified by words or phrases such
as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”,
“potential”, “estimate”, “believe” or the negative of these terms, or
other similar expressions intended to identify forward-looking
statements. The forward-looking events and circumstances discussed in
this release may not occur and could differ materially as a result of
known and unknown risk factors and uncertainties affecting the company.
No forward-looking statement can be guaranteed. Forward-looking
statements and information by their nature are based on assumptions and
involve known and unknown risks, uncertainties and other factors which
may cause our actual results, performance or achievements, or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statement or information. Accordingly, readers should
not place undue reliance on any forward-looking statements or
information. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they are
made and Element undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information,
future events, or otherwise.

SOURCE: Element Financial Corporation

Media Contact: 
John Sadler  
Genoa Management Limited 
(416) 594-9292 
jsadler@genoa.ca

Investor Contact:
Michel Béland 
Chief Financial Officer 
(416) 386-1067 ext. 225
mbeland@elementfinancial.ca

Filed Under: Credit Card News

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