Energy 1 Corporation Closes Master Lease Acquisiti
Post# of 3400
Posted On: 10/02/2012 2:03:30 PM
Energy 1 Corporation Closes Master Lease Acquisition PR Newswire "Press Releases US - English"
BOCA RATON, Fla. , Oct. 2, 2012 /PRNewswire/ -- Energy 1 Corporation ("E1") (OTC:EGOC) announces it has acquired Master Lease of Delaware ("Master Lease" or "M/L"), a truck & trailer leasing business based in Henderson, Colorado .
Master Lease's customer base consists primarily of owner-operators and small trucking companies who haul for regional distributors. Master Lease's present portfolio is comprised of more than 150 active leasing customers with approximately 250 over-the-road trucks & trailers.
According to the terms of the acquisition, E1 utilized its credit facility with TCA Global Credit Master Fund in an all-cash transaction.
"This was an all-cash purchase of 100% of the equity interest in Master Lease. No shares were issued, nor will be issued in association with this deal," said Raymond T. Brown , Chairman of E1. "Just so there is no confusion by the market or our shareholders, there are no stock or option conversion features as part of the deal, nor any associated with our credit facility. It was a pure cash deal for a great addition to the E1 business model."
"Master Lease is now our licensed leasing agent for E1 trucks going forward," said Dean Steiger , President of Energy 1 Corporation .
The company believes that Master Lease has the current capacity to sell or lease up to 40-60 trucks a month without the need to expand facilities or personnel and presently has customers in need of several hundred vehicles, but presently lacks current inventory for sale or lease.
E1 plans, going forward, to provide the funds through its credit facilities for new inventory purchases to be retrofit with E1's technology solutions for fuel efficiency and emission reduction while growing Master Lease's portfolio management income.
BOCA RATON, Fla. , Oct. 2, 2012 /PRNewswire/ -- Energy 1 Corporation ("E1") (OTC:EGOC) announces it has acquired Master Lease of Delaware ("Master Lease" or "M/L"), a truck & trailer leasing business based in Henderson, Colorado .
Master Lease's customer base consists primarily of owner-operators and small trucking companies who haul for regional distributors. Master Lease's present portfolio is comprised of more than 150 active leasing customers with approximately 250 over-the-road trucks & trailers.
According to the terms of the acquisition, E1 utilized its credit facility with TCA Global Credit Master Fund in an all-cash transaction.
"This was an all-cash purchase of 100% of the equity interest in Master Lease. No shares were issued, nor will be issued in association with this deal," said Raymond T. Brown , Chairman of E1. "Just so there is no confusion by the market or our shareholders, there are no stock or option conversion features as part of the deal, nor any associated with our credit facility. It was a pure cash deal for a great addition to the E1 business model."
"Master Lease is now our licensed leasing agent for E1 trucks going forward," said Dean Steiger , President of Energy 1 Corporation .
The company believes that Master Lease has the current capacity to sell or lease up to 40-60 trucks a month without the need to expand facilities or personnel and presently has customers in need of several hundred vehicles, but presently lacks current inventory for sale or lease.
E1 plans, going forward, to provide the funds through its credit facilities for new inventory purchases to be retrofit with E1's technology solutions for fuel efficiency and emission reduction while growing Master Lease's portfolio management income.
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