TORONTO, Jan. 31, 2018 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX:ECN) (“ECN Capital” or the “Company”), announced today that it has completed the previously announced sale of the Company’s Canadian Commercial and Vendor (C&V) Finance assets to CWB Financial Group.
“We are pleased to close this transaction on schedule on the terms previously announced,” said Jim Nikopoulos, ECN Capital’s President. “This transaction completes the sale of our commercial and vendor assets that began with the sale of the US C&V business and represents continued execution of our strategic plan.”
About ECN Capital Corp.
With total owned and managed assets of more than US$3.6 billion, ECN Capital Corp. (TSX:ECN) is one of North America's leading finance companies. ECN Capital operates in four verticals: Home Improvement Finance, Manufactured Housing Finance, Rail Finance and Aviation Finance.
Contact:
John Wimsatt
Senior Vice President, Corporate Development and Investor Relations
647-649-4634
jwimsatt@ecncapitalcorp.com
Forward-looking Statements
This release includes forward-looking statements regarding ECN Capital and its business. Such statements are based on the current expectations and views of future events of ECN Capital’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. Forward-looking statements in this press release include those relating to the impact of the sale of ECN Capital’s C&V assets on ECN Capital’s business, the future financial and operating performance of ECN Capital, including the expected impact on ECN Capital’s EPS and originations, the strategic advantages, business plans and future opportunities of ECN Capital and the ability of ECN Capital to execute its strategic plan of transitioning to a high return originator, asset manager, and servicer of assets. 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 ECN Capital, including risks regarding the equipment finance industry, economic factors, and many other factors beyond the control of ECN Capital. 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. A discussion of the material risks and assumptions associated with this outlook can be found in ECN Capital’s Annual Information Form dated March 30, 2017 and ECN Capital’s September 30, 2017 MD&A each of which has been filed on SEDAR and can be accessed at www.sedar.com. 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 ECN Capital does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.