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(1) - The adoption of International Financial Reporting Standards ("IFRS") resulted in the deduction of Chesswood Income Fund's distributions and a fair value adjustment of its units, amongst other changes, to it's 2010 results. (2) - See "Non-GAAP Measures" below. Non GAAP Measures
Please refer to the Company's Management Discussion and Analysis for the three and nine months ended September 30, 2011 for additional information concerning this measure and a reconciliation of this measure to the Company's consolidated net income for the period. Monday, August 15, 2011Chesswood Announces Results for Q2 2011
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| Financial Highlights (in CDN $000's) | For the Three Months Ended March 31st. | |
|---|---|---|
| 2011 | 2010 (1) | Income before Taxes, Fair Value Adjustments on
Swaps and Other Liabilities |
$2,719 | $2,820 |
| Net Income (Loss)(1) | $1,077 | $862 |
| Adjusted EBITDA(2) | $3,344 | $3,464 |
| Financial Highlights (in CDN $000's) | For the Six Months Ended March 31st. | |
|---|---|---|
| 2011 | 2010 (1) | Income before Taxes, Fair Value Adjustments on
Swaps and Other Liabilities |
$5,989 | $5,070 |
| Net Income (Loss)(1) | $2,782 | ($1,480) |
| Adjusted EBITDA(2) | $7,369 | $6,347 |
(1) - The adoption of International Financial Reporting Standards ("IFRS") resulted in the deduction of the Fund's distributions and a fair value adjustment of its units, amongst other changes, to the Fund's 2010 income.
(2) - See "Non-GAAP Measures" below.
Non GAAP Measures
Reference to Adjusted EBITDA is not a recognized measure under Canadian GAAP and
IFRS and does not have a standard meaning under Canadian GAAP and IFRS.
Accordingly, these measures may not be comparable to similar measures presented by
other issuers.
Please refer to the Company's Management Discussion and Analysis for the three months ended March 31, 2011 for additional information concerning this measure and a reconciliation of this measure to the Company's consolidated net income for the period.
Chesswood Group Limited (the "Company") (TSX: CHW), announced today that it closed its previously announced transaction for the purchase of Case Funding Inc.("Case Funding") after the close of business on Friday June 10.
While there is limited information on the size of the market, litigation finance in the U.S. is estimated by some media and industry experts to exceed $1 billion at any point in time. The increasing costs of litigation and the delays in the process that are often encountered have propelled the growth of this industry.
"Our entry into this growth market with an experienced team will allow us to begin building our portfolio immediately. While we have committed US$6 million to the intial portfolio build out, the timing and amounts of the capital contributions will be determined based on our goal of building a long-term sustainable business" said Barry Shafran, President and CEO of the Company.
About Case Funding
Case Funding offers two principal products. Advances are offered to qualified plaintiffs that
are in need of cash flow prior to the finalization of the outcome of their case. These
advances, with an average advance totaling approximately $10,000, are the more common
product offering in the marketplace today. Case Funding also offers litigation attorneys
access to working capital loans to support a basket of cases that are in progress, subject to
Case Funding's underwriting criteria which includes legal assessments of their cases and
credit research and scoring on the borrower. Both products are subject to conservative
maximum advance rates based on Case Funding's estimate of settlement proceeds in the
case of plaintiffs, and legal fee income in the case of attorneys.
The Company expects to invest approximately US$1.6 million in support of Case Funding's operating costs for the first year, while building critical mass in its portfolio. Typical advance and loan terms range from one to three years depending on the nature of the customer and the underlying case collateral. Plaintiff advances tend to be shorter in duration than attorney loans. Both products offer superior risk-adjusted returns while cash flow can be uneven in the early stages of portfolio growth.
As previously announced, the purchase price for Case Funding was US$1.0 million, of which US$950,000 was satisfied through the issuance to the vendors of 116,438 Company common shares based on the Company's market average trading price, volume adjusted for the 10 days prior to execution of the purchase agreement, of $7.94.
Chesswood Group Limited (the "Company") (TSX: CHW), the successor to Chesswood Income Fund (the "Fund"), announced today its results for the first quarter of 2011, ended March 31, 2011.
The Company's income before taxes and fair value adjustments on interest rate swaps and other liabilities totaled $3.3 million in the first quarter of 2011, compared to $2.4 million for the Fund, in the first quarter of 2010, an increase of more than 37.5%.
"Our first quarter of 2011 was another strong one, as we once again posted improved results compared to the prior year, and the prior quarter" said Barry Shafran, the Company's President and CEO. "Our results were driven by the continued strength of Pawnee's business, with portfolio growth of almost 5% for the first three months of the year, combined with our lowest net charge-off quarter in more than two years" added Shafran.
| Financial Highlights (in CDN $000's) | For the Three Months Ended March 31st. | |
|---|---|---|
| 2011 | 2010 (1) | Income before Taxes, Fair Value Adjustments on
Swaps and Other Liabilities (and Distributions in 2010) |
$3,270 | $2,351 |
| Net Income (Loss)(1) | $1,705 | ($1,928) |
| Adjusted EBITDA(2) | $4,025 | $2,883 |
(1) - The adoption of International Financial Reporting Standards ("IFRS") resulted in the deduction of the Fund's distributions and a fair value adjustment of its units, amongst other changes, to the Fund's income for the first quarter of 2010. In 2010, the Fund reported Net Income of $825,000 for Q1.
(2) - See "Non-GAAP Measures" below.
Non GAAP Measures
Reference to Adjusted EBITDA is not a recognized measure under Canadian GAAP and
IFRS and does not have a standard meaning under Canadian GAAP and IFRS.
Accordingly, these measures may not be comparable to similar measures presented by
other issuers.
Please refer to the Company's Management Discussion and Analysis for the three months ended March 31, 2011 for additional information concerning this measure and a reconciliation of this measure to the Company's consolidated net income for the period.
Chesswood Group Limited ("Chesswood") (TSX: CHW) is pleased to announce that it has signed a binding agreement with the shareholders of a New York based litigation finance company (the "Current Company"), that will, subject to closing, launch Case Funding Inc. ("Case Funding") as a provider of litigation financing to plaintiffs and attorneys throughout the United States.
The entire team of the Current Company will join Case Funding and will combine their litigation finance experience with Chesswood's specialty finance expertise and financial resources, to build a growth-oriented litigation finance business.
Chesswood has committed to providing at least US$6 million in capital to Case Funding, from its existing cash resources.
"The litigation finance market is a large underserved market that has been growing rapidly over the last decade" said Barry Shafran, Chesswood's President and CEO. "The industry expertise of Case Funding's team coupled with our risk management discipline, offers Chesswood a great opportunity to expand its portfolio in specialty finance and enjoy healthy risk-adjusted returns" added Shafran.
The transaction is expected to close before June 30, 2011.
The agreement provides for a purchase price of US$1.0 million, of which US$950,000 will be satisfied through the issuance to the vendors of 119,647 Chesswood common shares based on Chesswood's market average trading price, volume adjusted for the 10 days prior to execution of the Agreement, of $7.94. The agreement also provides for the future conditional acquisition by Chesswood of the Current Company, based on its net cash position following certain wind-down milestones being met, for a maximum purchase price of U.S.$1.8 million to be satisfied through the issuance to the vendors of Chesswood common shares at the same issue price used for the purchase of Case Funding.
TORONTO, March 21, 2011 - Chesswood Group Limited (the "Company") (TSX: CHW), the successor to Chesswood Income Fund (the "Fund"), announced today results for the Fund, for its year-ended December 31, 2010.
The Fund's income before taxes and unrealized foreign exchange or swap amounts totaled $13.4 million in 2010, compared to $5.2 million in 2009, an increase of more than 150%. For the fourth quarter, income before taxes and unrealized exchange and swap amounts was $3.9 million, compared to $1.8 million for the fourth quarter of the prior year.
"The Fund had an outstanding, record year of earnings and an excellent fourth quarter" said Barry Shafran, the Company's President and CEO. "The year marked many significant milestones for our business. At the start of the year, our convertible debenture holders converted the debentures to equity, eliminating the only corporate debt we had. In July, the Fund raised $5.2 million in an over-subscribed rights offering. In September, Pawnee Leasing, our largest operating business, renewed an enhanced credit facility that added a strong new banking partner and increased capacity for the business. We saw four successive quarters of downward movement in Pawnee's main portfolio marker of accounts over 31 days past due, and we increased our monthly distribution three times during 2010."
| Financial Highlights (in CDN $000's) | For The Year Ended December 31, 2010 | |
|---|---|---|
| 2010 | 2009 | |
| Income Before Taxes, Unrealized
Foreign Exchange & Swap Amounts |
$13,445 | $5,172 |
| Net Income | $6,977 | $3,065 |
| Adjusted EBITDA1 | $15,120 | $6,886 |
| Distributable Cash | $9,513 | $3,866 |
| Total Distributions | $4,704 | $2,764 |
1 - see "Non GAAP Measures", below.
Effective January 1, 2011, pursuant to a plan of arrangement under the Business Corporations Act (Ontario), the Fund was converted from a trust structure into the Company, a dividend paying corporation. Holders of the Fund's trust units received common shares of Chesswood Group Limited on a one-for-one basis. All of the members of the Board of Trustees of the Fund and the Board of Directors of the Fund's administrator have continued as the directors of the Company, and senior management of the Fund have continued as senior management of the Company.
The common shares of the Company began trading on the Toronto Stock Exchange on January 4, 2011, under the symbol "CHW". Concurrently, the Fund's trust units were delisted.
On January 18, 2011, the Company increased the monthly dividend to $0.05 per share compared to a monthly distribution of $0.045 per unit paid by the Fund prior to its conversion. Monthly dividends will remain at this level until such time as the board of directors may determine that a change is appropriate.
Non GAAP Measures
References to Adjusted EBITDA and Distributable Cash are not recognized measures under
Canadian GAAP and do not have standard meanings under Canadian GAAP. Accordingly,
these measures may not be comparable to similar measures presented by other issuers.
Please refer to the Fund's Management Discussion and Analysis for the year-ended December 31, 2010 for additional information concerning these measures and a reconciliation of these measures to the Fund's consolidated net income for the period.
Taxation Levels in 2011 Expected to Remain Similar to 2010
TORONTO, January 4, 2011 - Chesswood Group Limited (the "Company") (TSX: CHW) is pleased to confirm the closing of the previously announced conversion of the trust structure of Chesswood Income Fund (the "Fund") to the Company, a dividend paying corporation, effective January 1, 2011, pursuant to a plan of arrangement under the Business Corporations Act (Ontario).
Holders of the Fund’s trust units will receive common shares ("Common Shares") of the Company on a one-for-one basis.
All of the members of the Board of Trustees of the Fund and the Board of Directors of the Fund’s administrator are continuing as the directors of the Company. Senior management of the Company will remain unchanged.
Trading of the Common Shares on the Toronto Stock Exchange will commence at the opening of the market on January 4, 2011 under the symbol "CHW". Concurrently, the Fund’s trust units will be delisted.
The Company’s level of taxation in 2011 is generally expected to be the same as the level of taxation for the Fund in 2010.
The Fund was paying a monthly distribution of $0.045 per trust unit. It is expected that the Company will pay monthly per share dividends equal to the monthly per trust unit distributions paid by the Fund. The amount of any dividends payable by the Company will be at the discretion of the board of directors of the Company, will be evaluated on an ongoing basis, and may be revised subject to business circumstances and expected capital requirements depending on, among other things, the Company's earnings, financial requirements for its operating entities, growth opportunities, the satisfaction of applicable solvency tests for the declaration and payment of dividends and other conditions existing from time to time.
About Chesswood Group Limited
As the successor to the Fund, the Company is a financial services company with operating
businesses in both Canada and the U.S., including the commercial leasing business carried
through its Pawnee Leasing Corporation subsidiary & automotive dealership business carried
on by Sherway LP.
Contact:
Barry Shafran
Chesswood Group Limited
416-386-3099
This press release contains forward-looking statements that involve a number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
HOT OFF THE PRESS!
Hurry, get your 2011 broker guidelines here!
What’s new for 2011 you ask?
Pricing change in Start-up, B, and C rates - Software only rate sheet - (see new rate sheets) - 10% Approval variances up to program limits - Zero
and one payment SD options - C Credit program up to $15K - Expansions and new ownership program - Food beverage service accepted with 1 yrs tib -
Increased broker admin fees now permitted up to $500 - Sale leasebacks up to 30 days from purchase - Many restricted industries and equipment will
now be accepted (see updated 2011 broker guidelines).
Click on the link below and review our many changes.
Broker Login
Happy New Year 2011!!!
2010 is behind us and it is time for all those seeds you planted in 2010 to grow.
You worked so hard making all of those vendor calls and securing those vendor relationships in 2010. We are here to reward you.
Pawnee Leasing will be offering up to 20 points on Start-Up, B, or C approvals! This promotion will run from January 3, 2011 through the close of business March 31, 2011. This is valid only on your Start-Up, B, or C approvals received during that time, and is good through the approval expiration date.
Lets climb our way to the top and get that Treasure!
Sorry, this promotion does not apply to B+ Credit
Chesswood Income Fund announces renewal and expansion of pawnee leasing corporation's bank credit facility
TORONTO, September 27, 2010 - Chesswood Income Fund (the "Fund" or "Chesswood") (TSX:CHW.UN) announced today that Pawnee Leasing Corporation ("Pawnee"), the Fund's largest operating business, renewed and expanded its credit facility, for a term of three years. The existing credit facility was due to mature in May, 2011.
"We're very pleased that Pawnee's lenders have once again demonstrated their support of its growth by renewing and expanding Pawnee's credit facility for another three years" said Chesswood's President and CEO, Barry Shafran. "Our credit facility has been increased to US$55 million while the accordion feature of our loan agreement has been increased to US$85 million from US$65 million" added Shafran. Pawnee utilized US$37 million under its credit facility, as of the end of August.
Pawnee's new facility syndicate, once again led by JPMorgan Chase, also includes KeyBank and BBVA Compass. The terms and conditions of the renewal facility are substantially similar to the last credit agreement, and provide for the upcoming conversion of the Fund.
As previously announced, Chesswood has contributed US$2 million of additional capital to Pawnee, in conjunction with the new credit facility, to further support Pawnee's growth.
About Chesswood Income Fund
Chesswood Income Fund is a financial services trust with operating businesses in both Canada and the U.S.
For more information visit www.ChesswoodFund.com.
Corporate Communications
We have always heard the axiom "The Customer is Always Right", meaning of course one is taught that their business should be run with customer satisfaction in mind. We create our business model to focus company attention on communicating with the customer and making sure they feel like an important part of our business, and their input is valued.
How much attention though is given to your employees, the ones interacting with your customers and presenting your company? Do they feel like they are part of the company culture, or just observing it? Do you ever solicit their input, or just give them marching orders? At the end of the day, are you paying as much attention to your company's internal communications as external? If not, maybe you should. A study by the consulting firm Watson Wyatt concluded that "Effective employee communication is a leading indicator of financial performance" (Watson Wyatt & Company, "Connecting Organizational Communication to Financial Performance – 2007/2008 Communication ROI Study" http://www.watsonwyatt. com). Taking the time to invest a little time and energy focusing on internal communications with your staff can be well worth it.
The business environment has changed significantly since our parents' generation; especially the last several years dealing with the current economic recession we are in. Employees are working longer hours with more responsibility, and probably with far fewer raises or promotions than in years past. With the current high unemployment rate, it is only natural for management to take their employees for granted – knowing now is one of the easiest times in recent history to replace them. Employees who feel marginalized and that their input is being ignored are more likely to show up and just "earn a paycheck". Managers need to recognize the importance of communication and interaction with their employees. Employees who feel like they have a voice and are a valued member of the team are more likely see the company as an extension of themselves and treat their job accordingly. Knowing the company cares about them will lead them to care about their job and the work they are doing.
The first thing a manager or owner must do to evaluate the status of internal communications in their company is do a communications audit. After all, you can't fix a problem you don't know about. At a larger company, this might consist of hiring an outside consultant to come in and meet with employees to identify their problems or concerns. A smaller organization however can probably get away with posting a simple comment box in a public place. One of the most common criticisms that employers will find after their communication audit is that they don't encourage upward as well as downward communication. Employees feel like their opinion is not only never solicited, but ignored if ever offered. They have created the idea of a manager who just sits behind his or her desk and issues orders, one who does not really know or care about their employees.
One way to deal with this criticism is to avoid communicating solely by e-mail; which only perpetuates this stereotype. Instead, take the time to communicate face-to-face with your employees. Instead of just shooting off a quick e-mail, take a minute and swing by their desk to chat briefly with them. Make them feel like they are a valued part of the organization, and their input and suggestions are considered. You might be surprised by what they come up with, but even if not the effort will still yield benefits. Having your employees feeling as if they contributed will foster an increased sense of loyalty. As ancient Chinese philosopher Lao Tzu stated: The wicked leader is he who the people despise, the good leader is he who the people revere, the great leader is he who the people say, "We did it ourselves".
When taking time to meet with employees, don't just rely on your companies regularly scheduled meeting times (sales meeting, company lunches, etc) and just discuss business issues. Make the time to meet with your employees when there are no pressing issues – just get to know them personally. An employee who feels his boss is not just a manager but also a friend will almost always go out of their way to make sure they don't let their boss down. When meeting with employees to discuss internal communication issues, if possible hold individual or small meetings. Employees tend to feel more comfortable and open in smaller settings.
When formulating an internal communication plan, it is also important to keep the company grapevine in mind. Just like nature abhors a vacuum, employees detest not knowing what is going on. If you are not communicating with your employees and providing them with accurate information, then they are assuredly getting it from somebody else inside the company. And chances are the information they receive by the water cooler won't be entirely accurate.
The bottom line is that you, as the manager or owner of your company, need to make sure you are getting out from behind your desk and off your BlackberryTM to get know the people who are working for you. An employee who feels connected and valuable is a much greater asset to your company than one who is simply earning a paycheck.
Chesswood Rights Offering Over-Subscribed by 56%
TORONTO, July 1, 2010 – Chesswood Income Fund (the "Fund") (TSX:CHW.UN) announced today that its rights offering was more than 56% over-subscribed, so that it raised the maximum gross proceeds possible of $5.28 million. As a result, 1,320,799 Fund units are being issued at an exercise price of $4.00 per unit.
"We appreciate the tremendous support of our unitholders," said Barry Shafran, President and CEO. "Subscribing for more than the maximum amount possible reflects their confidence in Chesswood. It’s also noteworthy that there was broad support for the offering from across our unitholder base."
Net proceeds from the offering will be used to support the growth of the Fund’s Pawnee Leasing Corporation ("Pawnee") subsidiary, as well as for general corporate purposes.
As a result of issuances of Fund units under the rights offering and the exercise of previously granted options and restricted units, the Fund has 9,250,854 Fund units outstanding in addition to exchangeable shares (issued as part of the consideration to acquire Pawnee in 2006) entitling the holders to acquire 1,478,537 Fund units.
The Fund's transfer agent is in the process of distributing Fund units to participants in the rights offering, either directly or through their brokers.
About Chesswood Income Fund
Chesswood Income Fund is a financial services trust with operating businesses in both Canada
and the U.S.
For more information visit www.ChesswoodFund.com.
Pawnee Leasing Corporation introduces B+ credit leasing product .
Fort Collins, CO, May 10, 2010 – Pawnee Leasing Corporation has introduced a competitive B+ Credit leasing product to all of its approved broker sources effective May 10, 2010. The new B+ product complements Pawnee Leasing’s leadership position serving the third party channel in the Start-up and B Credit markets.
"As is our operating style, we have been methodically entering this space for several years with individual third party sources to affirm our underwriting and servicing processes. As we expected, our tenured risk management and collections model is ideally suited to accommodate and service these credit profiles." said Gary Souverein, Pawnee’s President and COO.
Souverein adds, "In speaking with so many of our sources, the industry disruption has left this market severely underserved as traditional banks, commercial finance and "A" leasing companies have migrated upstream in credit. We believe there’s significant opportunity to originate high quality credit at attractive risk-adjusted margins. Our brokers have voiced a high demand for this product and we are excited to add further value to these relationships."
Pawnee Leasing Corporation, providing lease financing in the lower 48 states since 1982, purchases small-ticket "Start-Up" and "B" Credit transactions exclusively from a national network of brokers/lessors. For more information please contact Gary H. Souverein, at 800-864-4266. www.pawneeleasing.com
Pawnee Leasing Corporation is a Chesswood Income Fund company traded on the Toronto Stock Exchange – TSX - CHW.UN - www.chesswoodfund.com
Pawnee Leasing Corporation makes new asset and industry opportunities available to broker/lessor community.
Pawnee Leasing Corporation (Pawnee) has made available a mini-ticket program for assets and industry classes that are considered less desirable by many funding sources. "This program affords our broker/lessor network new market penetration opportunities in asset and industry classes that generally receive less attention from traditional financing sources. These less competitive market spaces allow both Pawnee and our broker/lessor to command attractive, risk adjusted margins." said Gary Souverein, Pawnee’s President and COO.
The program was introduced on January 1, 2010 and encompasses a specific array of asset and industry classes including well defined pricing and lease structure within the program for transactions up to $15,000. Broker/lessors should direct inquiries for program information to their Marketing representative at Pawnee.
Pawnee Leasing Corporation, providing lease financing in the lower 48 states since 1982, purchases small-ticket "Start-Up" and "B" Credit transactions exclusively from a national network of brokers/lessors. For more information please contact Gary H. Souverein, at 800-864-4266.
Pawnee Leasing Corporation announces the hiring of Wayne Woolley as Vice President and Credit Manager.
Pawnee Leasing Corporation (est. 1982), a small-ticket funding source specializing in start-up business and less traditional credits up to $30,000, announced the hiring of Wayne Woolley as Vice President and Credit Manager of Pawnee Leasing Corporation.
Woolley previously was with Chrysler Financial 10 years in various senior credit management capacities. Woolley replaces retiring Credit Manager, Jerry Reeves, who has served in his capacity since 1999. Pawnee's President added, "While we will miss Jerry's influence on our credit operations, we are excited about the new credit leadership and hands-on credit experience that Woolley brings to the organization."
Woolley states, "I'm looking forward to enhancing the tenured and successful credit formula that clearly exists at Pawnee as is evidenced by the company's continued profitability through this unprecedented credit cycle."
Pawnee Leasing Corporation, providing lease financing in the lower 48 states since 1982, purchases small-ticket "Start-Up" and "B" Credit lease transactions exclusively from a national network of brokers/lessors.
Another year has come to a close and what a year 2009 has been! For even the most weathered industry veterans, the past year has been like no other. Simply put, it has been the most challenging year any of us have ever experienced. Nevertheless, the confluence of challenges has created new opportunities for those who are weathering the continuing storm. While business equipment acquisition may feel idle, many, many lessees and vendors have been orphaned by their bank and leasing relationships. There may never be a more opportune time to start prospecting for new relationships! Now more than ever, brokers are using our services as a door opener in their prospecting. "Mr. Vendor, is your primary lease company handling your start-up and "B" credit customers?" Chances are very high today that the answer is "No" and this is your entry point to a future relationship. You might have to refine your sales skills as selling Start-Up and "B" credit terms requires a different approach than that commodity "A" deal. Opportunity!
We see tremendous opportunity in 2010 with our broker partners. In the New Year, we will be expanding our footprint in our niche markets but also expanding into complementary segments in a measured fashion. We've never been more confident in our future and we're proud to say that we continue to dedicate 100% of our resources to the broker community.
So what's new you ask?
1) The "You want it, you got it" program.
A host of restricted equipment types and industries will now be considered! This will be a special promotion through March 31, 2010
to help you earn new commissions!
2) No increase in buy rates.
Enclosed are 2010 buy rate schedules which mirror the 2009 edition.
3) Modest adjustments to our Broker Guidelines including additional equipment, industry & state restrictions.
Paul Phillips (East) and Brian Schonfeld (West) remain your primary daily contacts and we encourage discussing your current business focus with them on a regular basis as they will be able to offer broad insight on how we can maximize our opportunities together. Please use them to set up conference calls especially with your sales team to discuss how we can be a more active part of their sales efforts. Take advantage of their role as your interface to improve and expand our business relationship.
Thank you again for the business relationship that we enjoy with you, our business partner. We appreciate and do recognize the relationship between broker and funder and the integral part you play in our success. Let's make 2010 a success for all of us!
Due to the overwhelmingly positive response by our broker community, we have decided to continue this program through the remainder of the year. Keep your sales force motivated in 2010 with the following previously restricted industries and collateral! As always, feel free to contact your regional marketing manager with any questions.
Industries ($1,000 - $15,000)
| Accountant / CPA
Audio / Visual Established Franchises (50 franchisees minimum) |
Janitorial/Cleaning
Power Washing Carpet / Restoration Tattoo & Body Piercing |
Equipment ($1,000 - $15,000)
| Air Purification
ATMs (No route operators) Auto Paint/Dent Touch-up Systems Blind Cleaning Blood Analysis Equipment Carpet/Restoration Cleaning Climbing Walls Concrete Curbing Equipment Copiers Duct Cleaning Equipment Embroidery Exhaust Hood Fans |
GPS Locating Equipment
Gym Flooring/Mats HVAC Systems Inflatables Janitorial/Cleaning Mobile Radios Playground Equipment Pressure Washers Scaffolding Signs Skin Care Smoke/Fire Detection/Suppression |
Spray/Bedliner Systems
Used Dry Cleaning Used Fitness Used Food/Beverage Service Used Furniture Used Laundry Used Medical Used Printing Video/Arcade Vending (No route operators) Walk-in Coolers |
Credit Criteria: *Minimum One Year Time In Business Required
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Pawnee Leasing Corporation announces attendance & exhibition at National Association of Equipment Leasing Brokers Western Regional Meeting
Fort Collins, CO, November 3, 2009 - Pawnee Leasing Corporation (Pawnee) announced that it will be attending as an exhibiting funding source at the National Association of Equipment Leasing Brokers Western Regional Meeting in Costa Mesa, CA on November 6-7, 2009.
"We have exhibited and attended at this annual event for many years and always find it to be exceptionally valuable to both be present and to network with many of our clients in this geographic area. Given all of the funding source changes and exits from our market space it is also a nice opportunity to reinforce Pawnee Leasing Corporation's constant support of the Association and our customer network. We are still very much in the game and growing our market footprint in the start-up and "B" credit markets." said Gary Souverein, Pawnee's President and COO.
Pawnee Leasing Corporation will be exhibiting its services as well as participating as a panelist in one of the workshops, "Ways to Become a Top Broker with Your Funding Sources". Both Gary Souverein and Western Regional Marketing Manager, Brian Schonfeld will be attending the event.
Pawnee Leasing Corporation, providing lease financing in the lower 48 states since 1982, purchases small-ticket "Start-Up" and "B" Credit transactions exclusively from a national network of brokers/lessors. For more information please contact Gary H. Souverein, at 800-864-4266.
Pawnee Leasing Corporation announces transition to DOLLAR$ lease operating system provided by SFFA, Inc.
Fort Collins, CO, October 13, 2009 - Pawnee Leasing Corporation (Pawnee) announced that it recently replaced its operating system to the tenured DOLLAR$ lease operating system provided by SFFA, Inc. (SFFA), of Lakewood, CO.
"We are both confident and excited to align ourselves with SFFA, perhaps one of the most experienced and specialized lease operating system providers in our industry", said Gary Souverein, Pawnee's President and COO. "The DOLLAR$ lease operating system provides us with flexibilities and customizations that support our unique underwriting niche to Start-Up and "B" credit lease applicants. It also enhances our disciplined processes and will support a more web-efficient interface with our broker/lessor customers in the coming months as we continue our installation".
"Pawnee is a unique lease operation and our distinct advantage of not taking a "one size fits all" approach to their business allows us to be additive to their operations and customers. With over 25 years of service to the leasing industry we also especially enjoy partnering with Pawnee's experienced employee team." stated Dave Fern, SFFA's President.
Pawnee Leasing Corporation, providing lease financing in the lower 48 states since 1982, purchases small-ticket "Start-Up" and "B" Credit transactions exclusively from a national network of brokers/lessors. For more information please contact Gary H. Souverein, at 800-864-4266.
Fort Collins, CO, May 11, 2006 – Pawnee Leasing Corporation (Pawnee) will operate as a U.S. subsidiary of Chesswood Income Fund (Chesswood) following the successful closing of an Initial Public Offering of Chesswood, and concurrent conversion of cars4U Ltd into Chesswood, effective May 10, 2006.
"Chesswood provides Pawnee with access to the public markets, a significant opportunity that will allow us to continue growth in our core business and seek accretive opportunities that leverage our disciplined operations", said Gary Souverein, Pawnee's President and COO. "This will be a transparent event for our broker/lessor customers as our current management and employee team continue to enhance our leadership in the small-ticket start-up and "B" credit markets."
"Pawnee's excellent management team, years of consistent performance and commitment to future expansion were key elements in the successful Initial Public Offering" stated Barry Shafran, Chesswood's President and CEO.
Chesswood issued 5,778,193 trust units at C$10.00 per unit, for gross proceeds of C$57,781,930. The offering was underwritten by a syndicate of underwriters led by TD Securities Inc. and Canaccord Capital Corporation and including Blackmont Capital Inc., Wellington West Capital Markets Inc., Desjardins Securities Inc. and Genuity Capital Markets G.P. Units of Chesswood will trade on the Toronto Stock Exchange under symbol CHW.UN.
For more information please contact Gary Souverein, at 800-864-4266.
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