TORONTO, November 17, 2015 – Chesswood Group Limited (the “Company” or
“Chesswood”) (TSX: CHW) announced today that its subsidiary, Sherway Limited
Partnership, has completed the sale of its Acura Sherway new car dealership, as originally
announced on October 5th. The gross proceeds of approximately $20.4 million will be used
to reduce the Company’s outstanding indebtedness. The pretax gain on the sale is
approximately $5.7 million.
Over the last eighteen months Chesswood has been transformed into a focused North-
American specialty finance company, following a number of transactions that began in 2014,
including a new corporate banking facility, the divesting of our legal finance business, the
acquisition in March 2015 of our Canadian specialty finance businesses and the sale of
Acura Sherway.
Our North American platform now includes Pawnee Leasing and Windset Capital, providers
of equipment financing and working capital loans, respectively, to small business in the
United States and Blue Chip Leasing and EcoHome Financial, providers of equipment
financing to businesses and consumers, respectively, in Canada.
Chesswood’s portfolio consists of more than 37,000 loans and leases, totaling in excess of
$550 million in finance receivables.
About Chesswood Group Limited
The Company operates in various segments of the financial services industry, with
operating businesses in both Canada and the U.S. To learn more about Chesswood,
visit www.ChesswoodGroup.com
The separate websites of Chesswood Group Limited’s operating businesses are
at www.PawneeLeasing.com , www.WindsetCapital.com
www.BlueChipLeasing.com, www.EcoHomeFinancial.com
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For more information contact:
Barry Shafran
Chesswood Group Limited
416-386-3099
bshafran@chesswoodgroup.com
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.
Contact Information:
800.864.4266
Fax 970.482.2666
3801 Automation Way
Suite 207
Fort Collins, Colorado 80525
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