VANCOUVER, B.C. , May 6, 1999 (PRIMEZONE) -- Onset Capital Corporation, a subsidiary of T&W Financial Corporation {Nasdaq: TWFC} and a leading provider of conventional equipment financing in Canada, announced that it recently completed its second securitization. The C$20.2 million facility was structured by CIBC Wood Gundy, the investment banking arm of Canadian Imperial Bank of Canada. This is the second securitization of an overall committed facility for C$135 million. Earlier this year Onset completed its first securitization of leases for C$40 Million.
Mr. Paul Luke, Senior Vice President and Director of Finance of T&W Financial said, "The second securitization of leases happened faster than originally anticipated as a result of rapidly increasing originations at Onset. The management team and associates at Onset continue to outperform our expectations as validated by the company's ongoing growth and successful securitizations.
In addition, like T&W, Onset continues to pursue a diversified funding strategy which will expand outside of securitizations."
T&W Financial Corporation recently amalgamated Onset Capital to become one company. Headquartered in Vancouver, Onset Capital also has regional offices in Toronto and Montreal providing full service to the Ontario, Quebec and Eastern Canada regions, as well as sales and marketing offices in Calgary and Quebec City.
Based in Tacoma, Washington, and founded in 1976, T&W Financial Corporation is a specialty commercial finance company. It provides equipment leasing, focusing primarily on the "small-ticket" sector of the market, which are leases less than $250,000. Its customers are small-to medium-sized independent businesses throughout the U.S. and Canada.
This release contains forward-looking statements including statements regarding Management's expectations and goals in future periods. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements including the Company's ability to manage growth and credit risk, retain key personnel and effectively change its securitization policy. Readers should not place undue reliance on the forward-looking statements, which reflect the management's view only as of the date hereof. T&W undertakes no obligations to publicly revise these forward-looking statements to reflect subsequent events or circumstances. Readers should also carefully review the risk factors described in documents T&W files from time to time with the Securities and Exchange Commission. -0-