VANCOUVER, B.C., Sept. 20, 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 third securitization. The C$30.6 million facility was structured by CIBC World Markets, the investment banking arm of Canadian Imperial Bank of Commerce. This is the third securitization of an overall CIBC committed facility for C$135 million. Earlier this year Onset completed its first and second securitization of leases for C$40 million and C$20.2 million, respectively.
Tom Virgin, Senior Vice President and Chief Financial Officer of T&W Financial said, "Onset continues to gain market share and is becoming one of the leading small ticket lessors in Canada. The management team and associates at Onset have been outperforming our expectations by achieving strong and consistent originations growth. We are very pleased that they are part of the T&W team.
In addition, like T&W, Onset continues to pursue a diversified funding strategy which will expand outside of securitizations. In order to achieve this objective, we are transitioning both T&W's and Onset's funding mechanisms to on-balance sheet sources including bank credit facilities," Mr. Virgin added.
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 reduce its use of gain on sale accounting, to manage growth and credit risk, to retain and integrate key personnel, and to integrate new technologies. 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 not place undue reliance on proforma results, which are not based on generally accepted accounting principles. Readers should also carefully review the risk factors described in documents T&W files from time to time with the Securities and Exchange Commission.