ATLANTA, June 3, 2008 (PRIME NEWSWIRE) -- U.S. Micro Corporation, one of the nation's leading corporate IT asset disposition companies, announced today that it has acquired the computer equipment leasing business of ICON Funding ULC, a subsidiary of New York-based ICON Capital Corp., one of the largest independent, privately held equipment leasing and specialty finance companies in the United States.
The acquired portfolio is composed of approximately $200 million of original equipment cost that is currently on lease with a number of Fortune 500 customers located throughout North America. In addition to the leases, U.S. Micro is acquiring the valued marketing and administrative infrastructure that includes professionals with an average of over 20 years of leasing experience. To be called USM Capital LLC, in the United States, and USM Capital, Inc., in Canada -- both newly formed subsidiaries of U.S. Micro Corp. -- the business will continue to provide U.S. and Canadian corporations full-service computer equipment leasing and related financial services.
"U.S. Micro's purchase of ICON Funding's computer equipment leasing business provides our company the strategic advantage of serving the full spectrum of major corporations' IT equipment needs from the beginning to the end of the asset lifecycle," said Jim Kegley, chief executive officer of U.S. Micro Corporation. "Already one of the industry leaders in purchasing and re-selling end-of-life IT assets from major corporate end-users and leasing companies, we are now also an industry leader in sourcing and procuring new IT equipment and providing related financial services to North American corporations. The synergies of specializing in both sides of the business will provide enormous advantages to our customers and our company."
U.S. Micro will integrate approximately 40 ICON employees, based in Mississauga, Ontario, Canada, and across the U.S., into the new USM Capital subsidiaries. USM Capital, Inc., will operate from an existing location in Mississauga, and USM Capital LLC, will operate from U.S. Micro's corporate headquarters in Atlanta. Customers' account executives will remain the same as both USM Capital subsidiaries work to ensure a smooth and seamless transition.
About U.S. Micro Corporation
U.S. Micro Corporation is North America's premier end-of-life corporate IT asset disposition company and delivers the industry's optimal level of physical and data security. Our highly trained field staff, composed of 100% U.S. Micro employees, provides major corporations unique on-site security services, including hard drive wiping and wireless inventory tracking. The company purchases and securely removes hundreds of thousands of IT assets annually from major corporate end-users and leasing companies, refurbishes and resells them. U.S. Micro provides its customers the highest possible residual value through its outright purchase model. Moreover, the company strictly adheres to environmentally and socially responsible policies for handling the resale and recycling of all end-of-life IT assets. More information about U.S. Micro is available online at www.usmicrocorp.com or by calling 888-USMICRO.