TACOMA, Wash., May 24, 1999 (PRIMEZONE) -- T&W Financial Corporation (NASDAQ: TWFC) announced today the implementation of new leasing programs that will enable the Company to handle all application processing on-line through its existing infrastructure. The programs expand T&W's application submittal, credit processing and documentation process and decrease turnaround time. T&W believes the programs will increase sales and lower origination costs for the Company's growing equipment provider channels.
"Our new on-line systems provide the cutting-edge technology which will support T&W's growth into the next millennium," said Michael Price, chairman and chief executive officer of T&W. "We have streamlined our processing systems to create an improved operating infrastructure that will help us to better analyze and monitor credit applications. Once fully implemented, this system will enable us to increase our productivity and maximize the use of our infrastructure."
One year ago, T&W began testing its on-line system with one of its specialized equipment provider programs, The Polyjohn Corporation. Since then, another equipment provider, SPX, has been added to the testing. Via the Internet, the SPX or Polyjohn representative or "focal" submits an application. Once transmitted, the data is automatically stored in a credit processing database. A notification is also sent to the credit processor, who then performs the credit investigation. At the same time, the system is able to track the status of the deal during its processing.
The focal can have real-time access to the status of an application. This system eliminates the need for calling the processor to answer questions on any transaction. Via the Internet, the focal has visibility to all transactions that are in the processor. Once an application is approved, the documents are released. The focal can then print the documents through their Internet browser thus eliminating the need to send documents using overnight mail. If there are corrections to be made, the documents can be updated immediately and the focal can re-print them.
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.