TACOMA, Washington, Nov. 5, 1999 (PRIMEZONE) - T&W Financial Corporation (Nasdaq:TWFC) announced today that it has received a commitment on a $150 million warehouse lease funding facility from a major financial institution.
"Our strategy is to diversify our funding options for financing our equipment leasing programs. This lease funding facility is another step in achieving this goal as we move forward with our business plans," said Thomas J. Virgin, senior vice president and chief financial officer.
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 maintain needed levels of liquidity, to reduce expenses, to reduce use of gain on sale accounting, to retain and integrate key personnel, and to control credit risk. 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.