Kit Menkin’s Leasing News Wednesday, August 22,2001
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Headlines—
Finova Emerges
ToLeaseIt.com Signs Distribution Agreement With U.S. Wireless Data
Streamlined Sales Tax Project
Wiernermobile Celebrates 65th Birthday
CIT’s Bob Cragin Drives a Company Car
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Finova Emerges
Finova Group Inc. announced that it emerged from Chapter 11 bankruptcy
protection on August 21 after borrowing $5.6 billion from Berkadia LLC,
which was formed to bail out the company. A federal bankruptcy court had
approved the reorganization plan earlier this month, giving a 50 percent
stake in Finova to the bailout partnership formed by Berkshire Hathaway Inc.
and Leucadia National Corp. The plan called for a $6 billion loan, but
Finova chose to borrow less because it deemed it sufficient for the
reorganization, the company said. The commercial lender said it will use
the loan to pay creditors 70 cents on the dollar, as well as the full amount
of interest. The reorganization plan provides that the rest of the $11
billion Finova debt will be covered by eight-year promissory notes at 7.5
percent interest.
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( attention: Microfinancial/Leasecomm )
ToLeaseIt.com Signs Distribution Agreement With U.S. Wireless Data
NEW YORK--(BUSINESS WIRE)--Aug. 22, 2001--U.S. Wireless Data, Inc. (USWD) (OTC: USWE), a leading provider of wireless payment services, and ToLeaseIt.com, a leader in leasing services for a broad range of business equipment, including point of sale (POS) terminals and accessories, have signed an agreement under which ToLeaseIt.com will distribute USWD's Synapse Adapter(TM) product.
Under the agreement, ToLeaseIt.com has purchased Synapse Adapters from USWD and will market them through its vendor leasing channels on the ToLeaseIt.com website.
The Synapse Adapter enables merchants to convert their dial-up POS terminals to wireless with "plug and play" simplicity. By switching from dial-up to wireless transmission of credit card transactions, merchants can save on communications costs and improve transactions speeds.
"We are excited to offer a solution for retailers who want a low-cost alternative to a second business telephone line from the local telephone company," said Erik Zucker, President of ToLeaseIt.com. "U.S. Wireless Data's product provides merchants with a wireless alternative for savings and faster transactions."
"ToLeaseIt.com is providing a creative and affordable business leasing solution that complements our wireless services. We are confident that this relationship will increase the use of the Synapse Adapter at the point of sale," said Christopher O'Hara, President of U.S. Wireless Data, Inc.
ABOUT TOLEASEIT.COM
ToLeaseIt.com, based in Jericho, New York, offers leasing services to thousands of businesses throughout the United States through its national network of affiliates. ToLeaseIt.com provides leasing packages with speed, low-cost, and convenience in the computer and business equipment marketplace. ToLeaseIt.com has over two decades of leasing expertise with a primary focus in leasing low-ticket equipment
($500-$10,000).
ABOUT U.S. WIRELESS DATA
U.S. Wireless Data, Inc. ( founded in 1991, markets Synapse, its proprietary technology for wireless point of sale and ATM transactions. By providing a seamless interface among terminal manufacturers, wireless carriers, and payment processors, Synapse enables payment card and ATM transactions to be processed extremely fast, without the cost and inconvenience of a telephone line. Synapse's Internet-based tools offer on-line, real-time transaction monitoring, remote diagnostics and automated terminal activation. NXT, the company's wholly owned subsidiary, provides landline transaction and data transport solutions to the transaction industry, and processes more than 500 million transactions each year. U.S. Wireless Data is headquartered in New York City.
Forward-Looking Statements: Except for historical information contained herein, this news release contains forward-looking statements that involve risk and uncertainties. While the management of U.S. Wireless Data, Inc. believes that current expectations reflect reasonable assumptions, actual results could vary materially depending on risks and uncertainties. The reports filed by USWD pursuant to United States securities laws contain detailed discussions of these factors and certain other risks. USWD assumes no obligation to update this information. Readers are advised to review these reports (which are available from the United States Securities and Exchange Commission's EDGAR database at and at various other reference facilities in the United States).
CONTACT:
ToLeaseIt.com
Erik Zucker, 516/750-9788
or
U.S. Wireless Data, Inc.
Daniel Lamb, 212/905-0344
or
Investor Relations Contacts:
Lippert/Heilshorn & Associates
William A. Walkowiak, CFA
Ryan Daniels
212/838-3777
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Equipment Leasing Association
The Streamlined Sales Tax Project is about to take a significant step as installation of the software based system is being completed for the online operations at three retailers. George Abi-Esber, Director, Tax & Government Affairs Department, TAXWARE International, Salem, Massachusetts reports finishing touches are being completed at O.C. TANNER, CONTROL-O-FAX, and RMA with the system soon to be operational. The next meeting of the Streamlined Sales Tax Project is scheduled for this week, Thursday and Friday, August 23-24, at the Hilton Minneapolis/St. Paul Airport in Minneapolis, Minnesota.
Dennis Brown
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A company car
I drive a company car.
Bob Cragin
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65 Years on the Hot Dog Highways - and Still Hauling Buns
Celebrate 65 years of Hotdogging history. This year marks the 65th
anniversary of the Oscar Mayer WIENERMOBILE, originally leased by
Steve Dallas’s father-in-law, Ivan Gonnif. Since it made its debut
in 1936, the WIENERMOBILE has been a familiar sight on the hot dog
highways of the United States, bringing family fun to millions. It was
originally Kosher, and I bet you didn’t know that either.
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