Expands ECN’s U.S. finance business into prime and super-prime manufactured housing lending

TORONTO, Dec. 29, 2017 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX:ECN) (“ECN Capital” or the “Company”), announced today that it has closed the acquisition of Triad Financial Services, Inc. (“Triad”) on the terms previously announced. 

“As the CEO of Triad, I am excited for this partnership and next chapter in our business,” said Don Glisson, Jr., Triad’s CEO. “ECN’s financial strength and resources will allow Triad to pursue opportunities to further strengthen our business and enhance growth.”

“With over 50 years of lending experience, Triad has proven itself as a trusted partner to both its borrowers and its bank and credit union partners,” said Jim Nikopoulos, ECN Capital’s President. “We are very proud to welcome Triad to ECN Capital and excited for our future together.”

“I want to commend both Jim and the ECN team, as well as the management at Triad, for successfully getting this transaction closed in 2017, more than a month ahead of schedule,” said Steven Hudson, ECN Capital’s CEO.  “We look forward to our partnership in 2018 and beyond.”

About ECN Capital Corp.

With total owned and managed assets of more than $4.7 billion, ECN Capital Corp. (TSX:ECN) is one of North America's leading finance companies. ECN Capital operates in five verticals: Home Improvement Finance, Manufactured Housing Finance, Commercial & Vendor Finance, Rail Finance and Aviation Finance.

About Triad Financial Services

Triad Financial Services is one of the oldest and most trusted lenders in the manufactured housing industry with over 50 years of lending experience. As one of the very top consumer lenders in the nation, Triad has established a dominant position in the prime consumer lending market with long established partnerships with both dealers and manufacturers.

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Forward-looking Statements

This release includes forward-looking statements regarding ECN Capital and its business. Such statements are based on the current expectations and views of future events of ECN Capital’s management. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Forward-looking statements in this press release include those relating to the acquisition of the Triad business, including expected timing for closing of the acquisition, obtaining of the necessary regulatory approvals and the timing thereof, and the expected benefits and financial impact of the acquisition on ECN Capital’s business, the future financial and operating performance of ECN Capital, including the expected impact on ECN Capital’s EPS, ROE and originations, the strategic advantages, business plans and future opportunities of ECN Capital, the wind down of ECN Capital’s Aviation Finance business and the ability of ECN Capital transition to a high return originator, asset manager, and servicer of assets. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting ECN Capital, including risks regarding the equipment finance industry, economic factors, and many other factors beyond the control of ECN Capital. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. A discussion of the material risks and assumptions associated with this outlook can be found in ECN Capital’s Annual Information Form dated March 30, 2017 and ECN Capital’s September 30, 2017 MD&A each of which has been filed on SEDAR and can be accessed at www.sedar.com. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and ECN Capital does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.