The Mint Leasing, Inc. Enters Into Purchase and Lease Transactions Involving
Fifty New Toyota Camrys and Corollas
--Company Expects Fourth Quarter 2009 Net Income to Approach $1 Million
HOUSTON, Dec 29, 2009 /PRNewswire-FirstCall via COMTEX/ -- The Mint Leasing, Inc.
(MLES) ("Mint Leasing" or "the Company"), which provides innovative leasing
services to customers of franchised automobile dealers throughout the United
States, today announced that it has purchased fifty 2010 Toyotas (Camry and
Corolla models) from a leading Houston Toyota dealer, utilizing its new and
previously announced credit facility of up to $10 million. The vehicles have been
leased to a major automobile rental agency in San Antonio, Texas.
"This transaction follows the purchase and lease of sixty-one Toyota Corollas
that was announced earlier this month and illustrates an improving business
outlook for Mint Leasing that we expect to continue into 2010," stated Jerry
Parish, Chief Executive Officer of the Company. "The San Antonio auto rental
agency selected Mint Leasing based upon the Company's ability to provide
competitive prices and tailor leasing terms to the customer's specific
requirements."
"Our ability to close on the purchase and lease of several dozen vehicles on a
timely basis further illustrates Mint Leasing's ability to adapt to the dramatic
changes that have impacted the vehicle leasing industry during the past 18
months," continued Mr. Parish. "We believe the completion of this latest
transaction in December should allow Mint Leasing to generate net income
approaching $1 million in the fourth quarter of 2009."
About The Mint Leasing, Inc.
The Mint Leasing, Inc. represents an alternative to traditional financing
companies by providing its innovative vehicle leasing solutions to the customers
of premier automotive retailers. Most of its customers are located in Texas and
six other states in the southeastern U.S. The Mint Leasing's customers are
primarily comprised of brand-name automobile dealers that seek to provide leasing
options to their customers. The Mint Leasing, Inc. is responsible for
underwriting criteria and procedures, administration of the leases, and
collection of payments from lessees.
The Company is headquartered in Houston, Texas, and its common stock trades on
the OTC Bulletin Board under the symbol "MLES".
This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when
used in the preceding discussion, the words "believes," "should," "expects,"
"intends," "plans," "anticipates," or "may," and similar conditional expressions
are intended to identify forward-looking statements within the meaning of the
Act, and are subject to the safe harbor created by the Act. Any statements made
in this news release other than those of historical fact, about an action, event
or development, are forward-looking statements. Forward-looking statements are
based upon assumptions that in the future may prove not to have been accurate and
are subject to significant risks and uncertainties. Although the Company believes
that the expectations reflected in the forward-looking statements are reasonable,
it can give no assurance that such expectations or any of its forward-looking
statements will prove to be correct. Factors that could cause results to differ
include but are not limited to, successful performance of internal plans, product
or services development and acceptance, the impact of competitive services and
pricing, or general economic risks and uncertainties, and other risks disclosed
in the Company's periodic filings with the U.S. Securities and Exchange
Commission. The Company takes no obligation to update or correct forward-looking
statements, and also takes no obligation to update or correct information
prepared by third parties that are not paid for by the Company.
Contact:RJ Falkner & Company, Inc., Investor Relations Counsel at
(800) 377-9893 or via email at info@rjfalkner.com
or
The Mint Leasing, Inc. Investor Relations at investorinfo@mintleasing.com
SOURCE The Mint Leasing, Inc.
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