The Mint Leasing, Inc. Enters Into Purchase and Lease Transactions Involving
Sixty-One New Toyota Corollas
--TRANSACTION SUPPORTS MANAGEMENT'S EXPECTATION OF RETURN TO PROFITABILITY IN
FOURTH QUARTER OF 2009
HOUSTON, Dec 02, 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 sixty-one 2010 Corollas from Fred
Haas Toyota Country, Inc., a leading Houston Toyota dealer, and leased these
vehicles to three corporate customers.
Utilizing its new and previously announced $10 million credit facility, Mint
Leasing has concluded the purchase of new Toyota Corollas valued at more than
$1.0 million and, simultaneously, has leased the vehicles to Premier CARSTARS,
U-Save Auto Rental, and Kenneth's Body Shop.
"We believe these transactions are representative of an improved business outlook
for Mint Leasing that reflects the business opportunities available to the
Company as a result of its new credit facility and the attractive purchase
opportunities presented by the current economic and auto retailing environment,"
stated Jerry Parish, Chief Executive Officer of The Mint Leasing, Inc. "These
Houston-based auto rental agencies selected Mint Leasing after carefully
evaluating our business proposition and customer service capabilities, relative
to the proposals available from our competitors. We are pleased to welcome these
agencies to our growing family of customers."
"These transactions should assure Mint Leasing of a return to profitability in
the fourth quarter of 2009, and we look forward to similar opportunities in the
upcoming year," continued Parish. "Our ability to fund over a million dollars in
new car purchases speaks highly of the Company's ability to play an increasingly
important role in a tough market environment."
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," "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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