Chesswood Group Limited
TSX : CHW

Chesswood Group Limited

November 17, 2015 11:21 ET

Chesswood Closes Previously Announced Sale of Its Acura Dealership

TORONTO, ONTARIO--(Marketwired - Nov. 17, 2015) - Chesswood Group Limited (the "Company" or "Chesswood") (TSX:CHW) announced today that its subsidiary, Sherway Limited Partnership, has completed the sale of its Acura Sherway new car dealership, as originally announced on October 5th. The gross proceeds of approximately $20.4 million will be used to reduce the Company's outstanding indebtedness. The pretax gain on the sale is approximately $5.7 million.

Over the last eighteen months Chesswood has been transformed into a focused North-American specialty finance company, following a number of transactions that began in 2014, including a new corporate banking facility, the divesting of our legal finance business, the acquisition in March 2015 of our Canadian specialty finance businesses and the sale of Acura Sherway.

Our North American platform now includes Pawnee Leasing and Windset Capital, providers of equipment financing and working capital loans, respectively, to small business in the United States and Blue Chip Leasing and EcoHome Financial, providers of equipment financing to businesses and consumers, respectively, in Canada.

Chesswood's portfolio consists of more than 37,000 loans and leases, totaling in excess of $550 million in finance receivables.

About Chesswood Group Limited

The Company operates in various segments of the financial services industry, with operating businesses in both Canada and the U.S. To learn more about Chesswood, visit www.ChesswoodGroup.com.

The separate websites of Chesswood Group Limited's operating businesses are at www.PawneeLeasing.com, www.WindsetCapital.com www.BlueChipLeasing.com and www.EcoHomeFinancial.com

This press release contains forward-looking statements that involve a number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

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