TORONTO, ON--(Marketwired - January 09, 2017) - ECN Capital Corp. (TSX: ECN) ("ECN Capital" or the "Company"), one of North America's leading commercial finance companies, today announced that it has appointed Michel Béland to the position of Chief Financial Officer of the Company effective immediately.
Mr. Béland (64) has served continuously as the Chief Financial Officer of Element Financial Corporation since July 2011 and has served as the CFO of ECN Capital Corp. under a Transition Services Agreement ("TSA") since the separation of Element Fleet Management Corp. and ECN Capital Corp. on October 3, 2016. Mr. Béland will continue to be available under the terms of the TSA to assist Mr. Samir Zabaneh, the new CFO of Element Fleet Management Corp., in the assumption of his responsibilities.
"For more than five years, Michel served as the CFO of Element Financial Corporation and throughout that period was an indispensable member of the senior leadership team that successfully grew that company through its formative years to become one of North America's leading commercial finance companies," said Steven Hudson, CEO of ECN Capital and former CEO of Element Financial Corporation. "He has been a valued business partner of mine for more than 25 years and I'm grateful that he has agreed to continue to serve as ECN Capital's CFO as we position the Company for the next stage of our growth," added Mr. Hudson.
About ECN Capital Corp.
With total owned and managed assets of more than $7.5 billion, ECN Capital Corp. (TSX: ECN) is one of North America's leading commercial finance companies. ECN Capital operates across North America in three verticals of the commercial finance market (Rail Finance, Commercial & Vendor Finance, and Commercial Aviation Finance).
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, including, among other things, statements regarding future appointments, the continuing availability of executives under a Transition Services Agreement and the future financial and operating performance of ECN Capital, the strategic advantages, business plans and future opportunities of ECN Capital and the ability of ECN Capital to access adequate funding sources, identify and execute on acquisition opportunities and transition to an asset management business. 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 third quarter 2016 amended management discussion and analysis 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.