Savaria Corporation
TSX : SIS

Savaria Corporation
GE Money

GE Money

October 26, 2006 16:36 ET

Savaria and GE Money Enter Partnership to Offer Financing for Consumers of Accessibility Equipment

Arrangement the First of its Kind in North America's Accessibility Industry

LAVAL, QUEBEC--(CCNMatthews - Oct. 26, 2006) - Savaria Corporation (TSX:SIS), North America's second-largest provider of accessibility equipment, and GE Money, the Canadian consumer-lending unit of the General Electric Company (NYSE:GE), announced today that they have entered an agreement where GE Money will provide financing for consumers purchasing Savaria's accessibility products.

"We anticipate that this financing program will help us deliver on our goal of assisting those with accessibility challenges further to enjoy the freedom of living in their own home," says Marcel Bourassa, president and CEO of Savaria. "Without any risk on their part, our distributors will be able to offer some Savaria-Concord products for less than $100 per month, while being fully paid within 72 hours. We are confident this initiative will favour the growth of our distributors, and ours as well."

"We look forward to putting our expertise to work to help Savaria continue to grow its reputation as Canada's leader in the accessibility industry," says Bruce Poore, a vice-president at GE Money. "Our speed, flexibility and innovative approach to lending have proven to be a catalyst in helping businesses prosper."

GE Money's approach to financing offers special promotional and everyday financing options, prompt credit decisions and prompt disbursement of funds. This enables retailers to provide faster service to their clientele and has been shown to contribute to an increase in sales.

The five-year agreement between Savaria and GE Money is for the sale of Savaria Concord products across its Canadian distributor network. The company has more than 180 distributors across Canada, and over 400 in the United States.

About Savaria Corporation

Savaria Corporation (www.savaria.com) is Canada's leader and the second largest accessibility company in North America. The Company designs, manufactures and distributes products, meeting the needs of people with mobility challenges, mainly stairlifts, vertical and inclined platform lifts, as well as elevators for residential and commercial use. Savaria's annualized sales of close to $65 million rely on a network of over 600 retailers in North America. The Company records close to 60% of its sales outside Canada and employs some 400 people.

About GE Money

With more than $163 billion in assets, GE Money, a unit of General Electric Company, is a leading provider of credit services to consumers, retailers and auto dealers in 50 countries around the world. Based in Mississauga, Ontario, GE Money Canada provides private label credit card and MasterCard programs to consumers, and lending options for retailers in key industries across the country. GE Money also is a provider of alternative residential mortgages. More information can be found at www.gemoney.ca.

GE is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.

In Canada, GE has more than 10,000 employees, 19 major manufacturing plants and more than 150 sales and service locations across the country.

Contact Information

  • Savaria Corporation
    Mr. Marcel Bourassa
    Chairman, President and Chief Executive Officer
    1-800-931-5655
    www.savaria.com
    or
    GE Money
    Troy Underhill
    Communications
    780-990-2207
    troy.underhill@ge.com