SOURCE: Sparta Commercial Services, Inc.

January 11, 2010 08:30 ET

Sparta Commercial Welcomes Three New Cities to Its Municipal Lease Program

NEW YORK, NY--(Marketwire - January 11, 2010) - Sparta Commercial Services, Inc. (OTCBB: SRCO) today announced that in the month of December the cities of Clovis, NM, Flagler Beach, FL, and Cocoa Beach, FL have become the latest cities to join the growing roster of local governments utilizing Sparta's Municipal Lease Program. Additionally, the city of Caldwell, TX has recently renewed its municipal leases for a second term.

The Sparta Municipal Lease Program offers an economical alternative to the traditional outright purchases of equipment required by local, city, or state governments, enabling the agencies to lease their equipment, rather than purchase it, and thereby extend the payments over a period of several years. Sparta's Municipal Lease Program can support many other asset classes in addition to the police motorcycles leased by these cities.

Commenting on these developments, Anthony Havens, Sparta's CEO, said, "As we welcome these new jurisdictions to our Municipal Lease Program, we see a growing need among them to be able to conserve as much capital as possible. Transactions like these present an opportunity for Sparta to expand our business while helping municipalities meet their budgetary challenges."

About Sparta Commercial Services: Sparta Commercial Services is a New York-based, nationwide financial services company dedicated to the powersports industry, offering financing and leasing products to consumers and retail powersports dealers, as well as a variety of commercial products for governmental agencies that require motorcycles and other equipment for law enforcement activities.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are valid only as of today and we disclaim any obligation to update this information. Actual results may differ significantly from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to potential future losses, obtaining, satisfying terms of, and amount of credit lines, competition, financing and commercial agreements and strategic alliances, seasonality, potential fluctuations in operating results and rate of growth, management of potential growth, system interruption, consumer and industry trends, limited operating history, and government regulation. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC, which are available on its website at: http://www.sec.gov.

Contact Information

  • Contact:
    Dick Trotter
    COO
    Sparta Commercial Services, Inc.
    (212) 239-2666