SOURCE: Sparta Commercial Services, Inc.

July 12, 2010 09:30 ET

Sparta Welcomes St. Pauls, NC to Its Municipal Lease Program and Adds to Earlier Mt. Gilead, NC Lease

NEW YORK, NY--(Marketwire - July 12, 2010) -  Sparta Commercial Services, Inc. (OTCBB: SRCO) today announced that St. Pauls, NC has become the latest municipality to join Sparta's Municipal Lease Program with the acquisition of new cruisers for its police department. Sparta also announced that Mt. Gilead, NC has expanded its police cruiser fleet, adding to its current Municipal Lease arrangement with the Company. All of the new cruisers are Dodge Chargers, acquired through Ilderton Dodge, a local dealer.

According to Sparta, the continuing growth of its Municipal Lease Program reflects a desire among an increasing number of municipalities across the United States to lower their annual capital outlays at a time when they are challenged by decreasing revenues, but still require essential equipment for critical services. Sparta's Municipal Lease Program offers municipalities the opportunity to conserve capital within their annual budgets, since leasing the necessary equipment allows for payment to be made over time, instead of having to pay the entire cost upfront.

Shawn Walker, Mt. Gilead Chief of Police, commented on the new transaction with Sparta, saying, "We were extremely pleased with the last experience we had with Sparta, which is why the decision to use their Municipal Leasing Program again was so easy. Their attention to detail, outstanding communications, and overall professionalism, in addition to the cost savings, is everything we could hope for."

Amy Hill, Fleet Sales Manager at Ilderton Dodge, also commented, "The people in Sparta's Municipal Lease department are simply great to work with. They handle this kind of leasing arrangement with exceptional knowledge about the dealer's role, and I couldn't be more impressed with the quality of their involvement."

To sum up, Anthony Havens, Sparta's CEO, said, "As we bring on an ever-increasing number of cities, states, and towns to our Municipal Lease Program, our commitment to the principle of providing a more cost-effective way for municipalities to acquire the essential equipment they must have is continually reinforced. We understand the economic difficulties governmental agencies are facing, and whenever we can help with our Municipal Lease Program, we're particularly pleased."

About Sparta Commercial Services, Inc.
Sparta Commercial Services, Inc. (OTCBB: SRCO) is a New York-based, nationwide financial services company dedicated to municipal and governmental leasing. Sparta specializes in the financing of essential equipment and services for the law enforcement and emergency response communities. Sparta also offers financing and leasing products to consumers and retail powersports dealers.

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