SOURCE: Sparta Commercial Services, Inc.

August 04, 2009 08:00 ET

Sparta Welcomes the Queen City to Its Municipal Lease Program

NEW YORK, NY--(Marketwire - August 4, 2009) - Sparta Commercial Services, Inc. (OTCBB: SRCO) announced today that it has completed a transaction to provide financing in the amount of $172,000 for the leasing of eight 2009 BMW police motorcycles for the City of Charlotte, North Carolina.

Commenting on the latest city to use Sparta's Municipal Lease Product, Anthony Havens, Sparta's CEO, said, "We welcome the City of Charlotte to our growing network of municipalities. As tax revenues decrease, the best way for municipalities to acquire the equipment they need is through a leasing product like Sparta's. With our Municipal Leasing Product, Police Departments are able to stretch their cash flow dollars further, allowing them to acquire the same amount of equipment for less upfront cash required or to acquire additional equipment without the need for additional cash. It's the difference between having to further burden an already strained budget with a complete allocation up front or making much less demanding lease payments in installments over time."

While Sparta's primary focus continues to be on nationwide consumer financing and leasing in the powersports industry, the Company's Municipal Lease Product accommodates most equipment and asset classes in addition to police motorcycles.

"Given the current economic circumstances, and the difficulties facing governmental agencies throughout the country, we expect that our Municipal Leasing business will continue to grow, and we are pleased to know that we can help ease the financial burdens faced by these governmental agencies," concluded Havens.

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.

Contact Information

  • Contact:

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