BOCA RATON, Fla., Oct. 2, 2012 /PRNewswire/ -- Energy 1 Corporation ("E1") (OTC: EGOC) announces it has acquired Master Lease of Delaware ("Master Lease" or "M/L"), a truck & trailer leasing business based in Henderson, Colorado.
Master Lease's customer base consists primarily of owner-operators and small trucking companies who haul for regional distributors. Master Lease's present portfolio is comprised of more than 150 active leasing customers with approximately 250 over-the-road trucks & trailers.
According to the terms of the acquisition, E1 utilized its credit facility with TCA Global Credit Master Fund in an all-cash transaction.
"This was an all-cash purchase of 100% of the equity interest in Master Lease. No shares were issued, nor will be issued in association with this deal," said Raymond T. Brown, Chairman of E1. "Just so there is no confusion by the market or our shareholders, there are no stock or option conversion features as part of the deal, nor any associated with our credit facility. It was a pure cash deal for a great addition to the E1 business model."
"Master Lease is now our licensed leasing agent for E1 trucks going forward," said Dean Steiger, President of Energy 1 Corporation.
The company believes that Master Lease has the current capacity to sell or lease up to 40-60 trucks a month without the need to expand facilities or personnel and presently has customers in need of several hundred vehicles, but presently lacks current inventory for sale or lease.
E1 plans, going forward, to provide the funds – through its credit facilities – for new inventory purchases to be retrofit with E1's technology solutions for fuel efficiency and emission reduction while growing Master Lease's portfolio management income.
About Master Lease
Master Lease is a 40yr+ truck & trailer leasing business based in Henderson, Colorado. Their customer base consists primarily of owner-operators and small trucking companies who haul for regional distributors such as First Choice Transport, Greatwide Logistics, HVH, Landstar, Monfort, National Carriers and Power Source. Master Lease's present portfolio is comprised of more than 150 active leasing customers with approximately 250 over-the-road trucks & trailers, as well as some specialty equipment.
For information about Master Lease, please visit: http://www.MasterLease.com
About Energy 1 Corporation
Headquartered in Boca Raton, Florida, E1 develops, manufactures and distributes fuel efficiency and emission reduction solutions for retrofit on diesel and gasoline powered equipment. E1's technologies are available for variable as well as constant speed motors and can be configured to meet most desires or need.
For more information about E1 Trucks, the TekFuel System, the ExhausTek or IonTek solutions available for your truck or fleet, please feel free to contact E1.
For more information, please visit: www.Energy1Corp.com
Forward-Looking Statement: Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements.
Energy 1 Corporation
SOURCE Energy 1 Corporation