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Element Closes Transaction to Separate into Element Fleet Management and ECN Capital

Element Financial Corporation (“Element”), now Element Fleet Management Corp. (TSX: EFN) (“Element Fleet”) and ECN Capital Corp. (TSX: ECN) (“ECN Capital”) today jointly announced the completion of the reorganization of Element into two separate publicly-traded companies (the “Separation Transaction”), implemented by way of statutory plan of arrangement (the “Arrangement”).

As a result of the Separation Transaction, Element Fleet, led by Bradley Nullmeyer as CEO, has been established as the world’s largest publicly traded fleet management company with approximately $18.0 billion in assets and ECN Capital, led by Steven Hudson as CEO, has been established as a leading North American commercial finance company with approximately $8.2 billion in owned and managed assets. The Separation Transaction was approved by 99.5% of Element Fleet shareholders at a special meeting of shareholders on September 20, 2016, and by the Ontario Superior Court of Justice (Commercial List) on September 21, 2016.

Read the full release here.

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