El Camino Resources, Ltd. reported today that despite the financial turmoil that is affecting the US and financial institutions around the globe that its subsidiary in Mexico is being successful at continuing to finance new business and has booked new leases in November in an amount of $25 million US dollars. The lease origination that ECR Mexico has attained for the year is running above its planned totals; and will approach $200 million US dollars. The portfolio has behaved extraordinarily well closing November with the lowest past due ratio within the Mexican leasing industry.
David Harmon President of El Camino Resources, Ltd. reports that, “El Camino in the US has worked closely with the country management in Mexico to assure that we continue to provide sourcing for our clients during this difficult period. We will continue to pursue business relationships with a large number of financing entities and to expand the reach to better serve our clients. In fact we have just concluded new arrangements for funding in the public sector with total commitments exceeding $100 million US dollars.”
A relevant event during this period for El Camino Resources Mexico was that Standard & Poor's confirmed its classification AVERAGE as asset manager with a stable trend. S&P reported that El Camino has a good platform in the asset management business to take advantage of the current and future market opportunities, supported particularly by its alliance with Grupo Financiero BBVA-Bancomer, SA (Bancomer). El Camino has the operational capability to continue to grow at significant rates.
David Lopez, ECR Mexico Country Manager states, “The conditions prevailing in the market will present challenges and test the robustness of the business but El Camino Mexico, during the year, has implemented measures to deal with the complex economic environment. Among these actions are initiatives and business strategies for working with the government, adjusting our lending criteria, managing the risk concentration in the portfolio, improving collections through new initiatives and increasing profitability.”
El Camino Resources International, Inc. (ECR) was founded in 1979 to provide technology equipment leasing/financing and computer trade-in opportunities for businesses and organizations. ECR specializes in mainframes, workstations, client/servers, storage devices and peripheral equipment from such industry leaders as IBM, Sun, and other selected manufacturers. El Camino’s sister company, Infinite Computer Group LLC, provides a range of maintenance and information technology services to U.S. companies. ECR’s Mexican subsidiary is a general lessor, leasing equipment over a broad range, varying from high-tech computer equipment to low-tech material handling equipment.
El Camino Resources is qualified and prepared to offer quotations for the sale, purchase or lease of new and used information technology equipment. The company has a strong commitment to customer satisfaction and has enjoyed long-standing relationships with companies of all sizes and types.
El Camino Resources is headquartered at 21300 Superior Street, Chatsworth, CA 91311, and can be reached by telephone at 818.226.6600.
Contacts:
Hayley Kline, 818-226-6679
