NEW YORK, NY–(CRWE News Wire - 03/10/10) - Sparta Commercial Services, Inc. (OTC.BB:SRCO - News) in following up on its strategic agreement with Armet Armored Vehicles, a global leader in the manufacturing of tactical armored and other specialty vehicles for governmental and other markets, is pleased to report a potential annual $5 million in Municipal Lease Purchase agreements generated from this relationship.
Armet Armored Vehicles has chosen Sparta Commercial Services as the primary sales and financing option for Municipal Lease Purchases by local, county, and state governmental agencies that acquire specialty vehicles from Armet. Armet Armored Vehicles focuses on a market that represents $1 billion in the United States alone. In keeping with a conservative outlook of a 0.5% market penetration, this can generate a potential $5 million in annual Lease Purchase agreements for Sparta Commercial Services. Sparta expects this positive growth through the Lease Purchase option for Armet’s product line will enhance Sparta’s already growing Municipal Lease Financing Program. In these trying economic times for all levels of government, the combination of Armet Armored’s superior products, and Sparta Commercial Services’ Lease Purchase option, represents the ideal way for all appropriate agencies to keep up to date with their security and other law enforcement needs, while lowering the upfront capital outlays that traditional outright purchases require.
With Sparta’s appointment of Joseph Peters, an expert in law enforcement and counter-terrorism, as Strategic Development Consultant, Sparta believes that Peters’ involvement, through his extensive knowledge and experiences with law enforcement agencies across the country, will produce a growing number of Municipal Lease Purchase agreements for Sparta throughout the United States.
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. 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:
Contact:
Dick Trotter
COO
Sparta Commercial Services, Inc.
(212) 239-2666
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