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Mississauga, Ontario March 8, 2006. (TSX:CNK): CLEARLINK Capital Corporation
(the “Corporation”) announced today that it has completed the previously disclosed sale
of its leasing business together with a substantial portion of the leasing portfolio to ICON
Capital Corp. (“ICON”). Net proceeds from the sale of the leasing business were
approximately $56.8 million. The purchase price is subject to validation and potential
adjustment in accordance with the terms of the acquisition agreement, as outlined to
shareholders and described in the management proxy circular in respect of the special
meeting of shareholders held on February 22, 2006 where the transaction was
approved.
With the completion of the sale to ICON, the Corporation’s lease portfolio has been
reduced to approximately $52.2 million. The Corporation will continue to administer the
remaining leases but will not be writing any new leases. It will further assess
opportunities to sell portions of the remaining portfolio and in that regard has, subject to
certain events, committed to a further asset sale to ICON of approximately one-half of
the remaining lease value. In addition, the Corporation will also continue to work to
arrive at fair and reasonable settlements for its outstanding litigation matters. The
Corporation will continue to run the computer equipment trading business and explore
other investment opportunities as they arise. The Corporation now has approximately
$101.5 million in cash and marketable securities, which amount is well in excess of the
long-term requirements of its existing business. The Corporation will invest such funds
in equity securities and short-term debt instruments and, other value-enhancing
opportunities, as and when available.
Effective today, the Corporation has changed its name to Renasant Financial Partners
Ltd. (“Renasant”). Effective March 13, 2006, the new website address will be
www.renasant.ca.
Renasant is an innovative financial services provider and equipment trading
organization. Based in Mississauga, Ontario, Renasant operates throughout North
America and Europe.
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