Nautilus Announces Alliance With Ge Commercial Finance, Vendor Financial Services
VANCOUVER, Wash. - (November 10, October XX, 2004) - The Nautilus Group (NYSE: NLS) announced that it has entered into a long-term strategic alliance with GE Commercial Finance, Vendor Financial Services to provide its commercial fitness customers with innovative financial solutions.
A global financing partner is important as Nautilus introduces a wave of new products to and can now supply a complete line of commercial fitness equipment products. New commercial products from Nautilus will include treadmills, variable-stride ellipticals, strength equipment, and a commercial version of its highly-popular Treadclimber® cardiovascular machine.
"We selected Vendor Financial Services because they have the leasing creativity, global scale, and customer service necessary to help our customers stay on the cutting edge," said Gregg Hammann, chairman and CEO of The Nautilus Group. "Their business approach fits well with our philosophy to change the game in all facets of our business."
Hammann said the relationship with Vendor Financial Services includes providing multi-year leasing and financing arrangements to commercial customers beginning immediately. They also can accommodate a broader range of financial profiles, and can turn transactions under $100,000 within one business day and larger transactions within two business days under most circumstances.
"We look forward to working with Nautilus and its customers to bring the financing programs that will help them grow and install quality fitness equipment in clubs and facilities around the world," said Steve Toeniskoetter, President & CEO, Express Financial Solutions, a business unit within Vendor Financial Services.
The exclusive alliance was "We built this business relationship to be successful for our customers, GE Commercial Finance, and for Nautilus," said William Meadowcroft, principal accounting officer and treasurer for Nautilus, and the chief architect of the relationship. "It is an important development to further strengthen customer relationships."announced at the Club Industry Show held in Chicago over the weekend.
The exclusive alliance was unveiled to commercial customers at the recent Club Industry Show in Chicago.
About GE Commercial Finance, Vendor Financial Services
Vendor Financial Services, a business unit of GE Commercial Finance, provides customers programs and services including inventory financing, accounts receivable financing, asset-based lending, private label financing, collateral management, eCommerce services and related financial products through its global commercial distribution operation. Additional information about our services can be found on-line at www.vendorfinancialservices.com
GE Commercial Finance offers businesses of all sizes an array of financial services and products worldwide. With approximately $220 billion in assets and an expertise in the mid-market segment, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. A wholly owned subsidiary of the General Electric Company, GE Commercial Finance is headquartered in Stamford, Connecticut, USA. GE (NYSE:GE) is a diversified technology, media and financial services company dedicated to creating products that make life better. For more information, visit the company's web site at http://www.ge.com
About The Nautilus Group
Headquartered in Vancouver, Wash., The Nautilus Group, Inc. (NYSE: NLS) helps people achieve a fit and healthy lifestyle through proper exercise, rest and nutrition. With a brand portfolio that includes Nautilus®, Bowflex®, Schwinn®Fitness, StairMaster® and Trimline®, The Nautilus Group manufactures and markets a complete line of innovative health and fitness products through direct, commercial and retail channels. The company was formed in 1986 and had 2003 revenues of about $500 million. It has nearly 1,100 employees and operations in Washington, Colorado, Oklahoma, Texas, Illinois, Virginia, Switzerland, Germany, United Kingdom, Italy, and other locations around the world. More information is at www.nautilusgroup.com.
Contacts:
The Nautilus Group Inc
Ron Arp
(360) 418-6169
Integrated Corporate Relations Inc.
John Mills
(310) 395-2215 or (203) 222-9013
Sunshine Morrison
morrisos@fleishman.com (503) 721-4247
Ron Arp
rarp@nautilus.com (360) 418-6169