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– Wagner
Equipment Co., a Caterpillar dealer covering Colorado, New Mexico
and far west Texas, and Accruit, LLC, the only fully-integrated,
web-enabled "qualified intermediary" for repetitive like-kind
exchange programs, today announced that, as of September, 2003,
Wagner "went live" and began capturing cash flow benefits
on the Accruit® Exchange Manager application, an innovative
repetitive like-kind exchange program for Wagner's rental equipment.
Accruit worked closely with Deloitte & Touche LLP, on the implementation
of Wagner's like-kind exchange program, with Deloitte providing tax advisory
and business process consulting services. Accruit and Deloitte frequently work
together on projects of this type, under an alliance relationship known as "eXR,
the Electronic Exchange Replicator."
"Accruit and Deloitte have done a tremendous job for us on this important
project, and we expect to generate significant cash flows through the program," agreed
John Kupko, Controller, and Dick Reuss, Chief Financial Officer of Wagner. "We
have had a professional services relationship with Deloitte for many years, and
we chose Accruit for this program because it has integrated its qualified intermediary
and cash management services with its comprehensive asset tracking software application,
resulting in efficiencies in the administration of our like-kind exchange program."
"Our job," said Todd Fisher, President and CEO of Accruit, "is
to assist our clients in capturing significant tax deferrals, and we anticipate
that we will add tremendous value to Wagner's business through this program.
We greatly appreciate the opportunity to work wit h such a prominent leader in
the CAT dealer network, particularly given that Wagner is such a well-respected
business based here in Denver."
About Wagner Equipment Co.
Wagner Equipment Co. is the Caterpillar dealer for Colorado, New Mexico and
far west Texas. Based in Aurora, Colorado, Wagner Equipment serves its region
with CAT products and services, and takes an active role in the communities where
its employees and customers live and work.
About Accruit, LLC
Accruit, LLC, headquartered in Denver, Colorado, is the only provider of fully-integrated,
web-enabled qualified intermediary services to enable companies to conduct like-kind
exchanges for both personal and real property. The company's flagship software
application, the Accruit® Exchange Manager, fully automates the like-kind
exchange process – from transaction and cash management to the complete
asset and tax depreciation tracking required for these transactions. Using the
Accruit® Exchange Manager, Accruit's clients realize a significant increase
in cash flow, while dramatically reducing the resources required for tracking
and reporting like-kind exchanges. For more information on Accruit or the Accruit® Exchange
Manager, call 720-963-5001 or visit www.accruit.com.
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