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"Accruit, the leading Qualified Intermediary for 1031 Like-Kind Exchange services for personal
property, is pleased to announce that Joseph C. Lane of New Canaan, Connecticut has been elected to
the Board of Directors."
Peter Blake, CEO of Ritchie Bros. Auctioneers (NYSE: RBA) and Accruit Board member, says, "Joe
is a tremendous addition to Accruit's board. His many years in the investment banking,
leasing, and technology industries will be an extremely valuable resource for the company, and his
experience with large companies as well as entrepreneurial entities will help Accruit as it grows."
With nearly 30 years experience in the equipment financing industry, Mr. Lane has served as
Chairman or Director for companies including Bay4 Capital, Hyphos360, Sun Financial Corporation,
Centron DPL, and Oxford Finance. His experience with capital markets worldwide includes having
served on the Boards of Directors and Advisory Boards in Europe, Asia and North America. Mr.
Lane currently serves on the Board of Directors of the South Bronx Educational Foundation,
dedicated to promoting intellectual, cultural and character growth of inner-city high school
students through the Crotona Center for Boys and the Rosedale Center for Girls. He is an
Associate Fellow of Davenport College at Yale University; he has been a Director, Vice Chairman
and Chairman of the Equipment Leasing & Finance Association (ELFA) and a Trustee and Chairman of
the Equipment Leasing and Finance Foundation.
Mr. Lane spent 20 years with GATX Capital Corporation where he ultimately served as President and
Chief Executive Officer. Then, as head of the world's largest information technology financing
business, Mr. Lane was responsible for IBM�s $40 billion Global Financing operation in 40
countries. He was a member of IBM's Operations Committee, Worldwide Management Council and
Senior Management Group. After departing IBM, he served as Vice Chairman of Bay4 Capital, which
acquired the technology leasing assets of Comdisco. Bay4's business was sold to GE Capital
Corporation, where Mr. Lane became CEO of GE Technology Finance. He is currently a principal of
University Partners, a strategic equity investment firm.
Lane said, "Accruit is an exciting organization poised for significant growth, and I am
pleased to be joining the Board of Directors at this point in the company's development. As the
thought leader and subject matter expert on personal property Like-Kind Exchange services, Accruit
sets the standard for Qualified Intermediaries and LKE service providers. While the equipment
leasing and finance industry continues to mature, a managed program for Like-Kind Exchanges is
a powerful, structural component for optimizing tax efficiency and Accruit is the leading
single-source provider of these services."
"The addition of Joe to our Board of Directors will add strength to an already powerful
group of board members. Joe's experience, knowledge and business acumen will serve Accruit
well as we continue to build our business. We look forward to Joe's contributions to Accruit's
growth and development," said Brent Abrahm, President and CEO of Accruit.
Accruit, LLC, headquartered in Denver, Colorado, is the leader in personal property Like-Kind
Exchange services and is the only fully integrated Qualified Intermediary to provide a
patent-pending process and outstanding 24/7 customer service. Accruit's services include single
exchanges, reverse exchanges and repetitive exchange programs. Accruit is the exclusive provider of
1031 Like-Kind Exchanges for Ritchie Bros. Auctioneers (NYSE: RBA),
and the preferred provider of 1031 Like-Kind Exchanges for Associated Equipment Distributors
(AED) and Idealease, with additional endorsements
from the RSM McGladrey Network, NationaLease, Manitowoc Crane Group, and Mitsubishi Caterpillar
Forklift America. Accruit is a member of numerous associations including Equipment Leasing &
Finance Association (ELFA), National Vehicle Leasing
Association (NVLA), Automotive Fleet and Leasing
Association (AFLA). Accruit is also a member of the Federation of Exchange Accommodators
(FEA), the country's only association for Qualified Intermediaries and the LKE industry
(www.1031.org). For more information on Accruit, fill out our contact
us form or call 877-793-9215.
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