FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of a Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month(s) of: September 15, 1999
NEWCOURT CREDIT GROUP INC.
Newcourt Centre, 207 Queens Quay West
Suite 700
Toronto, Ontario
Canada, M5J 1A7
[Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.]
Form 20-F / / Form 40-F /X/
[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.]
Yes / / No /X/
[If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b)]
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: September 15, 1999
NEWCOURT CREDIT GROUP INC.
/__________________________/
By: John P. Stevenson
Corporate Secretary
Galileo Newcourt
Trading Symbol: NCT
Exchange Listing: Toronto,
Montreal
New York
Contact: Jim Crawford Contact: Carolyn Conner
(703) 318-5460 (416) 507-5239
crawfordpr@aol.com
For Immediate Release
Galileo Communications teams with Newcourt Capital to complete
$12 million equity issue
New Internet Company targets European business to business e-Commerce.
Annapolis, Maryland and New York, New York, September 15, 1999 -
Galileo Communications, Ltd. announced today the recent closing of its
first round investment of approximately $12 million to support the
corporation's expansion into the growing European e-Commerce market.
Galileo Communications will use the proceeds to support its expansion
into the European e-Commerce market, which is projected to grow from
$5.6 billion in 1998 to reach $430 billion in total revenues by 2003.
The equity issue was arranged by Newcourt Capital, the corporate
finance subsidiary of Newcourt Credit Group. In addition to Newcourt
Capital and management equity, investors include:
Saudi Arabian Economic Development Corporation (SEDCO), one of the
largest investment funds in the Middle East;
XL Ventures LLC, an investment fund owned by US based Big Flower
Holdings, Inc., a leading advertising and marketing services and
e-Commerce solutions company;
Tractebel, based in Belgium, which is a $12 billion global energy
and services firm with significant interests in communications;
and
Stratego Invest, a major Czech investment banking, brokerage and
asset management company headquartered in Prague, Czech Republic.
The global e-Commerce market has more than doubled in the past year and
today has a value of approximately $111 billion, the bulk of which has
been in the US. Although experts believe that European e-Commerce
trails the US market by as much as 18-24 months, according to a recent
survey by Anderson Consulting, the online population of the European
Union is expected to match that of the US by 2003, creating a
significant opportunity for e-Commerce service delivery.
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e-Commerce applications take corporations into the 21st century by
automating their buying and selling processes. Galileo's strategy is
to deploy in Europe the proven e-Commerce applications and service
models already successfully developed and market-tested in the US
market during the past three years.
"Our goal is be the premier provider of e-Commerce tools and solutions
in the European market," said Richard Kozak, CEO of Galileo
Communications, Ltd. "In the rapidly changing global business market,
advances in the Internet are driving e-Commerce at four times the pace
of other industries. Corporate Europe will need to adopt new
strategies and improve business processes using Internet solutions.
Galileo has the expertise to enable corporations to more effectively
compete in an increasingly global business environment through e-
Commerce."
"Survey after survey, conducted in Europe, indicates that business
executives recognize the compelling need to become more competitive,
particularly in the face of more efficient and more aggressive US
competitors attacking the European market. However, these executives
don't know how or who to use to solve this business problem. This is
the Galileo opportunity!" Kozak noted.
"With a management team that understands both e-Commerce and the
emerging European opportunity, Galileo's sound business strategy will
deliver truly powerful and exciting e-Commerce opportunities to
Europe's business market," said Jeffrey Marcks, a Director with
Newcourt Capital. "We are equally excited about the outstanding group
of investors who have committed to the future success of Galileo."
About Galileo
Galileo Communications Ltd. is the leading Internet Service
Organization committed to expanding the availability of world class e-
Commerce solutions to business customers throughout Europe. Leveraging
the explosive growth of today's Web economy, privately-held Galileo is
poised to become one of the fastest-growing e-Commerce companies in the
world, with U.S. headquarters in Annapolis, Maryland and offices in
London, England.
About Newcourt Capital
Newcourt Capital is the corporate finance business of Newcourt Credit
Group, one of the world's leading sources of asset-based financing
serving the corporate and commercial markets with owned and managed
assets of US$25 billion and a global capability in 26 countries.
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