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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report June 21, 1996
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CHANCELLOR CORPORATION
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(Exact Name of Registrant as specified in its charter)
Massachusetts 2-85329 04-2626079
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(State or other jurisdiction (Commission (IRS Employer Iden-
of incorporation) File Number) tification No.)
745 Atlantic Avenue, Boston, Massachusetts 02111
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (617) 728-8500
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
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On June 21, 1996, the Registrant acquired a 50% interest in TruckScan,
L.L.C. ("TruckScan"), a newly-formed company organized by the Registrant and
TeleScan Technologies, L.L.C. of Bloomfield Hills, Michigan ("TeleScan") to
market and sell an electronic truck and trailer inventory management and
networking program. The Registrant issued a press release on June 28, 1996
announcing the TruckScan investment.
Reference is made to the press release, a copy of which is attached as an
exhibit to this Form 8-K.
Item 7. Financial Statements, Pro Forma Financial
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Information and Exhibits.
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(c) Exhibits
1. Press release dated June 28, 1996
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SIGNATURE
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 hereunto duly authorized.
CHANCELLOR CORPORATION
By: /s/ William J. Guthlein
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William J. Guthlein
Vice President, Treasurer and
Chief Financial Officer
8k62196/3
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EXHIBIT 1
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CHANCELLOR 745 ATLANTIC AVENUE, BOSTON, MA 02111
NEWS RELEASE (617) 728-8500
FOR IMMEDIATE RELEASE
Stephen G. Morison William J. Guthlein
President and Chief Vice President, Treasurer
Executive Officer and Chief Financial Officer
(617) 728-8500 (617) 728-8500
CHANCELLOR ANNOUNCES NEW TRUCK AND TRAILER
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INVENTORY MANAGEMENT AND NETWORKING VENTURE
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BOSTON, Massachusetts, June 28, 1996, Chancellor Corporation, a Boston-based
equipment lessor, announced today that it has acquired a 50% interest in
TruckScan, L.L.C. ("TruckScan"), a newly formed company located in West
Bloomfield, Michigan. The remaining 50% is owned by TeleScan Technologies,
L.L.C. ("TeleScan"), also located in West Bloomfield. TruckScan was formed to
market and sell an electronic truck and trailer inventory management and
networking program that works in a client/server environment. The TruckScan
program provides dealers and other strategic sellers with an inventory
management system, local advertising organizer and the opportunity to network
their available inventory to potential buyers throughout the United States. The
software and related technology was developed by TeleScan and has been made
available to TruckScan under an exclusive international licensing agreement.
The program utilizes the latest in database management, digital imaging, and
networking technology. In addition, the program includes proprietary technology
developed by TeleScan for which patents and copyrights are pending.
Gregory S. Harper, Vice President of Chancellor Corporation and the newly
appointed President of TruckScan, stated that "The used truck and trailer market
is fragmented and inefficient. There is a tremendous need to increase and
upgrade the technology used within this market. This represents a great
opportunity for companies that can provide technology based business solutions.
We believe that TruckScan's program is just such a tool. The program will
enable dealers to gain the efficiencies necessary to compete in a difficult and
consolidating market. Our top priority is to quickly build the critical mass of
buyers and sellers that will assure an efficient market for TruckScan's
customers."
Stephen G. Morison, President and Chief Executive Officer of Chancellor
Corporation, stated that "We are confident that our investment in TruckScan will
provide an excellent return for our investors. However, what is really exciting
about this investment is that it complements every aspect of our remarketing
business. Chancellor manages the disposition of over 2,000 pieces of equipment
every year. The TruckScan program will allow Chancellor to network its
available inventory to a large number of potential buyers. At the same time,
Chancellor's remarketing customers have
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CHANCELLOR CORPORATION
NEWS RELEASE (Continued)
June 28, 1996
equipment needs that cannot always be met from Chancellor's inventory. The
TruckScan program will enable Chancellor's sales staff to access the network and
find inventory to satisfy the customer's request. The TruckScan program will
also enable Chancellor to expand the fee based remarketing services that it
provides to other finance lessors. We expect the TruckScan program will enhance
our ability to sell their off lease equipment more quickly. TruckScan is an
important part of Chancellor's continuing evolution toward becoming a full
service remarketer and industry leader in used trucks and trailers."
Founded in 1977, Chancellor Corporation has in recent years
concentrated on the leasing of transportation equipment. It is also involved in
the leasing of aircraft, communications, materials
handling and other equipment. Chancellor Corporation's common stock is listed
on the OTC Electronic Bulletin Board (symbol "CHCR").
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