Services Expand to Include Receivables Funding
SOUTH PORTLAND, Maine, Nov. 9 /PRNewswire-FirstCall/ -- Wright Express
Corporation (NYSE: WXS), a leading provider of payment processing and
information management services to the U.S. and Canadian commercial and
government fleet industry, announced that it has signed a 10-year agreement to
provide private label fleet card services for ExxonMobil Corporation
(NYSE: XOM), an industry leader in the energy and petrochemicals business and
a major provider of fleet cards.
Wright Express has been providing ExxonMobil with outsourced proprietary
fleet card transaction processing, marketing, and other ancillary support
services since 1999. Under the terms of the new agreement, it is
anticipated that Wright Express will purchase the existing ExxonMobil fleet
card portfolio near the end of the year. As the issuer of the ExxonMobil
fleet card, Wright Express will continue to process the fleet card
transactions and provide funding for future receivables. Wright Express also
will provide private label fleet card services including marketing services,
sales, credit approval and management, card authorization, private label
credit card issuance, statement generation, customer services functions, and
online services.
"We are delighted to extend our seven year relationship with ExxonMobil,"
said Michael Dubyak, president and chief executive officer of Wright Express.
"Under this agreement, Wright Express will continue to provide ExxonMobil with
a world-class set of services. These services will enhance ExxonMobil's
success in acquiring new customers, retaining existing customers, increasing
sales, and penetrating new market segments. In addition, we expect that our
proven sales and marketing capabilities, coupled with our credit and funding
competencies, will help ExxonMobil maintain a superior customer service
experience for its fleet customers and realize its fleet business growth
goals."
About ExxonMobil
ExxonMobil Corporation (NYSE: XOM) is an industry leader in the energy and
petrochemicals business and major provider of fleet cards.
About Wright Express Corporation
Wright Express is a leading provider of payment processing and information
management services to the U.S. commercial and government vehicle fleet
industry. Wright Express provides these services for approximately 300,000
commercial and government fleets containing 4.3 million vehicles. Wright
Express maintains its headquarters in South Portland, Maine. For more
information about Wright Express, please visit http://www.wrightexpress.com.
This press release contains forward-looking statements, including
statements regarding Wright Express Corporation's expectation that it will:
purchase the existing ExxonMobil fleet card portfolio near the end of the
year; continue to process the fleet card transactions and provide funding for
future receivables; provide private label fleet card services including
marketing services, sales, credit approval and management, card authorization,
private label credit card issuance, statement generation, customer services
functions, and online services; enhance ExxonMobil's success in acquiring new
customers, retaining existing customers, increasing sales, and penetrating new
market segments; and help ExxonMobil maintain a superior customer service
experience and realize its fleet business growth goals.
These forward-looking statements include a number of risks and
uncertainties that could cause actual results to differ materially. These
risks and uncertainties include: volatility in fuel prices; fourth-quarter and
full-year 2006 fueling patterns; the effect of the Company's fuel-price-
related derivative instruments; effects of competition; the potential loss of
key strategic relationships; decreased demand for fuel and other vehicle
products and services and the effects of general economic conditions on the
commercial activity of fleets; the Company's ability to rapidly implement new
technology and systems; potential corporate transactions including alliances,
mergers, acquisitions and divestitures; the ability to implement the corporate
capabilities necessary to maximize the ExxonMobil relationship; changes in
interest rates and the other risks and uncertainties included from time to
time in the Company's filings with the Securities and Exchange Commission,
including the annual report on Form 10-K filed on March 15, 2006, and the
Company's other periodic and current reports. Wright Express Corporation
undertakes no obligation to update these forward-looking statements at any
future date or dates.
SOURCE Wright Express Corporation
CONTACT: Media: Jessica Roy, +1-207-523-6763,
Jessica_Roy@wrightexpress.com, Investor: Steve Elder,
+1-207-523-7769, Steve_Elder@wrightexpress.com, both of Wright Express
Web site: http://www.wrightexpress.com
(WXS XOM)