WEX Inc. and ExxonMobil Extend North American Fleet Card Contract for 10 More Years
October 27 2016 - 6:46AM
Business Wire
WEX Inc. (NYSE: WEX), a global provider of industry-leading
corporate payments solutions, today announced a ten-year extension
of its North American fleet card contract with Exxon Mobil
Corporation (NYSE: XOM) and Imperial Oil, whose managing partner is
Imperial Oil Limited (NYSE: IMO).
Under the agreement, WEX will continue to provide ExxonMobil and
Imperial with a full-service solution in which WEX oversees all
aspects of the commercial card program for ExxonMobil in the United
States and Imperial in Canada, including outsourced proprietary
fleet card transaction processing and other supplementary support
services. As part of this agreement, WEX will continue to manage
sales and marketing activities as well as portfolio funding
services. Furthermore, WEX’s focus on new technologies and
innovation will benefit proprietary cardholders frequenting Exxon,
Mobil, and Esso sites.
“WEX is excited to continue its 17-year relationship with
ExxonMobil and Imperial, supporting the growth of ExxonMobil’s and
Imperial’s commercial portfolio in the coming years,” said Melissa
Smith, WEX’s president and chief executive officer. “The contract
extensions will also benefit ExxonMobil and Imperial customers, who
can take advantage of WEX’s world-class products and services.”
Aside from the US and Canadian relationship, WEX acquired
ExxonMobil’s European commercial fuel card portfolio, Esso Card,
and processing services for the Asia Pacific commercial card
portfolio in 2014.
Forward-Looking StatementsThis news release contains
forward-looking statements, including statements regarding: the
impact of the ten year extension of WEX’s North American fleet card
contract with Exxon Mobil Corporation and Imperial Oil on WEX’s
growth; and, the benefits of the same to ExxonMobil and Imperial
customers. Any statements that are not statements of historical
facts may be deemed to be forward-looking statements. When used in
this new release, the words "may," "could," "anticipate," "plan,"
"continue," "project," "intend," "estimate," "believe," "expect,”
and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such words. These forward-looking statements are subject to a
number of risks and uncertainties that could cause actual results
to differ materially, including: the effects of general economic
conditions on fueling patterns as well as payment and transaction
processing activity; the impact of foreign currency exchange rates
on the Company’s operations, revenue and income; changes in
interest rates; the impact of fluctuations in fuel prices; the
effects of the Company’s business expansion and acquisition
efforts; potential adverse reactions or changes to business or
employee relationships, including those resulting from the
completion of an acquisition; competitive responses to any
acquisitions; uncertainty of the expected financial performance of
the combined operations following completion of an acquisition; the
ability to successfully integrate the Company's acquisitions,
specifically, the Electronic Funds Source
LLC's operations and employees; the ability to realize
anticipated synergies and cost savings; unexpected costs, charges
or expenses resulting from an acquisition; the Company's failure to
successfully operate and expand ExxonMobil's European and
Asian commercial fuel card programs; the failure of corporate
investments to result in anticipated strategic value; the impact
and size of credit losses; the impact of changes to the Company's
credit standards; breaches of the Company’s technology systems and
any resulting negative impact on our reputation, liabilities or
relationships with customers or merchants; the Company’s failure to
maintain or renew key agreements; failure to expand the Company’s
technological capabilities and service offerings as rapidly as the
Company’s competitors; the actions of regulatory bodies, including
banking and securities regulators, or possible changes in banking
or financial regulations impacting the Company’s industrial bank,
the Company as the corporate parent or other subsidiaries or
affiliates; the impact of the Company’s outstanding notes on its
operations; the impact of increased leverage on the Company's
operations, results or capacity generally, and as a result of
potential acquisitions specifically; financial loss if the Company
determines it necessary to unwind any derivative instrument
positions prior to the expiration of a contract; the incurrence of
impairment charges if our assessment of the fair value of certain
of our reporting units changes; the uncertainties of
litigation; as well as other risks and uncertainties
identified in Item 1A of our annual report on Form 10-K for the
year ended December 31, 2015, filed on February 26, 2016, and Item
1.A. of Part II of the quarterly report on Form 10-Q filed on April
28, 2016, both with the Securities and Exchange Commission. The
Company's forward-looking statements do not reflect the potential
future impact of any alliance, merger, acquisition, disposition or
stock repurchases, other than the acquisition. The forward-looking
statements speak only as of the date of this news release and undue
reliance should not be placed on these statements. The Company
disclaims any obligation to update any forward-looking statements
as a result of new information, future events or otherwise.
About WEX Inc.WEX Inc. (NYSE: WEX) is a leading provider
of corporate payment solutions. From its roots in fleet card
payments beginning in 1983, WEX has expanded the scope of its
business into a multi-channel provider of corporate payment
solutions representing approximately 10 million vehicles and
offering exceptional payment security and control across a wide
spectrum of business sectors. WEX serves a global set of customers
and partners through its operations around the world, with offices
in the United States, Australia, New Zealand, Brazil, the United
Kingdom, Italy, France, Germany, Norway, and Singapore. WEX and its
subsidiaries employ more than 2,500 associates. The Company has
been publicly traded since 2005, and is listed on the New York
Stock Exchange under the ticker symbol “WEX.” For more information,
visit www.wexinc.com and follow WEX on Twitter at @WEXIncNews.
About ExxonMobilExxonMobil, the largest publicly traded
international oil and gas company, uses technology and innovation
to help meet the world’s growing energy needs. ExxonMobil holds an
industry-leading inventory of resources and is one of the world’s
largest integrated refiners, marketers of petroleum products and
chemical manufacturers. For more information,
visit www.exxonmobil.com or follow us on Twitter
www.twitter.com/exxonmobil.
About ImperialAfter more than a century, Imperial
continues to be an industry leader in applying technology and
innovation to responsibly develop Canada's energy resources. As
Canada's largest petroleum refiner, a major producer of crude oil
and natural gas, a key petrochemical producer and a leading fuels
marketer from coast to coast, our company remains committed to high
standards across all areas of our business. For more information,
visit www.imperialoil.ca
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version on businesswire.com: http://www.businesswire.com/news/home/20161027005107/en/
News media contact:WEXRobert Gould, +1
207-523-7429robert.gould@wexinc.com
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