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CIT and MAGE SOLAR Announce Vendor Financing Relationship
Represents CIT’s First Financing Program Within Alternative Energy Sector
Tuesday, June 14, 2011 08:30 AM
In addition to our quality systems solutions, our integrators can now also offer a smart financing option that is perfectly tailored towards the needs of the commercial end-user.

LIVINGSTON, N.J. & DUBLIN, Ga.--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced a vendor financing relationship between CIT Vendor Finance and MAGE SOLAR USA, a leading provider of residential, public and commercial solar energy systems.

Under the terms of the agreement, the two companies established a financing program that will offer a cost-effective source of financing to installers and commercial end-user customers of MAGE SOLAR’s photovoltaic systems.

“We are excited to announce the launch of this new financing program and to establish a relationship with MAGE SOLAR,” said Ron Arrington, Global President of CIT Vendor Finance. “This transaction represents CIT Vendor Finance’s first agreement within the alternative energy sector, one which continues to experience significant growth.”

The program will provide integrators of MAGE SOLAR products a tool that offers affordable financing with flexible payment and terms to their commercial customers. In addition, energy savings derived from the progressive conversion to MAGE SOLAR’s products may be used to offset monthly financing payments, which will allow customers the ability to preserve valuable working capital and increase operating cash flow.

“Being able to offer this program in partnership with a strong and innovative market leader like CIT is a great tool for our integrators,” said Joe Thomas, President of MAGE SOLAR. “In addition to our quality systems solutions, our integrators can now also offer a smart financing option that is perfectly tailored towards the needs of the commercial end-user.”

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About MAGE SOLAR – New Energy For A New World

MAGE SOLAR USA, headquartered in Dublin, GA, specializes in complete solar systems and provides high-quality photovoltaic modules, intelligent mounting systems and high-performance brand inverters. As a subsidiary of the international MAGE GROUP, it uses the Group’s 35 years of know-how to develop optimally coordinated system solutions. A competent partner network guarantees profitable solar energy systems for customers throughout North America and in thirteen further countries.www.magesolar.com

About CIT Vendor Finance

Vendor Finance is a global leader in providing business solutions for manufacturers, distributors and product resellers and financial solutions for their customers. CIT maintains relationships and develops financing programs with leading manufacturing companies that can enable increased sales while providing equipment leasing and financing to small and middle market businesses across all industries that facilitate the purchase of equipment according to their needs. www.cit.com/vendorfinance

About CIT

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 billion in finance and leasing assets. It provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. www.cit.com

Contact:

CIT MEDIA RELATIONS:
C. Curtis Ritter, 973-740-5390
Director of Corporate Communications
Curt.Ritter@cit.com
or
Matt Klein, 973-597-2020
Vice President, Media Relations
Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Ken Brause, 212-771-9650
Executive Vice President
Ken.Brause@cit.com
or
MAGE SOLAR MEDIA RELATIONS:
Susanne Fischer-Quinn, (478) 609-6790
Communications Manager
susanne.fischer-quinn@magesolar.com
or
MAGE SOLAR INVESTOR RELATIONS:
Thomas Schwank, (478) 609-6641 (Office)
Vice President of Projects
Thomas.Schwank@magesolar.com