Accord Announces Consolidation of Montreal Operations

TORONTO, Sept. 8 /CNW/ - Accord Financial Corp. (TSX - ACD) advises today
that it will be consolidating its Montreal factoring and asset-based lending
operations into one office. As a result there will be staff and facility
reductions. In this regard, Accord is expected to incur expenses in the third
and fourth quarter totalling approximately $1.0 million. Going forward, Accord
expects annual cost savings of approximately $0.7 million as a result of this
consolidation. There will be no reduction in service to its clients.
Accord is a leading North American provider of a wide range of factoring
and other asset-based financial services to businesses, including financing,
collection services, credit investigation, credit protection and guarantees.
%SEDAR: 00001979E