April 7 (Reuters) - Chesswood Group Ltd CHW.TO :
* CHESSWOOD ANNOUNCES THE MERGER OF ITS BLUE CHIP LEASING SUBSIDIARY WITH VAULT CREDIT CORPORATION
* CHESSWOOD GROUP LTD - MERGER OF BLUE CHIP AND VAULT IS IMMEDIATELY ACCRETIVE TO EARNINGS
* CHESSWOOD GROUP LTD - COMBINED ENTITY WILL BE MANAGED BY DANIEL WITTLIN AND VAULT'S SENIOR MANAGEMENT TEAM
* CHESSWOOD GROUP LTD - UNDER MERGER, SHARES OF BLUE CHIP AND SHARES OF CORP WHICH OWNS VAULT WILL BE ACQUIRED BY NEW HOLDING CORP