NEW YORK, May 31, 2006 (PRIMEZONE) -- Receivable Acquisition & Management Corporation (OTCBB:RCVA) announced today that it has entered into a letter of intent with an multi-billion dollar investment fund to set up a joint venture to finance acquisitions of performing, sub-performing and non-performing consumer and commercial receivables in the U.S. and abroad.
Max Khan, Receivable Acquisition & Management Corporation's CEO, said, "We have been seeking a financing partner for the past several months and we are excited about the opportunity to set up a joint venture with a major fund. The contemplated joint venture will become a funding source for portfolio acquisitions in the U.S and abroad. More importantly, we believe this will allow us to scale up our purchases and compete for larger transactions requiring $5 million to $25 million in investment."
The transaction is subject negotiation, finalizing due diligence and execution of a definitive joint venture agreement of which we cannot provide any guarantee. The letter of intent contemplates setting up a new investment company that will purchase and own the assets. The Company expects to establish this investment company within 90 days from the first transaction assuming the satisfactory completion of due diligence and the finalizing of a definitive joint venture agreement.
About Receivable Acquisition & Management Corporation:
Receivable Acquisition & Management Corporation (OTCBB:RCVA) specializes in the acquisition and liquidation of performing, sub-performing and non-performing receivables in the U.S. and abroad. The Company outsources all its collections to specialist agencies in the U.S. and abroad. Additional information, is at www.ramcoglobal.com
Forward Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements regarding Receivable Acquisition & Management Corporation in this release that are not historical in nature, particularly those that utilize terminology such as "may," "will," "should," "likely," "expects," "anticipates," "estimates," "believes," or "plans," or comparable terminology, are forward-looking statements based on current expectations about future events, which management has derived from the information currently available to it. It is possible that the assumptions made by management for purposes of such statements may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Important factors known to management that could cause forward-looking statements to turn out to be incorrect are identified and discussed from time to time in the company's filings with the Securities and Exchange Commission. The forward-looking statements contained in this release speak only as of the date hereof, and the company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.