NEW YORK, Sept. 20, 2006 (PRIMEZONE) -- Receivable Acquisition & Management Corporation (OTCBB:RCVA) (the "Company"), which specializes in acquiring and liquidating performing, sub-performing and non-performing receivables, today announced that the Company has purchased a portfolio in the United Kingdom with an aggregate face value of $1.2 million.
Max Khan, President and Chief Executive Officer, said, "We continue to acquire portfolios in the U.K. at reasonable prices, and this tranche is a continuation of purchases from an originator. To date we have acquired close to $8 million in face value from this seller with internally generated cash flow.
"We are also pleased to announce that our previously announced strategic relationship with California Credit Union League (CCUL), which covers over 200 credit unions in California and Nevada, has begun to yield some results. We currently have several portfolio opportunities in the pipeline, which is likely to grow more robust in the last quarter of 2006."
The following link reflects the effort being made by CCUL to position Ramco as the preferred vendor for charge off sales: http://www.ccul.org/marketing/buserv2006/09ramco06.htm
Receivable Acquisition & Management Corporation
Based in New York City, Receivable Acquisition & Management Corporation specializes in acquisition and liquidation of performing, sub-performing and non-performing receivables. The Company outsources all its collections to specialists in the U.S. and United Kingdom. The Company funds its purchases with its own capital, special purposed vehicles and a fund. The Company is run by two individuals who are well-experienced in corporate finance and management of distressed receivables.
Gobind Sahney, Chairman, is a current board member and the former Chairman of the Asset Buyers Division of the ACA International (an association of credit and collection professionals with over 5,000 members). He is a contributor to the ACA's publication on debt purchasing, and has moderated numerous panels on debt buying and presented to the U.K.'s Credit Services Association annual meeting. Additionally, Mr. Sahney has a background in corporate finance and business management. His past experience includes positions in public and private accounting, mortgage banking and investment partnership. He founded a successful advisory/research firm and a successful investment management firm specializing in the purchase, trading, and recovery of stressed, distressed, and delinquent consumer and commercial receivable portfolios. Mr. Sahney is an advisor to MRU Holdings, Inc.; Member Babson College Board of Trustees; and former Trustee of The Scripps Whittier Institute for Diabetes/Chairman 2001. Mr. Sahney is a graduate of Babson College with dual degrees in Finance and Accounting.
Max Khan, President and CEO, began his career as a financial consultant in New York and established Alliance Global Finance Inc. in 1992 with focus on corporate finance and investment banking. Mr. Khan has worked extensively with European institutional investors while raising capital for American companies. Mr. Khan was also the co-founder of NewTrad Investors Inc., a hedge fund advisory firm specializing in advising Japanese institutions in their diversification into alternative assets. He is also a director at Ramco Income Fund Ltd., a Bermuda domiciled fund. Mr. Khan has a Bachelors Degree in Accounting and Economics from City University of New York and an MBA from Pace University (New York).
For additional information, please visit our Web site at http://www.ramcoglobal.com .
Except for historical information contained herein, the matters set forth in this news release are "forward-looking" statements (as defined in the Private Securities Litigation Reform Act of 1995.) Although Receivable Acquisition & Management Corporation believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, there can be no assurance that its expectations will be realized. Forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from Receivable Acquisition & Management Corporation's expectations. Factors that could contribute to such differences include those identified in Receivable Acquisition & Management Corporation's Form 10-K for the fiscal year ended September 30, 2005, and those described from time to time in Receivable Acquisition & Management Corporation's other filings with the Securities and Exchange Commission, news releases and other communications, including that Receivable Acquisition & Management Corporation may not be able to purchase receivable portfolios at favorable prices or on sufficiently favorable terms or at all. Receivable Acquisition & Management Corporation's reports with the Securities and Exchange Commission are available free of charge through its website at http://www.ramcoglobal.com .