NEW YORK, March 24, 2006 (PRIMEZONE) -- Receivable Acquisition & Management Corporation (OTCBB:RCVA) has entered into a new partnership with the California Credit Union League (CCUL). CCUL provides products and services to credit unions in California and Nevada. Under this Partnership, CCUL will provide promotion, marketing and selling support to Receivable Acquisition & Management Corporation to create a reliable channel to sell charged-off, non-performing and distressed receivables.
According to Max Khan, CEO, "Given our experience in acquiring charged off consumer debt from several credit unions, we are excited about the opportunity to work with CCUL. The partnership would allow us to scale up in this segment of the market while providing credit unions with an efficient channel for disposition of all their receivables."
Sylvia Fath, League Vice President of business services said, "One advantage RAMCO offers credit unions is that it is a major purchaser and re-coverer of consumer and commercial receivables. RAMCO is flexible in receiving documents in various electronic or paper formats and provides superior service in ensuring the portfolio is ready for sale by eliminating accounts that are not collectible or out of statute."
With headquarters in Rancho Cucamonga, the California Credit Union League provides information, education, advocacy and support services to more than 400 credit unions in California and Nevada. More than 10 million Californians and Nevadans are credit union members. There are more than 9,000 credit unions in the United States with more than 85 million members.
For more information, contact Candy Sims, at 800.472.1702, ext. 3401. For additional information, please visit http://www.ccul.org.
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. 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.