NEW YORK, May 6, 2005 (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 recently purchased performing medical receivables with an aggregate face value of $5.5 million, for a purchase price of $375,000. The acquisition was a part of a $51 million portfolio, which the Company acquired for $3.5 million through non-recourse financing.
Max Khan, President and Chief Executive Officer, said, "This is our first acquisition of a performing portfolio for which we paid a distressed price. We continue to see opportunities in the performing space. We acquired three additional portfolios during the first three months of the year with a face value of approximately $9 million and purchase price of $487,000. All four portfolios were acquired with cash generated internally. We will continue to go after niche areas where we can find portfolios at prices that meet our return objectives."
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. 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, 2004, 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 RAM 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 .