NEW YORK, Oct. 30, 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 two portfolios with an aggregate face value of $1,142,000.
Gobind Sahney, Chairman of RCVA said, "By completing two transactions in the past week, we continue to purchase portfolios at reasonable prices from the originators. This is indicative of our solid relationships with sellers who see the value of working with RAMCO on a long term basis."
He further said that "In each of these cases, one with a face value of $590,000 and the other with a face value of $552,000, we have a contractual agreement that gives us the ability to acquire additional portfolios from these sellers. One of these transactions marks the second month in a row that we have consummated purchases through our relationship with the California Credit Union League (CCUL). We continue to expand this segment of our business."
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.
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 .