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Receivable Acquisition & Management Corporation Purchases a $1.2 Million Portfolio in the United Kingdom
NEW YORK, Sept. 20, 2006 -- Receivable Acquisition
& Management Corporation (OTC BB:RCVA.OB - News) (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.
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Receivable Acquisition & Management Corporation Announces Net Income Increases 494 Percent for Quarter Ending June 30, 2006 Over Comparable Period
NEW YORK, Aug. 15, 2006 -- Receivable Acquisition & Management Corporation (OTC BB:RCVA.OB - News) announced today that its net income was $137,018 during the quarter ended June 30, 2006 versus a net loss of $44,797 during the quarter ended June 30, 2005, a 494% increase. Net collections for the period ended June 30, 2006 were $302,535 versus $213,575 for the period ended June 30, 2005, a 42% increase.
Max Khan, CEO, said, ``We are delighted with the current results and believe the company is heading in the right direction which is indicated by our quarter to quarter finance income increases. We expect to ramp up purchases of portfolios of consumer receivables over the next several quarters however we cannot provide any guarantees.''
With portfolios held as of June 30, 2006, RCVA estimates remaining collections of $2,784,000 over the next 24-36 months.
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Receivable Acquisition & Management Corporation Executes a Letter of Intent with a Multi-Billion Investment Fund to Finance Portfolio Acquisitions
NEW YORK, May 31, 2006 -- Receivable Acquisition
& Management Corporation (OTC BB:RCVA.OB - News) 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.
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Receivable Acquisition & Management Corporation based in New York City,
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. Further information is
available in the company's filings with the Securities & Exchange Commission.
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FORWARD-LOOKING
STATEMENT
ALL
STATEMENT CONTAINED HEREIN, AS WELL AS ORAL STATEMENTS THAT
MAY BE MADE BY THE COMPANY OR BY OFFICERS, DIRECTORS OR EMPLOYEES
OF THE COMPANY ACTING ON THE COMPANY'S BEHALF, THAT ARE NOT
STATEMENTS OF HISTORICAL FACT, CONSTITUTE ``FORWARD -LOOKING
STATEMENTS'' AND ARE MADE PURSUANT TO THE SAFE-HARBOR PROVISIONS
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH
FORWARD LOOKING STATEMENTS INVOLVE KNOWN AND UNKOWN RISKS,
UNCERTAINTIES AND OTHE FACTORS THAT COULD CAUSE THE ACTUAL
RESULTS FO THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE
HISTORICAL RESULTS OR FROM ANY FUTURE RESULTS EXPRESSED OR
IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH RISKS AND
UNCERTAINTIES ARE OUTLINED IN THE COMPANY'S ANNUAL REPORT
ON FORM 10-KSB FOR 2003, ITS QUARTERLY REPORTS ON FORM 10-QSB,
AND SUCH OTHER DOCUMENTS AS ARE FILED WITH THE SECURITIES
AND EXCHANGE COMMISSION FROM TIME TO TIME. THE COMPANY IS
NOT OBLIGATED TO REVISE OR UPDATE ANY FORWARD LOOKING STATEMENTS
IN ORDER TO REFLECT EVENTS OR CIRCUMSTANCES THAT MAY ARISE
AFTER THE DATE OF THIS RELEASE. |
Contact:
Receivable
Acquisition & Management Corp.
info@ramcoglobal.com
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Source: Receivable Acquisition & Management Corp.
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