Asset Acceptance Capital Corp. Amends Registration Statement for Secondary Offering to Include Preliminary First Quarter Results
April 12 2005 - 8:09PM
PR Newswire (US)
Asset Acceptance Capital Corp. Amends Registration Statement for
Secondary Offering to Include Preliminary First Quarter Results
WARREN, Mich., April 12 /PRNewswire-FirstCall/ -- Asset Acceptance
Capital Corp. (NASDAQ:AACC), a leading purchaser and collector of
charged-off consumer debt, today announced it has filed with the
Securities and Exchange Commission Amendment No. 4 to its
registration statement for a secondary public offering of 5,000,000
shares of its common stock. As previously announced, all of these
shares will be offered by certain selling stockholders, which
include members of management and other holders, and none of the
shares will be offered by Asset Acceptance. In addition, certain of
the selling stockholders also intend to grant the underwriters an
over-allotment option to purchase up to an additional 750,000
shares. As amended by Amendment No. 4, Asset Acceptance disclosed
certain preliminary information regarding its results for the first
quarter of 2005 under the caption "Prospectus Summary -- Our
Business -- Recent Developments". The offer will be made only by
means of a prospectus. A registration statement, as amended through
Amendment No. 4, relating to these securities has been filed with
the Securities and Exchange Commission, but has not yet become
effective. These securities may not be sold nor may offers to buy
be accepted prior to the time the registration statement becomes
effective. This press release shall not constitute an offer to sell
or solicitation of an offer to buy, nor shall there be any sale of
these securities in any state in which such an offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such state. About Asset Acceptance
Capital Corp. For more than 40 years, Asset Acceptance has provided
credit originators, such as credit card issuers, consumer finance
companies, retail merchants, utilities and others an efficient
alternative in recovering defaulted consumer debt. Asset Acceptance
Capital Corp. Safe Harbor Statement This press release contains
certain statements, including the Company's plans and expectations
regarding its operating strategies, charged-off receivables and
costs, which are forward-looking statements and are made pursuant
to the safe harbor provisions of the Securities Litigation Reform
Act of 1995. These forward-looking statements reflect the Company's
views, at the time such statements were made, with respect to the
Company's future plans, objectives, events, portfolio purchases and
pricing, collections and financial results such as revenues,
expenses, income, earnings per share, capital expenditures,
operating margins, financial position, expected results of
operations and other financial items. Forward-looking statements
are not guarantees of future performance; they are subject to risks
and uncertainties. In addition, words such as "estimates,"
"expects," "intends," "should," "could," "will," variations of such
words and similar expressions are intended to identify
forward-looking statements. These statements are not guarantees of
future performance and involve certain risks, uncertainties and
assumptions ("Risk Factors") that are difficult to predict with
regard to timing, extent, likelihood and degree of occurrence.
There are a number of factors, many of which are beyond the
Company's control, which could cause actual results and outcomes to
differ materially from those described in the forward-looking
statements. Risk Factors include, among others: ability to purchase
charged-off consumer receivables at appropriate prices, ability to
continue to acquire charged-off receivables in sufficient amounts
to operate efficiently and profitably, employee turnover, ability
to compete in the marketplace, acquiring charged-off receivables in
industries that the Company has little or no experience,
integration and operations of newly acquired businesses, and
additional factors discussed in the Company's registration
statement filed on Form S-1, as amended, and in the Company's
periodic reports filed with the Securities and Exchange Commission
on Form 10-K and 10-Q and exhibits thereto. Other Risk Factors
exist, and new Risk Factors emerge from time to time that may cause
actual results to differ materially from those contained in any
forward-looking statements. Given these risks and uncertainties,
investors should not place undue reliance on forward-looking
statements as a prediction of actual results. Furthermore, the
Company expressly disclaims any obligation to update, amend or
clarify forward-looking statements. In addition to the foregoing,
several Risk Factors are discussed in the Company's registration
statement filed on Form S-1, as amended, and in the Company's most
recently filed Annual Report on Form 10-K and other SEC filings, in
each case under the section titled "Risk Factors" or "Forward
Looking Statements", as the case may be, and those discussions
regarding risk factors as well as the discussion of forward looking
statements in such sections are incorporated herein by reference.
DATASOURCE: Asset Acceptance Capital Corp. CONTACT: Jeff Lambert,
Tim Sipols, both of Lambert, Edwards & Associates, Inc.,
+1-616-233-0500, , for Asset Acceptance Capital Corp.
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