AACC Asset Acceptance Capital Corp. (MM)

WARREN, Mich., July 23 /PRNewswire-FirstCall/ -- Asset Acceptance Capital Corp. (NASDAQ:AACC) today announced the appointment of Rion B. Needs to the newly created position of Chief Operating Officer. Needs, age 45, will be responsible for managing key operational aspects of the business, including collections, information technology and corporate strategy. As Chief Operating Officer, he will report directly to Brad Bradley, Chairman, President and CEO of Asset Acceptance Capital Corp. During the past 22 years, Needs has served in a variety of executive roles at American Express, most recently as Senior Vice President and General Manager of Purchasing Services. In this capacity, Needs fundamentally transformed the purchasing function at American Express through a series of strategic expense reductions, operational enhancements and systems integrations, resulting in billions of dollars in cost savings over a multi- year period. Needs' recent positions at American Express included Senior Vice President of Global Finance Operations and Business Transformation, and Senior Vice President and General Manager of Corporate Travel. In these capacities, Needs has served as strategic advisor to the American Express senior management team on issues of cost rationalization, corporate reengineering, process improvement and technology development. "An executive of Rion's caliber is a significant addition to our senior management team," said Brad Bradley, Chairman, President and CEO of Asset Acceptance. "Rion has managed thousands of employees and billions in budgetary dollars while evolving the operations, marketing and product development capabilities at a $77-billion financial services company. His proven leadership skills and results-oriented approach led to broad-based operational improvements at American Express, the sum of which paved the way for substantial cost savings and improved profitability during his tenure. We look forward to recognizing the benefits of Rion's operational expertise as a valued member of the Asset family." Needs added: "As the first Chief Operating Officer in the Company's 45- year history, I plan to leverage the resources, experience and talents available to our senior leadership team, guided by a mandate to maximize operational efficiencies. I am honored by the opportunity to work alongside such a committed group of talented professionals, and am encouraged by the opportunities for growth evident within the Asset business model." 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. For more information, please visit http://www.assetacceptance.com/. Asset Acceptance Capital Corp. Safe Harbor Statement This press release contains certain statements which are forward-looking statements, including the Company's plans and expectations regarding its operating strategies, purchase of 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 "plans," "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, ability to achieve anticipated cost savings from office closings without the disruption of collections associated with these offices, and additional factors discussed 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 most recently filed Annual Report on Form 10-K and other SEC filings, in each case under the section titled "Forward Looking Statements" or similar headings 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: Mr. Noel Ryan III of Lambert, Edwards & Associates, +1-616-233-0500, Web site: http://www.assetacceptance.com/

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