Asset Acceptance Signs Job Creation Agreement With Michigan Economic Growth Authority
June 18 2009 - 11:00AM
PR Newswire (US)
$2.7 Million in State Tax Credits to Support Job Creation; Company
to Invest $8.1 Million on Growth Strategy WARREN, Mich., June 18
/PRNewswire-FirstCall/ -- Asset Acceptance, LLC, a subsidiary of
Asset Acceptance Capital Corp. (NASDAQ:AACC), today announced that
it has formally executed an agreement with the Michigan Economic
Growth Authority (MEGA) to provide tax credits to the Company to
support job creation at its Warren facility. Asset Acceptance is a
leading purchaser and collector of charged-off consumer debt. The
Michigan Economic Development Corporation (MEDC) announced the
approved tax credits for Asset Acceptance and other companies in a
May 19 news release: (Granholm Announces Companies Investing Over
$103 Million, Creating and Retaining More Than 4,200 Jobs in
Michigan). Rion Needs, President and CEO, commented: "We are
pleased to be working with State and local governments to foster
the continued growth of Asset Acceptance and do our part to bring
much needed jobs to the Michigan economy. Programs like the MEGA
tax credit illustrate how businesses and government can work
together to spur growth and create jobs in the face of difficult
economic conditions." Under the MEGA Standard Credit Agreement
executed by Asset Acceptance and the MEDC on June 9, the Company is
eligible for state tax incentives valued at $2.7 million over seven
years for the purpose of job creation. Asset Acceptance plans to
invest $8.1 million to embark on an aggressive growth strategy that
expands existing core competencies while building analytical and
technical capabilities to fuel future growth in Warren. The MEDC
estimates the increased economic activity created by the facility
will create 601 new jobs, including 432 directly by the Company. In
addition to the MEGA tax credit, the city of Warren recently
approved a six-year property tax abatement for Asset Acceptance in
the amount of $172,305. About Asset Acceptance For more than 45
years, Asset Acceptance has provided credit originators, such as
credit card issuers including private label card issuers, consumer
finance companies, 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, 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 Private Securities Litigation
Reform Act of 1995. Forward-looking statements include reference to
the Company's presentations and Web casts. These forward-looking
statements reflect the Company's views, expectations and beliefs at
the time such statements were made with respect to such matters, as
well as 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 and involve
certain risks, uncertainties and assumptions ("Risk Factors") that
make the timing, extent, likelihood and degree of occurrence of
these matters difficult to predict. Words such as "anticipates,"
"believes," "estimates," "expects," "intends," "should," "could,"
"will," variations of such words and similar expressions are
intended to identify forward-looking statements. 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 and acquiring charged-off receivables in
industries that the Company has little or no experience. These Risk
Factors also include, among others, the Risk Factors discussed
under "Item 1A Risk Factors" in the Company's most recently filed
Annual Report on Form 10-K and in other SEC filings, in each case
under a section titled "Risk Factors" 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. 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.
DATASOURCE: Asset Acceptance Capital Corp. CONTACT: Jeff Tryka or
Jeff Lambert of Lambert, Edwards & Associates, +1-616-233-0500,
, for Asset Acceptance Capital Corp. Web Site:
http://www.assetacceptance.com/
Copyright
Asset Acceptance Capital Corp. (MM) (NASDAQ:AACC)
Historical Stock Chart
From May 2024 to Jun 2024
Asset Acceptance Capital Corp. (MM) (NASDAQ:AACC)
Historical Stock Chart
From Jun 2023 to Jun 2024