Asset Acceptance Capital Corp. Announces Appointment of New Vice President of Collections

Asset Acceptance Capital Corp. (NASDAQ: AACC), a leading purchaser and collector of charged-off consumer debt, today announced that it has hired Mark J. Cavin to assume the role of Vice President of Collections, after an extensive and carefully conducted search process.

“Mark’s broad collections expertise in accounts receivables management, debt purchasing, operations management and nearshore/offshore servicing makes him an excellent candidate for the VP of Collections position at Asset Acceptance,” said Rion Needs, President and CEO, Asset Acceptance Capital Corp. “His commitment to operational excellence in addition to his extensive knowledge in strategic and day-to-day servicing activities will significantly contribute to our goal of driving cash collections, and ultimately shareholder value, going forward.”

Cavin has over 31 years of collection industry experience for major domestic and international collection portfolios. Most recently, Cavin served as senior director and chief operating officer at Arrow Financial Services, LLC at Sallie Mae Co., where he was responsible for the internal and external servicing operations of the company. Prior to joining Arrow Financial Services, Cavin was senior manager with Union Bank of California, where he spearheaded collection and recovery efforts.

“I am excited to join an organization with such a rich history and talented team of individuals. Initially, I will focus my efforts on better defining our associates’ roles and responsibilities to increase operational efficiencies throughout the group,” said Cavin. “I am looking forward to exceeding the expectations set by this management team, while concurrently providing my team with diverse opportunities for professional growth.”

About Asset Acceptance Capital Corp.

For more than 45 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 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 webcasts. 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.

Asset Acceptance Capital Corp. (MM) (NASDAQ:AACC)
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