First Guardian Financial Corporation Establishes U.S. Receivables & Management Company Subsidiary
NEW YORK, Jul 18, 2006 (BUSINESS WIRE) -- First Guardian Financial Corporation (Pink Sheets: FGFC) today announced that the company has established a wholly owned Receivables & Management subsidiary to be named U.S. Receivables & Management Company, a Delaware Registered Company.
The Company will engage in the purchasing and the debt recovery of sub-performing and non-performing receivables. These portfolios of receivables will be acquired at deep discounts and will be outsourced for collections on a contingency basis.
Third-party debt/recovery companies returned $39.3 billion to the U.S. economy in 2005. (Source: "Value of Third-Party Debt Collection to the U.S. Economy: Survey and Analysis," PricewaterhouseCoopers, June 2006.)
U.S. debt/recovery companies earned $12.1 billion in 2005. (Source: "Value of Third-Party Debt Collection to the U.S. Economy: Survey and Analysis," PricewaterhouseCoopers, June 2006.)
"We feel that the establishment of this subsidiary fits our business model of a full service financial company, while adding another service/product line for our business customers. It is the company's intention upon completion of its buysellmerger.com unit that these services can be cross marketed to its clients and will enhance the revenue of the company. We intend to utilize warehouse lines of credit to acquire select portfolios of receivables that will yield the company the greatest return on investment," said Abraham Rosenman, President of First Guardian Financial Corporation.
About First Guardian Financial Corporation:
The company provides Commercial Real Estate Financing & Invests/Lends for its own portfolio in small to mid sized businesses. Its primary goal is to provide short term financing within the commercial real estate market and invest in businesses either start up or growth wise throughout the United States.
SOURCE: First Guardian Financial Corporation
CONTACT: First Guardian Financial Corporation Investor Relations, 212-572-4823 Fax: 212-572-6499 ir@guardianfinancialcorp.com www.guardianfinancialcorp.com
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