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Microcap & Penny Stocks : Samuels Jewelers (SMJW) -- Ignore unavailable to you. Want to Upgrade?

To: leigh aulper who wrote (20)	6/21/1999 5:32:00 PM
From: leigh aulper	Respond to of 29

Samuels Jewelers Inc. Announces Sale of Credit Portfolio to Alliance Data Systems AUSTIN, Texas--(BUSINESS WIRE)--June 21, 1999--Samuels Jewelers Inc. (OTC BB:SMJW) ("Samuels") announced today it has signed a letter of intent to sell its credit portfolio to a subsidiary of Alliance Data Systems, a leading provider of private label credit services. Terms of the transaction were not disclosed. The proposed sale, expected to close in late summer, constitutes the final piece of the restructuring Samuels began more than two years ago. The funds generated from the sale will be used to reduce debt. As a result of this transaction, Samuels will eliminate its current in-house credit department. "In Alliance Data Systems, we gain a business partner with extensive retail experience that will assist us in effectively reaching our target customer, while allowing us to focus on our core business. Alliance Data Systems possesses significant portfolio management experience and state-of-the-art credit risk systems. These key competencies are especially important given our desire to enhance our credit portfolio performance as well as our ability to continually attract and retain loyal customers," said Randy N. McCullough, Samuels' president and chief executive officer. "Today's announcement allows us to continue our expansion and improves our ability to efficiently deliver the best value in the mall to our customers, capitalizing on the 100-year tradition of Samuels Jewelers," continued McCullough. "We are excited about this opportunity to apply our unique retail credit and marketing capabilities to support Samuels' growth goals and assist them in developing lasting relationships with their customers," said Ivan Szeftel, president, Retail Credit Services, Alliance Data Systems. Samuels Jewelers Inc. sells fine jewelry and watches in 115 stores in 18 states under the trade names Samuels, Schubach, Mission, A. Hirsh & Son and Hatfield Jewelers. Alliance Data Systems is one of the nation's largest providers of private label credit, network, billing, customer care and database services, servicing nearly 57 million consumer accounts and processing more than one billion transactions annually. The Company currently employs more than 6,500 associates at 16 locations in the United States, Canada and New Zealand. For more information, visit Alliance Data Systems' Web site at www.alliancedatasystems.com.