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Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Joe Copia who wrote (24784)	8/7/2002 8:27:53 AM
From: Joe Copia	Respond to of 25711

PCRC news. Stock has moved lately. (PR NEWSWIRE) Prime Captial Resources, Inc. Issues Corporate Summary and Indu Prime Captial Resources, Inc. Issues Corporate Summary and Industry Overview NEW YORK, Aug. 6 /PRNewswire-FirstCall/ -- Gerry Schwebel, Operations Manager, Prime Capital Resources, Inc. (OTC: PCRC) announced today the company is actively seeking to expand its debt buying and collections business and is in negotiation to acquire new multi-million dollar portfolios of defaulted consumer debt from major financial institutions. Management believes there are extremely attractive opportunities in this market place. Industry Overview Granting credit to consumers is prevalent in today's society. Banks, credit card issuers, phone companies, health clubs, retailers, utilities and consumer finance companies routinely grant credit to their customers. Delinquent consumer debt was estimated to have reached $135 Billion at the end of 2000. When the creditor has exhausted internal attempts to collect the debt these accounts are often "pooled" into "portfolios" based upon objective criteria such as age, face value, previous collection activity and geographic location. These "portfolios" are then offered for sale as portfolios of delinquent consumer debt. The acquisition price is generally at a substantial discount to face value often times for pennies on the dollar. Competitive Environment The outsourced accounts receivable management industry is a highly fragmented industry ranging from large public companies to small private entities. Major industry players include: Cargill Financial Services (a division of Cargill, Inc. 2001 revenues over $49 billion), NCO Portfolio Management (2001 revenues over $62 million), NCO Group (2001 revenues over $700 million), Asta Funding Inc. (2001 revenues $24 million), FirstCity Financial Corp (2001 revenues over $37 million). Recently Australian billionaire Kerry Packer entered the debt buying and collection business by investing in Encore Capital Group (2001 revenues over $47 million). "Prime Capital Resources Inc. through our wholly owned subsidiary Professional Adjustment Systems is uniquely situated to substantially expand our debt buying and collections business. We enjoy a solid reputation with many of the largest debt sellers in the country. Our performance in collecting these portfolios has truly established PAS as solid up and coming player in the industry. The Management team is truly excited about the opportunities open to us in this multi-billion business and look forward to significant expansion in the future," concluded Gerry Schwebel, Manager, Prime Capital Resources, Inc. About Prime Captal Resources, Inc. Prime Capital Resources, Inc. is a New York City based publicly held company trading under the ticker symbol "PCRC". Through its 7.5 year old wholly owned subsidiary, Professional Adjustment Systems, (PAS) the company's primary business is the purchase, collection, and management of defaulted consumer debt acquired from major financial institutions. PAS has previously acquired portfolios of defaulted consumer debt from Citicorp, Household Finance Company, The Dime Savings Bank, Discover Card and American General Financial. These acquisitions represent in face value excess of approximately $35,000,000 worth of original debt. The Company is a licensed Debt Collection Agency in New York State and is authorized to engage in debt collection activities nationwide. The company is comprised of a seasoned management team combined with experienced debt collection agents and skip tracers to proactively work with debtors to structure favorable resolutions to these outstanding loans. PAS engages outside law firms when required to seek legal recourse against the debtor. The company obtains new portfolios of debt from time to time from its existing set of financial partners and management is consistently seeking technologically advanced methods of increasing the company's debt collection efficiencies.