Crown Asset Management, LLC Completes Recapitalization

Atlanta — Crown Asset Management, LLC, a leading purchaser of charged off consumer debt, recently completed a recapitalization consisting of a new, three year $27 million credit facility. The credit facility, composed of senior debt and mezzanine financing, will be used to acquire portfolios of non-performing consumer debt and to refinance its previous lenders.

Brian K. Williams, Chief Executive Officer of Crown stated: “We are delighted to complete this financing after almost two years of work in a difficult credit market.  This facility will allow us to begin growing again and to participate in new deals with our established business partners.”

Crown and its affiliates have grown from 3 employees at the end of 2004 to over 50 people. The company also employs a nationwide network of over fifty collection agencies and law firms in its activities. Crown primarily purchases discharged credit card debt, auto deficiencies and consumer loan portfolios. Since its inception, Crown has purchased nearly $1.5 billion in delinquent receivables from numerous issuers.

In addition to Mr. Williams, the senior management team of Crown includes Stephen P. Riexinger, co-founder and Chief Legal Officer, Rodney J. Fortune, Chief Operating Officer and James A. Terwoord, Chief Financial Officer. The principals have over 40 years of combined experience in the debt buying industry and have been directly involved in the purchase and sale of nearly $5 billion in discharged debt portfolios.   For information on portfolio purchasing and sale opportunities, please contact Brian K. Williams or visit the company web site at www.crownasset.com.