ARM Industry Vets Launch New Public Debt Purchaser

Industry veterans, Anthony J. Renteria and Daniel M. Cofall, formally of Turtle Creek Assets, LTD. dba Forward Properties International, Inc., announced today their November 2006 acquisition of controlling interest in Harrell Hospitality Group, Inc. (“HLHGA”) and their intention to create a new, publicly traded accounts receivable management and financial services company.

Details of the acquisition are contained in an 8-K filed with the SEC on November 7, 2006. http://www.sec.gov/Archives/edgar/data/45694/000004569406000015/hh8k0611.pdf.  On January 5, 2007 the name of the company was changed to NorAm Capital Holdings, Inc. to better identify the company within the ARM and financial services sector.

“We see opportunities within the ARM industry for remarkable growth.  Additionally, we see a number of companies choosing to leave the public space.  We believe that there is a huge opportunity for emerging companies such as NorAm to enter this public arena and thrive,” said Anthony Renteria, NorAm’s President and CEO.  “Where others in our industry see being public as a cost and administrative burden, we see it as an exceptional marketing opportunity.  As issuers demand greater accountability from their buyers, contingency agencies and advisors, we believe the transparency of a public company adds to the issuer’s comfort level and reduces the time and cost of due diligence.” said Dan Cofall, Executive Vice President and Chief Financial Officer of NorAm. 

NorAm believes that industry policy is driven from the issuers down and that companies within the ARM industry should begin to mirror the expected changes that will be driven by these entities.  Issuers are already proposing significant improvements in data management and security.  Whether through public pressure, governmental persuasion, legislation or the ARM industry’s self regulation, changes such as complete background checks for all third party servicers and new contractual requirements governing data dissemination protocols are becoming more common.  Mr. Renteria stated “There is a legislative wave headed our direction and we hope to be in front of that wave.  We recognize the immense pressure and scrutiny issuers face in today’s litigious environment and we support increased transparency within our industry.”

“We feel the costs of audits, legal opinions, SARBOX compliance, etc. are worth the added expense as they provide the issuers with documented professional opinions and clearly defined procedures upon which to rely when deciding with whom to do business.  This dramatically reduces the issuers’ costs and time related to due diligence.” said Mr. Cofall.  “We are not burdened with legacy systems and we can tailor our new systems to meet the constantly changing needs of issuers and our clients.”