AutoFund Servicing -AFSR- Enters Into A Non-Binding Bid For The Acquisition of a $56 Million Dollar Portfolio.Business Editors SAN ANTONIO--(BUSINESS WIRE)-Sept. 26,2001--AutoFund Servicing, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AFSR AFSR Association Française du Syndrome de Rett AFSR Association Franco-Suédoise pour la Recherche (French) AFSR Argonne Fast Source Reactor (Argonne National Laboratory) AFSR Armed Forces of South Russia ) announces that The Board of Directors have entered into a non-binding bid for the acquisition of a $56 million dollar portfolio. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mr. James Haggard, Chairman of the Board and President of AutoFund Servicing, Inc. "The portfolio has approximately 12,000 automobile accounts from around the nation, with a significant percent still having possession of the collateral. The non-binding bid allows AutoFund the opportunity to complete its due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. in order to determine the portfolio value to AutoFund while not allowing other bidders to review the portfolio. Should AutoFund's final offer be accepted, the new portfolio could very well double the size of our portfolio base and increase revenues significantly". About the Company AutoFund Servicing, Inc is a third party collection and recovery service provider to auto loan finance companies. Our clients include banks, buy here pay here companies and auto finance companies that have bad debt accounts. These auto loan accounts have, for the most part, been written off or charged off by the company who provided the vehicle loan to the customer, and the debt is still owed by a customer whose vehicle may or may not have been repossessed. AutoFund aggressively seek accounts from these companies to process for recovery. AutoFund purchases large numbers of these accounts, at pennies on the dollar, from companies that wish to liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the certain delinquent accounts from their portfolio. Then AutoFund through its large professional staff attempts to collect the moneys owed on these accounts. It also provides data storage services for clients and generates reports from this data for its clients. Certain statements about the Company's future expectations, including future revenues, earnings and transactions, as well as all other statements in the press release other than historical facts, are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results and other corporate developments could differ materially from that which has been anticipated in such statements. |
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