CompuCredit Agrees to Purchase Fingerhut Receivables.Business Editors June 26, 2002 - CompuCredit Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CCRT CCRT Core Conflictual Relationship Theme CCRT Conseil Canadien de la Réadaptation et du Travail (Canadian Council on Rehabilitation and Work) CCRT Cape Cod Rail Trail (Massachusetts, USA) ) today announced that it had agreed with Federated Connected and treated as one. See federated database and federated directories. Department Stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. , Inc. (NYSE NYSE See: New York Stock Exchange : FD) to purchase approximately $1.2 billion in face amount of credit card receivables at a discount. The transaction, which remains contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent closing conditions being met, is currently expected to close in July. CompuCredit intends to retain over 800 Fingerhut employees currently servicing the portfolio at the company's St. Cloud and Monticello, Minnesota credit facilities. "Not only are we excited about the purchase of these receivables," said David Hanna, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CompuCredit, "we are delighted to welcome over 800 experienced and dedicated new employees to the CompuCredit family. This purchase will allow us to continue to implement our business plan of acquiring attractive portfolios to grow our business." CompuCredit Corporation is a credit card company that uses analytical techniques, including sophisticated computer models, to market general-purpose credit cards and related fee-based products and services. Through its Aspire(R) brand and others, the company currently serves over 2 million customers nationwide. Credit cards marketed by CompuCredit are issued by Columbus Bank and Trust Company under an agreement with CompuCredit. For more information about CompuCredit, visit www.compucredit.com. Our expectation that the transaction will close in July and the statements with respect to our business plan are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to various assumptions, risks, and other factors that could cause our actual results to differ materially from those suggested by these forward-looking statements. These factors include, among others, the following risks and others set forth under the caption "Risk Factors" in CompuCredit's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2001: the final documentation for aspects of the transaction still needs to be completed, the transaction is subject to various closing conditions, and CompuCredit has no control over how many Fingerhut employees will accept employment offers. Moreover, as a consequence of those or other factors, CompuCredit's plans or expectations may change. CompuCredit expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. |
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