CompuCredit Closes Purchase of Credit Card Assets From Providian.Business Editors 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 completed, in conjunction with affiliates of Goldman, Sachs & Co. and Salomon Smith Barney, the purchase of approximately $1.2 billion of credit card assets from a subsidiary of Providian Financial Corporation (NYSE NYSE See: New York Stock Exchange : PVN (Private Virtual Network) See VPN. ). "The purchase of this portfolio is consistent with our current business plan," 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 said. "We look forward to implementing our management strategies on this portfolio that we believe will result in additional earnings for CompuCredit in the future." 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 this transaction will generate additional earnings is a forward looking statement. Actual results may differ materially from those suggested by this forward looking statement for a number of reasons including those 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, and the difficulties of transitioning an acquired portfolio to a new owner, including the possibility that former Providian customers will not want to continue using their accounts or may choose to use them (or pay them) differently from before; the difficulties in transitioning the servicing of the accounts from Providian to CompuCredit; the possibility that CompuCredit has not accurately evaluated the creditworthiness Creditworthiness The condition in which the risk of default on a debt obligation by that entity is deemed low. Creditworthiness Eligibility of an individual or firm to borrow money. of the cardholders whose accounts are being acquired; and the economic and other factors that impact the credit card business generally. 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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