Paramax Announces Launch of New Third Party Asset-Backed Conduit Effort.

Business Editors

STAMFORD, Conn.--(BUSINESS WIRE)--Jan. 23, 2004

Paramax Capital Group has announced that it will be launching a new multi-seller asset-backed commercial paper program, Paramax Capital Funding, LLC. The new vehicle will target financing various asset pools including trade receivables, consumer credit assets, mortgages and highly rated securities. Paramax is broadening its product set to provide additional services to complement its FIN 46 expected loss note activities.

"We are very excited about the launch of this new effort" says Gordon A. Baird, Chief Executive Officer of Paramax Capital Group. "We believe there is a need and demand for third party conduits in this new structured finance paradigm." Al Hageman, Paramax's Chief Investment Officer and former head of Citigroup's securitization businesses adds "we think we can provide a high value service and funding to our institutional client base as a complement to their structured finance and funding efforts."

Paramax Capital Group is a specialty structured finance firm headquartered in Stamford, Connecticut with over $8 billion of consolidated assets. Paramax provides subordinated capital to the structured finance markets including FIN 46 expected loss and mezzanine ABS capital as well as advisory and administration services.