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The Michigan Economic Development Corporation (MEDC) announced the approved tax credits for Asset Acceptance and other companies in a May 19 news release: (Granholm Announces Companies Investing Over $103 Million, Creating and Retaining More Than 4,200 Jobs in Michigan).
Rion Needs, President and CEO, commented: "We are pleased to be working with State and local governments to foster the continued growth of Asset Acceptance and do our part to bring much needed jobs to the Michigan economy. Programs like the MEGA tax credit illustrate how businesses and government can work together to spur growth and create jobs in the face of difficult economic conditions."
Under the MEGA Standard Credit Agreement executed by Asset Acceptance and the MEDC on June 9, the Company is eligible for state tax incentives valued at $2.7 million over seven years for the purpose of job creation.
Asset Acceptance plans to invest $8.1 million to embark on an aggressive growth strategy that expands existing core competencies while building analytical and technical capabilities to fuel future growth in Warren. The MEDC estimates the increased economic activity created by the facility will create 601 new jobs, including 432 directly by the Company.
In addition to the MEGA tax credit, the city of Warren recently approved a six-year property tax abatement for Asset Acceptance in the amount of $172,305.
About Asset Acceptance
For more than 45 years, Asset Acceptance has provided credit originators, such as credit card issuers including private label card issuers, consumer finance companies, utilities and others, an efficient alternative in recovering defaulted consumer debt. For more information, please visit www.AssetAcceptance.com.
Asset Acceptance Capital Corp. Safe Harbor Statement
This press release contains certain statements, including the Company's plans and expectations regarding its operating strategies, charged-off receivables and costs, which are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include reference to the Company's presentations and Web casts. These forward-looking statements reflect the Company's views, expectations and beliefs at the time such statements were made with respect to such matters, as well as the Company's future plans, objectives, events, portfolio purchases and pricing, collections and financial results such as revenues, expenses, income, earnings per share, capital expenditures, operating margins, financial position, expected results of operations and other financial items. Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("Risk Factors") that make the timing, extent, likelihood and degree of occurrence of these matters difficult to predict. Words such as "anticipates," "believes," "estimates," "expects," "intends," "should," "could," "will," variations of such words and similar expressions are intended to identify forward-looking statements. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and outcomes to differ materially from those described in the forward-looking statements. Risk Factors include, among others: ability to purchase charged-off consumer receivables at appropriate prices, ability to continue to acquire charged-off receivables in sufficient amounts to operate efficiently and profitably, employee turnover, ability to compete in the marketplace and acquiring charged-off receivables in industries that the Company has little or no experience. These Risk Factors also include, among others, the Risk Factors discussed under "Item 1A Risk Factors" in the Company's most recently filed Annual Report on Form 10-K and in other SEC filings, in each case under a section titled "Risk Factors" or similar headings and those discussions regarding risk factors as well as the discussion of forward-looking statements in such sections are incorporated herein by reference. Other Risk Factors exist, and new Risk Factors emerge from time to time that may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Furthermore, the Company expressly disclaims any obligation to update, amend or clarify forward-looking statements.
SOURCE Asset Acceptance Capital Corp.
http://www.AssetAcceptance.com
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