PALM BEACH GARDENS, Fla., March 29, 2011 (GLOBE NEWSWIRE) -- National Asset Recovery Corporation (Pink Sheets:REPO) stated today it has entered into a joint venture agreement with Allied International Credit (AIC) to develop and expand REPO's skip tracing department.
Who is Allied International Credit (AIC)? One of the leading global debt collections in the world.
Allied International Credit (AIC) is one of the world's largest debt collection companies.
Chairman Bradley Wilson states that the joint venture between REPO and AIC is very exciting for several reasons:
- AIC is one of the world's largest debt collection companies in the world
- They have over 30 years experience in the collection business
- They have created their own proprietary software which is called the Watershed Information Software
- They have highly trained and experienced personnel
- The company is well capitalized with many product lines where AIC and REPO will joint venture on in the future
Skip Tracing work is highly specialized. The work commands a much higher price tag per job, and yields larger profit margins.
With the joint venture in place between REPO and AIC, REPO is in a position to aggressively build their skip tracing department, all the while keeping their overhead low and profits high.
National Asset Recovery Company (REPO) operates as a Collateral Recovery Company that specializes in the repossession of motor vehicles, and luxury assets such as boats, planes, motor homes and commercial heavy equipment.
Their clients are banks, lenders and finance companies that have made loans to consumers and businesses who purchased autos, trucks, airplanes, boats, yachts, motor homes and construction equipment. National Asset Recovery Corporation entered the Florida market and has expanded nationwide by creating alliances with over 600 asset recovery agents with 700 locations in 50 states. National Asset Recovery operates on a national basis as a collateral recovery forwarding company. They use their lender contact relationships to obtain repossession assignments. Then they outsource the assignments to 600 other recovery agents they have partnered with. The company then oversees the recovery process and logistics from start to finish for their banks and lenders. This allows banks and lenders to deal with one company versus hundreds of companies thus saving them time and money. Additionally, National Asset Recovery Corporation offers skip tracing services where they have partnered with one of the largest debt collection agencies in the world with over 30 years of experience. They intend to keep expanding their business by continuing to grow these affiliations with recovery agents, banks, lenders and financial companies as well as develop new product lines and services that their clients need.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
In a previous new release, National Asset Recovery Corporation (REPO) inadvertently stated that their symbol traded on the QTCQX. REPO currently trades on the OTCQB. The company has been informed of all listing criteria for both levels, and has made all corrections.
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