Press Release
| Asset Acceptance Capital Corp. Announces Appointment of Chief Information Officer |
WARREN, Mich., Dec 01, 2010 (BUSINESS WIRE) -- Asset Acceptance Capital Corp. (NASDAQ: AACC), a leading purchaser and collector of charged-off consumer debt, today announced that it has hired Todd Langusch to assume the role of Chief Information Officer. Rion Needs, President and Chief Executive Officer, commented, "We are excited to welcome Todd to the Asset Acceptance senior leadership team. He will be responsible for leading the IS organization and ensuring our information technology investments are meeting the needs of the Company. Todd's track record, professional experience and IT expertise will be key to building our infrastructure and collection capabilities across our network. We are confident in his ability to further realize operational efficiencies, improve analytics, and develop our business intelligence capabilities to position Asset Acceptance for long-term growth." Langusch has a strong background within the Collection and Debt Purchasing Industry. Most recently, he served as Chief Executive Officer for Tech Lock Incorporated. While at Tech Lock, Langusch led project teams to perform technology assessments, remediation services and consulting for companies seeking industry best IT practices and regulatory compliance measures. Prior to joining Tech Lock Incorporated, Langusch served as a senior director of information technology at Sallie Mae, where he was responsible for the strategic and tactical leadership of the department. Prior to joining Sallie Mae, Langusch served as a senior manager of information technology for MCI, a leading provider of advanced communications services for large businesses, government and international organizations. Langusch has divested his ownership interest and discontinued his involvement in Tech Lock, which continues to be owned and operated by his spouse. On November 24, 2010, the Company's Board of Directors waived any potential conflicts of interest for Langusch that may arise under the Company's Code of Business Conduct resulting from Tech Lock Incorporated continuing to provide services to others within the Collection and Debt Purchasing Industry, which may include competitors or those providing services to the Company. About Asset Acceptance Capital Corp. For more than 45 years, Asset Acceptance has provided credit originators, such as credit card issuers, consumer finance companies, retail merchants, 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 webcasts. 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. FD |