CAPITAL Corporate News

Card Acquisition sees "value-add" opportunities with CAPITAL
August 5, 2005

SIOUX FALLS, SD, - CAPITAL Card Services, Inc. (CAPITAL), a leader in portfolio management and card outsourcing solutions, today announced that it has signed a multi-year agreement with Card Acquisition, LLC (“Card Acquisition”). Under the terms of the agreement, CAPITAL will provide account servicing for Card Acquisition’s national credit card program.

"There are several card-servicing companies in the market that can answer your incoming customer service calls," said Michael J. Philippe, President of Card Acquisition. “However, we sought out a partnership with CAPITAL because of their proven portfolio management expertise, which we believe will bring us the value-add we are looking for in a servicing partner.”

Card Acquisition specializes in acquiring non-performing and sub-performing consumer debt portfolios and transitioning them into high-performing, profitable assets, which Card Acquisition then either sells or for which it provides ongoing funds management, services.

"Our arrangement with Card Acquisition allows us to assist them in maximizing the credit card opportunity for their investors," said Jeffrey J. Aegerter, President and CEO for CAPITAL. “They are a great group to work with and I believe we will find many synergies together.”

CAPITAL will provide customer contact and portfolio management services for Card Acquisition. The company intends to support this new business relationship with additional staff at both its Sioux Falls and Brookings sites in South Dakota.