EX-99.1
3
exhibit99-1.htm
EXHIBIT 99.1
Heritage Global, Inc. - Exhibit 99.1 - Filed by newsfilecorp.com
News Announcement
HERITAGE GLOBAL INC. ACQUIRES NATIONAL LOAN EXCHANGE, INC.,
NORTH AMERICA'S LEADING CHARGED-OFF RECEIVABLES BROKER
SAN DIEGO, California, and EDWARDSVILLE, Illinois (June 3,
2014) -
Heritage Global Inc.
(OTCQB:
HGBL; CSE: HGP) ("Heritage Global" or the "Company"), a global leader in
distressed and surplus asset valuations and monetization transactions, has
acquired National Loan Exchange, Inc. (NLEX), the largest volume broker of
charged-off receivables in the US and Canada. Its offerings include national,
state and regional portfolios on behalf of many of the world's top financial
institutions.
NLEX will operate as a wholly owned division of Heritage
Global, further expanding and diversifying its comprehensive distressed asset
offerings. Prior to this transaction NLEX had been operating exclusively as a
broker/agent. Subsequent to the acquisition, NLEX will also be acting as a
principal, capitalizing upon Heritage Global's extensive human and financial
resources. It is expected that all NLEX employees will remain with the
organization. Additional terms of the agreement were not disclosed.
Heritage Global Managing Partner Ross Dove stated, "The
National Loan Exchange acquisition underscores Heritage Global's strategy of
building a world-class company that can handle all forms of asset dispositions
both domestically and internationally. NLEX has been a pioneer in
distressed assets dating back to the 1980s when its parent company created an
open market for the Resolution Trust Company assets. For more than two decades
they have also been known as a leading broker of charged-off receivables. Their
NLEX Electronic Auction Platform
revolutionized the market for charged-off assets, creating
enhanced liquidity for lenders.
"Since the introduction of NLEX's auction platform in 2000, it
has generated in excess of $150 billion face value sales covering more than
5,000 dispositions of performing, non-performing and charged-off assets. Adding
a distressed financial assets division to our auction and appraisal capabilities
is a logical progression for Heritage Global. We expect NLEX's top- and
bottom-line financial contributions to enhance our overall operating results and
be a source of consistent, sustainable earnings".
National Loan Exchange
President David Ludwig stated, "Teaming with Heritage Global is an excellent fit
as we both have similar mindsets regarding the valuation and disposition of
distressed assets. The addition of our company's financial focus and experience
to Heritage's wealth of surplus capital asset expertise is a clear win-win for
our respective customers and also provides both organizations with numerous
operating synergies to exploit".
In addition to sale services, through its
affiliate
Solutions Management Group International,
LLC
, NLEX also helps clients optimize portfolio presale
performance by utilizing a network of the world's premier service providers.
- 2 -
About Heritage Global Inc. (
www.heritageglobalinc.com)
Heritage Global Inc. (OTCQB: HGBL, CSE: HGP) is a value-driven,
innovative leader in distressed and surplus asset and enterprise valuations and
monetization transactions. The Company focuses on identifying, valuing,
acquiring and monetizing distressed and surplus assets in 25 global
manufacturing and technology sectors. It specializes in acting both as an
advisor as well as principal in the acquisition and monetization of turnkey
manufacturing facilities, surplus industrial machinery and equipment, industrial
inventories, accounts receivable portfolios and related intellectual property.
Forward-Looking Statements
The statements made in this release that are not historical
facts contain forward-looking information that involves risks and uncertainties.
All statements, other than statements of historical facts, which address the
Company's expectations, should be considered as forward-looking statements. Such
statements are based on knowledge of the environment in which the Company
currently operates, but because of the factors listed herein, as well as other
factors beyond the Company's control, actual results may differ materially from
the expectations expressed in the forward-looking statements. Important factors
that may cause actual results to differ from anticipated results include, but
are not limited to, obtaining necessary approvals and other risks detailed from
time to time in the Company's securities and other regulatory filings.
Contact:
Stephen A. Weintraub
Robert Rinderman or Jennifer Neuman
Executive Vice President, Secretary & CFO
JCIR
sweintraub@counselcorp.com
or 416/866-3058
HGBL@jcir.com
or 212/835-8500
# # #

EX - 99 . 1 3 exhibit99 - 1 . htm EXHIBIT 99 . 1 Heritage Global , Inc . - Exhibit 99 . 1 - Filed by newsfilecorp.com News Announcement HERITAGE GLOBAL INC . ACQUIRES NATIONAL LOAN EXCHANGE , INC . , NORTH AMERICA 'S LEADING CHARGED - OFF RECEIVABLES BROKER SAN DIEGO , California , and EDWARDSVILLE , Illinois ( June 3 , 2014 ) - Heritage Global Inc . ( OTCQB : HGBL ; CSE : HGP ) ( " Heritage Global " or the " Company " ) , a global leader in distressed and surplus asset valuations and monetization transactions , has acquired National Loan Exchange , Inc . ( NLEX ) , the largest volume broker of charged - off receivables in the US and Canada . Its offerings include national , state and regional portfolios on behalf of many of the world 's top financial institutions . NLEX will operate as a wholly owned division of Heritage Global , further expanding and diversifying its comprehensive distressed asset offerings . Prior to this transaction NLEX had been operating exclusively as a broker / agent . Subsequent to the acquisition , NLEX will also be acting as a principal , capitalizing upon Heritage Global 's extensive human and financial resources . It is expected that all NLEX employees will remain with the organization . Additional terms of the agreement were not disclosed . Heritage Global Managing Partner Ross Dove stated , " The National Loan Exchange acquisition underscores Heritage Global 's strategy of building a world - class company that can handle all forms of asset dispositions both domestically and internationally . NLEX has been a pioneer in distressed assets dating back to the 1980s when its parent company created an open market for the Resolution Trust Company assets . For more than two decades they have also been known as a leading broker of charged - off receivables . Their NLEX Electronic Auction Platform revolutionized the market for charged - off assets , creating enhanced liquidity for lenders . " Since the introduction of NLEX 's auction platform in 2000 , it has generated in excess of $ 150 billion face value sales covering more than 5,000 dispositions of performing , non - performing and charged - off assets . Adding a distressed financial assets division to our auction and appraisal capabilities is a logical progression for Heritage Global . We expect NLEX ' s top - and bottom - line financial contributions to enhance our overall operating results and be a source of consistent , sustainable earnings " . National Loan Exchange President David Ludwig stated , " Teaming with Heritage Global is an excellent fit as we both have similar mindsets regarding the valuation and disposition of distressed assets . The addition of our company 's financial focus and experience to Heritage 's wealth of surplus capital asset expertise is a clear win - win for our respective customers and also provides both organizations with numerous operating synergies to exploit " . In addition to sale services , through its affiliate Solutions Management Group International , LLC , NLEX also helps clients optimize portfolio presale performance by utilizing a network of the world 's premier service providers . - 2 - About Heritage Global Inc . ( www.heritageglobalinc.com ) Heritage Global Inc . ( OTCQB : HGBL , CSE : HGP ) is a value - driven , innovative leader in distressed and surplus asset and enterprise valuations and monetization transactions . The Company focuses on identifying , valuing , acquiring and monetizing distressed and surplus assets in 25 global manufacturing and technology sectors . It specializes in acting both as an advisor as well as principal in the acquisition and monetization of turnkey manufacturing facilities , surplus industrial machinery and equipment , industrial inventories , accounts receivable portfolios and related intellectual property . Forward - Looking Statements The statements made in this release that are not historical facts contain forward - looking information that involves risks and uncertainties . All statements , other than statements of historical facts , which address the Company 's expectations , should be considered as forward - looking statements . Such statements are based on knowledge of the environment in which the Company currently operates , but because of the factors listed herein , as well as other factors beyond the Company 's control , actual results may differ materially from the expectations expressed in the forward - looking statements . Important factors that may cause actual results to differ from anticipated results include , but are not limited to , obtaining necessary approvals and other risks detailed from time to time in the Company 's securities and other regulatory filings . Contact : Stephen A . Weintraub Robert Rinderman or Jennifer Neuman Executive Vice President , Secretary & CFO JCIR sweintraub@counselcorp.com or 416 / 866 - 3058 HGBL@jcir.com or 212 / 835 - 8500 # # #