Exhibit 99.1
PRESS RELEASE
For Immediate Release
Contact: Carl C. Gregory, III
President and Chief Executive Officer
(858) 309-6960
MCM CAPITAL GROUP SECURES NEW CREDIT FACILITY
San Diego, CA-November 21, 2000-MCM Capital Group Inc. (OTC.BB-MCMC)
announced today that a newly formed bankruptcy remote subsidiary has entered
into a $75 million credit facility with an institutional lender for the purpose
of acquiring charged off consumer debt that meets the lender's criteria. These
funds are available immediately to purchase such debt and can be continuously
drawn upon during the four-year term of this agreement. Importantly, repayment
of these loans is dependant on the collections from the assets securing the
loans and not from the proceeds of a subsequent securitization or other loan.
Commenting on this development, Carl C. Gregory, III, President and CEO
said, "This is another important milestone in MCM's progress. We plan to be an
active purchaser during 2001 and fundings under this facility will enable us to
buy those high quality pools of assets that our proprietary purchase techniques
identify as being most suitable for our business."
NOTES TO PRESS RELEASE
The statements in this press release that are not historical facts,
including most importantly, those statements preceded by, or that include, the
words "may," "believes," "projects," "expects," "anticipates" or the negation
thereof, or similar expressions, constitute "forward looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform
Act"). These statements may included, but are not limited to, projections of
revenues, income or loss, estimates of capital expenditures, plans for future
operations, products or services, and financing needs or plans, as well as
assumptions relating to those matters. For all "forward-looking statements" the
Company claims the protection of the safe-harbor for forward-looking statements
contained in the Reform Act. Such forward-looking statements involve risks,
uncertainties and other factors which may cause actual results, performance or
achievements of the Company and our subsidiaries to be materially different from
any future results, performance or achievements expressed or implied by such
forward-looking statements. Factors that could affect the Company's results and
cause them to materially differ from those contained in the forward-looking
statements include:
-- the Company's ability to maintain existing, and secure additional,
financing;
-- the Company's ability to maintain sufficient liquidity to operate our
business including our ability to meet the liquidity covenant of our
securitization and warehouse transactions and to obtain new capital to
enable the Company to reinstitute receivable purchases;
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-- the Company's continued servicing of the receivables in our
securitization transactions and warehouse facility;
-- the Company's ability to recover sufficient amounts on or with respect
to receivables to fund operations (including from sellers of
non-conforming receivable portfolios);
-- the Company's ability to hire and retain qualified personnel to
recover its receivables efficiently.
-- changes in, or failure to comply with, government regulations;
-- the Company's ability to successfully integrate the assets acquired
from West Capital Financial Services Corp.;
-- the costs, uncertainties and other effects of legal and administrative
proceedings; and
-- risk factors and cautionary statements made in the Company's Annual
Report on Form 10-K for the period ended December 31, 1999 and the
Company's Quarterly Reports on Form 10-Q for the periods ended March
31, 2000, June 30, 2000 and September 30, 2000.
Forward-looking statements speak only as of the date the statement was
made. They are inherently subject to risks and uncertainties, some of which the
Company cannot predict or quantify. Future events and actual results could
differ materially from the forward-looking statements. The Company will not
undertake and specifically declines any obligation to publicly release the
result of any revisions to any forward-looking statements to reflect events or
circumstances after the date of such statements or to reflect the occurrence of
anticipated or unanticipated events, whether as the result of new information,
future events or for any other reason. In addition, it is the Company's policy
generally not to make any specific projections as to future earnings, and the
Company does not endorse any projections regarding future performance that may
be made by third parties.
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