SAN DIEGO, Calif.--(BUSINESS WIRE)--Heritage Global Inc. (OTCQB: HGBL, CSE: HGP) (“Heritage Global,” “HGI” or “the Company”), a diversified financial services company providing asset-based acquisition, disposition, valuation, and lending services, today announced the launch of Heritage Global Capital, a new platform to provide specialty financing solutions to small- and medium-sized investors in charged-off and nonperforming asset portfolios and other asset-based classes.
As part of the launch, the Company recently hired David Paris and Don Hilbert to lead Heritage Global Capital. Mr. Paris has over twenty nine years of experience in the receivables management industry including founding Receivable Services of America and Zenith Acquisition Corporation, which he led to become one of the largest debt buyers in the industry. Most recently, Mr. Paris served as Chief Marketing Officer at CMAX, LLC, a specialty finance company focused on distressed asset markets. Mr. Hilbert brings seventeen years of experience in the consumer debt and specialty finance industries, including roles as founding partner and Chief Financial Officer of Flock Specialty Finance, a specialty lender providing capital to small and mid-size companies in the distressed consumer debt industry, and as a senior executive with Worldwide Asset Management, one of the top ten purchasers of charged-off consumer receivables in the U.S. Mr. Hilbert’s prior experience includes roles in M&A, investment banking and public accounting.
“We are extremely excited to welcome David and Don to the Company, and to introduce Heritage Global Capital as a provider of specialty financing solutions,” stated Ross Dove, Chief Executive Officer of Heritage Global Inc. “This new platform will leverage the domain expertise and relationships of Heritage National Loan Exchange, our leading loan sale advisor of charged-off and nonperforming assets via an electronic auction exchange platform, and target a growing but underserved market – namely, smaller buyers of charged-off receivables seeking economic financing options. Over time, we expect Heritage Global Capital to meaningfully enhance the growth, sustainability, and diversification of our revenues and earnings.”
About Heritage Global Inc. (www.heritageglobalinc.com)
Heritage Global Inc. (OTCQB: HGBL, CSE: HGP) is a diversified financial services company providing asset-based acquisition, disposition, valuation, and lending services. Heritage Global focuses on identifying, valuing, acquiring and monetizing underlying tangible and intangible assets across twenty-eight global sectors. The company acts as an adviser, as well as a principal, acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, accounts receivable portfolios, intellectual property, and entire business enterprises.
Forward-Looking Statements
This communication includes forward-looking statements based on our current expectations and projections about future events. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this communication are based on knowledge of the environment in which the Company currently operates and are subject to change based on various important factors, including variability in magnitude and timing of asset liquidation transactions, the impact of changes in the U.S. national and global economies, interest rate and foreign exchange rate sensitivity, as well as other factors beyond the Company's control. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission.