Portfolio Recovery Associates Contributes to American Red Cross Relief Efforts in HaitiNORFOLK, VA, Jan 27, 2010 (MARKETWIRE via COMTEX) -- Portfolio Recovery Associates, Inc. (NASDAQ: PRAA), a company that purchases, collects and manages portfolios of defaulted consumer receivables and provides a broad range of accounts receivable management and payment processing services, today announced that the Company and its employees donated approximately $64,000 to the American Red Cross to assist its relief efforts in Haiti.
After delivering a check for $64,000 to the American Red Cross of Southeastern Virginia yesterday, representing employee contributions of $32,000 and a matching corporate contribution, Chris Graves, Senior Vice President of Portfolio Recovery Associates, said, "The devastating loss of life and property in Haiti is heartbreaking. Once again, we are very proud of the charitable spirit of Portfolio Recovery Associates' employees. Their deeds have demonstrated their sympathy for those less fortunate many times in recent years and Portfolio Recovery Associates is happy to join with them to help the American Red Cross carry out its critical relief work in Haiti."
The company, which is an active supporter of the United Way, Junior Achievement, Toys for Tots and the Food Bank of Southeastern Virginia, made a similar one-time contribution to the American Red Cross in the aftermath of Hurricane Katrina in September, 2005. Funds were raised from PRA's offices across the country, including Fresno, CA; Las Vegas, NV; Jackson, TN; Hutchinson, KS; Houston, TX; Birmingham, AL; Norfolk, VA; and Hampton, VA.
About Portfolio Recovery Associates, Inc.
Portfolio Recovery Associates is a full-service provider of outsourced receivables management, payment processing and related services. The Company's primary business is the purchase, collection and management of portfolios of defaulted consumer receivables. These are the unpaid obligations of individuals to credit originators, which include banks, credit unions, consumer and auto finance companies, and retail merchants. Portfolio Recovery Associates also provides a broad range of collection services, including revenue administration for government entities through its RDS and MuniServices businesses, and collateral-location services for credit originators via IGS.
Statements herein which are not historical, including Portfolio Recovery Associates' or management's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include references to Portfolio Recovery Associates' presentations and web casts. The forward-looking statements in this press release are based upon management's beliefs, assumptions and expectations of the Company's future operations and economic performance, taking into account currently available information. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties, some of which are not currently known to us. Actual events or results may differ from those expressed or implied in any such forward-looking statements as a result of various factors, including the risk factors and other risks that are described from time to time in the Company's filings with the Securities and Exchange Commission including but not limited to its annual reports on Form 10-K, its quarterly reports on Form 10-Q and its current reports on Form 8-K, filed with the Securities and Exchange Commission and available through the Company's website, which contain a more detailed discussion of the Company's business, including risks and uncertainties that may affect future results. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Information in this press release may be superseded by more recent information or statements, which may be disclosed in later press releases, subsequent filings with the Securities and Exchange Commission or otherwise. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or to reflect any change in events, conditions or circumstances on which any such forward-looking statements are based, in whole or in part.
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SOURCE: Portfolio Recovery Associates, Inc.