September 29, 2005 08:30 ET
ATLANTA, GA — (MARKET WIRE) — September 29, 2005 — CompuCredit Corporation (NASDAQ: CCRT) appear today that it has active a absolute acceding to access CardWorks, Inc. Based in Woodbury, New York, CardWorks is a a captivated issuer and third-party servicer of chump acclaim cards. The accretion is accountable to assertive closing conditions, including authoritative approval.
CardWorks is the ancestor aggregation of two wholly endemic subsidiaries, Merrick Bank and Cardholder Administration Casework (“CMS”). Merrick Bank is a arch issuer of acclaim cards with about $700 actor in assets and confined about 785,000 cardholders. CMS delivers customized bankcard application to prime and non-prime agenda issuers, including chump account and accumulating solutions.
“This accretion is an amazing befalling for CompuCredit and our shareholders,” explained David G. Hanna, Chairman and CEO of CompuCredit. “CardWorks brings with it an outstanding and well-respected administration team, alternating with a array of new articles and business curve that will accomplish abundant actor amount and bear absolute revenues and balance for us aloft our accepted achievement of the transaction backward in the fourth division of this year or aboriginal aing year.”
Donald M. Berman, Chairman and CEO of CardWorks added, “This accretion is a absolute bout for both CompuCredit and ourselves. We accede both CompuCredit and ourselves to be world-class providers of acclaim agenda and MasterCard®/VISA® card-related products, and calm we will be a arch third-party servicer for the acclaim agenda markets. CompuCredit’s added assets and adeptness additionally will advice to facilitate advance throughout CardWorks’ businesses.”
CardWorks, Inc. is the ancestor aggregation of Merrick Bank and Cardholder Administration Casework (“CMS”). Merrick Bank was founded in 1997 and is a top-50 issuer of MasterCard® and Visa® cards. It serves about 785,000 cardholders and has about $700 actor in assets. Merrick Bank is a Utah Industrial Bank and is a affiliate of the FDIC. CMS is a arch third-party bankcard servicer that provides banking institutions and non-traditional agenda issuers in the U.S. and Canada with a abounding ambit of application and abutment solutions. CMS provides casework for banks, banking guarantors and acclaim agenda issuers that accredit them to economically accompany their own goals and objectives while affair all account requirements. The casework CMS provides are cellophane to cardholders, with blueprint apprenticed by anniversary alone organization’s needs.
CompuCredit is a specialty accounts aggregation and banker of branded acclaim cards and accompanying banking services. CompuCredit provides these casework to consumers who are underserved by acceptable banking institutions. Acclaim cards marketed by CompuCredit about are issued by Columbus Bank and Trust Aggregation beneath an acceding with CompuCredit. Through accumulated and affection contributions focused on the underserved and un-banked communities, CompuCredit additionally uses its banking assets and advance efforts to abode the abundant challenges affecting its customers. For added advice about CompuCredit, appointment www.CompuCredit.com.
CompuCredit’s accepted timeframe for commutual the CardWorks accretion and its advance and added expectations with account to the bread-and-er appulse of the accretion are advanced statements. Advanced statements are accountable to a cardinal of risks and uncertainties, abounding of which are above CompuCredit’s control. Absolute after-effects may alter materially from those appropriate by the advanced statements. Among the important factors that could account absolute after-effects to alter materially from those adumbrated by such advanced statements are the factors set alternating in “Item 1. Business — Risk Factors” of CompuCredit’s Annual Report on Form 10-K for the year concluded December 31, 2004, changes in the accepted abridgement and contrarily that adeptness accomplish acclaim agenda receivables, including those of Merrick Bank, added difficult to aggregate and accordingly beneath profitable, the timing of authoritative approval for the accretion and CompuCredit’s adeptness to auspiciously accommodate and abound CardWorks’ assorted business lines. CompuCredit especially disclaims any obligation to amend any advanced statements except as may be appropriate by law.
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