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Press Releases

Leading European Debt Purchaser Expands into Canada Market

Acquisition of Major Canadian Debt Purchasing and Contingency Agency Provides Growth Opportunity in North America

September 30, 2005: BETHESDA, MD - Kaulkin Ginsberg Company today announced the sale of Portfolio Management Group ("PMG") to Aktiv Kapital (Oslo: AIK), a market leading debt purchasing company in Europe. The terms of this transaction were not disclosed. Kaulkin Ginsberg Company served as advisor to PMG on this transaction.

PMG is the leading purchaser of non-performing consumer loans in Canada. Based in London, Ontario, PMG is engaged in two principal business lines - the acquisition of portfolios of non-performing consumer loans and contingency debt collection services to a wide range of financial and other institutions.

Aktiv Kapital is very pleased that Andrew Szemenyei will remain as Chief Executive Officer of the company. Andy said,"When we began to evaluate our strategic alternatives for advancing our business it was of paramount importance that we find a prospective partner with similar values and objectives. We have found that partner in Aktiv Kapital. We are delighted to become part of the Aktiv Kapital Group and feel that their financial strength will greatly benefit the development of PMG's portfolio acquisition activities and contingency collection services business in the Canadian market."

Commenting on the transaction, Aktiv Kapital Group's Chief Executive Officer, Rolf Stub said,"The compelling factors motivating the transaction were the high quality of the business and leadership present in the operation. We have high expectations for growth from this business as the Canadian market shows significant similarity in our view with the UK market where we have substantial experience. We believe this will allow us to work very effectively with PMG in developing a successful business in Canada. Additionally, we now have the team in place in North America to effectively evaluate strategic growth opportunities in the U.S. market. We welcome Andy and all the employees of PMG to the Aktiv Kapital Group."

Mark Russell, Senior Associate of Kaulkin Ginsberg Company, a Bethesda based M&A advisory firm that advised PMG during this transaction, added,"We are pleased with the results of this transaction and see a tremendous fit for both organizations. The strategic benefits accrued from this transaction will help PMG to achieve its growth objectives and become a more prominent player in the North American market."

About Aktiv Kapital Group
Aktiv Kapital is the clear market leader in the European debt purchase market. Aktiv Kapital had almost 800 employees prior to the purchase of PMG staffing operations in 10 European countries and with responsibility for asset portfolios in 12 countries. During the last 15 years, the company has purchased over 750 portfolios and acquired more than a dozen businesses. Aktiv is listed on the Oslo Stock Exchange with a market capitalization of approximately CAD $925 million. Revenue for 2004 was CAD$303 million with EBITDA of CAD$243 million. Further information on Aktiv Kapital is available at www.aktivkapital.com

About PMG
PMG was founded and has been managed by Andrew Szemenyei and three other founder shareholders - David MacKenzie, Gerald Coffin and Lance Todd. Based in London, Ontario, Canada PMG has 165 employees engaged in two principal business lines - the acquisition of non-performing consumer loans and contingency debt collection. Since commencement of operations in 1999, PMG has become the leading purchaser of non-performing consumer loans having acquired over 60 portfolios with a face value exceeding CAD$680 million

About Kaulkin Ginsberg Company
Since 1989, Kaulkin Ginsberg has provided solutions to accounts receivable management and related business services companies. The Strategic Advisory Group provides merger, acquisition and valuation advice; operational consulting; and executive search services. The Research Group produces industry-specific publications and custom research products. The Kaulkin Ginsberg family of companies also includes Kaulkin Media, publisher of the most popular sources of industry information such as CollectionIndustry.com and Credit & Collection Daily and Kaulkin Information Systems, provider of secure and affordable document and process management technology. Read more about Kaulkin Ginsberg at www.kaulkin.com.