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FOR IMMEDIATE RELEASE ADP Purchases $15.3 Million eCommerce Receivables Portfolio and Announces Commitment to Flow Financing ProgramIncline Village, NV (August 11, 2005) — Alternative Debt Portfolios LLC and Alternative Debt Portfolios L.P. (ADP) today announced the purchase of iMergent’s StoresOnline™ receivables portfolio for $15.3 million, and establishment of an ongoing flow funding program to purchase StoresOnline’s new consumer contract originations on a monthly basis. iMergent, Inc., (AMEX: IIG) is a leading provider of eCommerce solutions for small businesses and entrepreneurs, enabling them to market and sell their business product or idea via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services, helping users build a successful Internet strategy to market products, accept online orders, analyze marketing performance and manage pricing and customers. Eric Gangloff, ADP’s Managing Director, stated, "This purchase consummates months of work on the part of everyone at ADP, including Lee Hovis, Director of Portfolio Sourcing and Niels Andersen, Director of Pricing and Underwriting. We are pleased to have won the trust and business of iMergent’s management team and look forward to a long-term relationship with the company.” iMergent management cited its familiarity with ADP’s management team and the flexibility of ADP’s ongoing flow programs as key reasons for selecting ADP for this relationship. ADP has committed several million dollars a month of funding capital to meet iMergent’s sales forecasts. Since ADP LLC’s funding arm, Alternative Debt Portfolios L.P., does not rely on bank financing they are able to respond quickly and with more flexibility, funding portfolio acquisitions more responsively than traditional competitors. Click the link below for the full details of iMergent, Inc.’s press release. For More Information Contact: |
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