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Heritage Global Inc. Provides Results for Consumer Financial SalesHeritage Global Inc. (OTCQB: HGBL, CSE: HGP) ("Heritage Global," "HGI (News - Alert)" or "the Company"), an asset services company specializing in financial and capital assets, today announced results for its National Loan Exchange (NLEX) consumer financial asset sale division for the second quarter of 2020. Results included 113 individual sales consisting of an aggregate $749 million face value of distressed financial assets across a wide variety of financial sectors. Furthermore, offering and closing activity picked up on a sequential quarter basis for the NLEX Real Estate Non-Performing Loan (NPL) and Real Estate Owned (REO) division. "The strong sales results during the COVID-19 pandemic reinforce our financial asset division's flexibility in working with both creditor clients and buyers to adapt to the changing environment," said David Ludwig, President of NLEX. "Creditors offering forbearance and extending terms to debtors, combined with collection concerns including various state restrictions, created a challenging market path for debt sales. That said, we continued to successfully navigate through the difficult environment and conduct and negotiate sales on behalf of our partner clients without interruption, while providing the highest security for all participants given our best-in-class compliance infrastructure." "Pricing in July has recovered to at or near pre-COVID-19 levels as debtors have performed above expectations," Mr. Ludwig continued. "We anticipate rising salesvolumes over the balance of 2020 and into 2021 as COVID-19 impacts consumers economically." NLEX plans to offer over $600 million of distressed financial assets in August across a wide variety of asset classes. Second quarter 2020 highlights include:
Over the course of over 25 years, NLEX has successfully conducted consecutive monthly sales with more than 5,000 sales representing over $150 billion in transactions. About Heritage Global Inc. (www.heritageglobalinc.com) Heritage Global Inc. (OTCQB: HGBL, CSE: HGP) is an asset services company specializing in financial and capital assets. The company provides a full suite of services including market making, acquisitions, dispositions, valuations and secured lending. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20200803005178/en/ |
