************************About Primeritus Financial Services: Primeritus is a national provider of repossession management, remarketing, title services and skip tracing services to the auto finance industry in the U.S. Primeritus serves as a value-added partner for clients that seek to outsource the non-core business functions of the collateral recovery process as well as supplement their existing recovery efforts. www.primeritus.com About Renovo: Renovo Services offers nationwide vehicle transition services in recovery management, Direct Repossessions, Skip Tracing, Collections, and Repos Direct.com for a state-of-the-art online auction marketplace. Financial services professionals around the country rely on Renovo Services for the professionalism of our people, the efficiency of our processes, and our ability to bring innovation to the marketplace. www.remarketingsolution.com Media Contact: Joe Mappes, EVP Sales and Marketing PRIMERITUS FINANCIAL SERVICES (937) 554-3368
Wednesday, October 17, 2012 Nashville, TN – Primeritus Financial Services, a leader in recovery management and skip tracing services, today announced their acquisition of Renovo Services LLC. In passing the torch to Primeritus, Kevin Flynn, former Chairman and CEO of Renovo Services commented, “I’d like to thank the whole team of employees for all they have done to make Renovo Services an industry leader. I would also like to thank the Renovo Services customers for their business and their trust. I believe the combination with the team at Primeritus is a true win for Renovo employees and its customers.” “The completion of this acquisition represents another major step in Primeritus’ evolution and growth in the recovery services and skip tracing industry,” said Cam Hitchcock, Executive Chairman of Primeritus Financial Services. “Primeritus and Renovo will be a great combined entity. By combining our complementary technologies, deep industry expertise, sales channels and customer bases with a best in class agent network, Primeritus will be redefined as the company best able to assist clients in increasing their business agility.” Chuck Tapp, CEO of Primeritus Financial Services went on to say, “In addition to great technology and strong customer relations, Renovo Services and their companies bring the talent of their employees in operations, systems engineering and customer service. “We believe this expansion increases our ability to innovate and develop solutions for our customers, and will further enhance our investments in training, compliance and technology initiatives.” Tapp continued, “Primeritus can now begin to execute its plan to combine agent networks and integrate operations and customer care functions within these two organizations.” Primeritus’ Joe Mappes, Executive Vice President of Sales and Marketing reports the company expects to provide further information about the new combined product portfolio and roadmap over the next several months.