Receivable Acquisition & Management Corporation Announces Letter of Intent to Purchase Business Intelligence Group Inc. and Business Intelligence Solutions Inc.

FORT LEE, N.J., May 14 /PRNewswire-FirstCall/ -- Receivable Acquisition & Management Corporation (NASDAQ Bulletin Board: RCVA), announced today that it has signed a Letter of Intent ("LOI") to acquire Business Intelligence Group (Bintelgroup) and Business Intelligence Solutions Inc. ("BIS") both Headquartered in Princeton, New Jersey.

Founded in 2005, Bintelgroup ended 2009 with approximately $6.5 million in revenue.  

Subject to the execution of a definitive purchase agreement, satisfactory completion of due diligence, and other customary closing conditions, the transaction is expected to close within the next 30 days.

"We have been looking for an acquisition platform in the Information Technology Services industry and Bintelgroup with its suite of powerful products, leadership and highly skilled consultants fits all the parameters we have been seeking," said Max Khan, CEO of RCVA. "Our goal is to do a strategic roll-up in the highly fragmented Information Technology Services Industry and we have identified additional targets that would strengthen the product portfolio and expand into other verticals. Bintelgroup has a unique platform which is in high demand and we are excited about this acquisition and have a comprehensive plan in place to grow the company rapidly over the next 12 months," said Max Khan in a meeting with senior executives.

"We are very excited about our merger with RCVA and believe we will make a significant impact on the enterprise value of the combined company," said Krishna Ghanta, President of Bintelgroup. "Being publicly traded will provide transparency to our clients, help our branding and encourage employee loyalty. Armed with a comprehensive and powerful toolkit of Bintelgroup Product Suite, Bintelgroup's clients today are already successfully executing their business strategies, in a very efficient manner," said Krishna Ghanta while addressing a board meeting.

About Bintelgroup

With more than 75 associates, Bintelgroup is a technology solutions provider focused on helping its Fortune 500 clients with Enterprise Applications for Financial Services Industry and Capital Markets in Accounting, Risk, Regulatory, Compliance and Straight-Through Processing. For any financial institution engaged in capital market, being in control of its assets and cash is fundamental to the successful and efficient operations of its business. Bintelgroup's STP Capital Markets 360 is a ERP for FSI and fully integrated, event driven front to back office product suite which enable the users to achieve high levels of straight through processing in Global Trade Markets. CM360 enables an organization to integrate disparate source systems, capture and record all events of trade lifecycle, execute rules based processes, monitor transactions in a performance efficient manner and maintain transparency of process and rules. Additionally, Bintelgroup offers powerful platform with Real Time, Low latency, High Performance Computing, and Scalable products and solutions in the areas of front to back capital markets systems Order Management System, Risk Management, Mobile Applications in Capital Markets, Real Time Risk &Trade Analytics, and Regulatory & Compliance Systems. Bintelgroup platform is extendable to other industries.

For additional information, please visit http://www.bintelgroup.com .

About Receivable Acquisition & Management Corporation

Based in Fort Lee, New Jersey, Receivable Acquisition & Management Corporation, specializes in acquisition and liquidation of performing, sub-performing and non-performing receivables.  

For additional information, please visit our Web site at http://www.ramcoglobal.com .

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements concerning the anticipated results of the intended transaction. These and other forward-looking statements (generally identified by such words as "expects," "plans," "believes," "likely," "anticipates," "will" and similar words or expressions) reflect management's current expectations, assumptions, and beliefs based upon information currently available to management. Investors are cautioned that all forward-looking statements are subject to certain risks and uncertainties which are difficult to predict and that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to risks and uncertainties associated with the proposed acquisition, including the risk that the parties may be unable to negotiate a satisfactory definitive agreement and the possibility that various closing conditions for the transaction may not be satisfied or waived. Additional factors that could affect actual results are described in the "Risk Factors" section of the Company's Form 10-K and Form 10-Q filings with the SEC.

SOURCE Receivable Acquisition & Managment Corporation