Asset Acceptance Capital Corp. Files Registration Statement For Secondary Offering

WARREN, Mich., March 7 /PRNewswire-FirstCall/ — Asset Acceptance Capital Corp. (Nasdaq: AACC), a leading purchaser and collector of charged-off consumer receivables in the United States, today announced it has filed a registration statement with the Securities and Exchange Commission for a secondary public offering of 5,000,000 shares of its common stock. All of these shares will be offered by selling stockholders, which include members of management and other holders, and none of the shares will be offered by Asset Acceptance. In addition, certain of the selling stockholders also intend to grant the underwriters an over-allotment option to purchase up to an additional 750,000 shares.

Asset Acceptance said the secondary offering is intended to boost the float and improve the liquidity of its common stock. The registration statement was filed pursuant to a demand under a Registration Rights Agreement. The shares to be sold in the offering, exclusive of the over- allotment option, represent 13.7 percent of the fully diluted shares outstanding as of February 28, 2005. Pursuant to the terms of a registration rights agreement, Asset Acceptance will bear substantially all of the costs incurred in this secondary offering other than underwriting discounts and commissions. The costs to be borne by the Company are currently estimated to be approximately $575,000. The selling stockholders will receive all of the net proceeds from the sale of the shares.

The offer will be made only by means of a prospectus.