Global Acceptance Credit Closes on Equity Infusion

Global Acceptance Credit, LP (GAC) is pleased to announce the closing of a substantial equity investment in Global Acceptance Credit by Teakwood Capital, LP. In 2005 GAC reported Revenues of approximately $15 million, growth in excess of 55% and continued profitability since its inception in 1997.The Nilson report rated GAC as the 32nd largest purchaser of charged off credit card debt in 2004.

Commenting on the capital infusion the CEO of GAC Mike Varrichio said: "We have financed a large portion of our growth in the past through a Limited Partnership program. This additional capital will allow the company to have a more substantial role in the direct ownership of purchased consumer debt, enabling us to increase our capacity and operating margins. Our business has grown by over 50% per year for several years, and now the addition of Teakwood Capital to the team will provide us with access to a talented group of investors who understand our business and look for opportunities to be additive to the process."

On behalf of Teakwood Capital, General Partner, Dan Shimer indicated: "We have followed the company and the industry now for several years and are delighted to be associated with this management team and their outstanding record of performance to date. They consistently have outperformed industry averages on key metrics and our capital will allow them to continue to grow and expand the business."

Global Acceptance Credit, LP is an Arlington, Texas based purchaser, reseller and servicer of defaulted consumer debt and provider of collection services with over 50 employees currently. For further information about GAC contact: Mike Varrichio, CEO at 817-288-0266. www.gacc.biz.

Teakwood Capital, LP is a private equity firm based in Dallas, Texas focused on growth equity investments in Texas. For further information about Teakwood Capital contact Dan Shimer, General Partner at 214-750-1890. www.teakwoodcapital.com.

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