NASHVILLE, Tenn. — Primeritus Financial Services, which
offers recovery management, skip-tracing and remarketing services, announced
this week it has sold its remaining direct recovery repossession business.

Primeritus sold the business to Connect 1 Recovery,
finalizing Primeritus' exit from the direct recovery business.

"Connect 1 Recovery LLC will be an important service
provider for Primeritus as a multi-state network agent," said Phil Hanks,
president of Connect 1 Recovery. "I'm very excited about this new opportunity
and my team will continue to remain focused on the direct side of the recovery
industry."

Primeritus chairman Cam Hitchcock said, "We are very happy
with the outcome of this transaction. Since completing three acquisitions in
2012, we have expanded and optimized our agent network in an effort to be the
strongest and best solution for our clients.

"Our strategy has been to focus on our core business units:
forwarding, skip and remarketing services. The completion of this sale is
evidence of our commitment to the strategy," Hitchcock went on to say.

Primeritus chief executive officer Chuck Tapp added, "We
wish Phil Hanks and his team great success."

Last month, Primeritus announced the sale of two of its
recovery subsidiaries, confirming the company sold Repossessions Unlimited
operating in Florida and Extreme Recovery in California.  

In the first transaction, Chris Fazio purchased Primeritus'
ownership in Repossessions Unlimited.

As sole owner of Repossessions Unlimited, officials said
Fazio will continue to provide recovery services for Primeritus' repossession
management clients, covering central and south Florida as a network agent for
Primeritus.

Primeritus indicated the second transaction resulted in the
sale of the Extreme Recovery operations to Solid Solutions 24/7. Solid
Solutions is a partnership between Scott Fornaro and Wes Englebrecht.

Under their direction, former Extreme Recovery employees
will continue their careers with Solid Solutions 24/7 in California, according
to Primeritus.

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