Executive Change: Jerry Hogan Promoted at Financial Asset Management Systems, Inc.

Financial Asset Management Systems, Inc. (FAMS) has promoted Jerry Hogan to President and Chief Executive Officer. Jerry has been serving as interim President and CEO since August 1, 2006.

Mr. Hogan joined FAMS in 2003 as Vice President of Operations and was promoted in 2005 to Senior Vice President. During this time with FAMS Jerry demonstrated superior leadership skills and operational proficiency while building a strong competitive team of dedicated employees. His commitment to excellence, coupled with his 19 years of collection industry experience, has earned the confidence of FAMS’ management team as well as the full support of the Board of Directors.

Jon Isaacson, Managing Director with American Capital Strategies, Ltd. (NASDAQ:ACAS) and a member of the Board of Directors commented that "The Board has been very impressed with the strategic insight that Jerry has shown in recent months and is looking forward to a period of dramatic growth with Jerry at the helm."

"The founders of FAMS created a strong foundation for growth, and I am honored to lead the next generation in our effort to provide competitive, compliant, performance through the next evolution of our industry. Throughout my career I have been fortunate to have worked with some of the industry’s best leaders. I’m surrounded by a staff of remarkable people, and we have the backing of an exceptional partner in American Capital", said Hogan.

Hogan began his career with Capital Credit Corporation, a subsidiary of the Union Corporation, in 1987 as a Collector. He advanced through the ranks, gaining experience representing clients ranging from the Fortune 500 to local, state and federal agencies at all levels of the collection and consumer service cycle. In 1998, as Senior Vice President of Operations, Hogan helped develop numerous outsourcing projects for Outstanding Solutions Incorporated. In 1999, Hogan joined Nationwide Credit as Senior Vice President of Operations leading major initiatives including the outsourcing of back office processes to India. Mr. Hogan is a 1987 graduate of Indiana University.

About Financial Asset Management Systems (FAMS)

Founded in 1993, the company focuses specifically on third party accounts receivable for the Education, Government, Banking, Finance, Telecommunications and Healthcare Sectors. FAMS has over 700 collection seats in four offices located in Atlanta, St. Louis and Portland. FAMS is headquartered in Atlanta, Georgia.