HIGHLAND PARK, IL, June 16, 2003 -- Commercial debt-management firm Performance Source Inc (PSI) today celebrates its 40th anniversary in business and, with the announcement of a key new hire, re-affirms its long-term commitment to outstanding client service.
Steve Newman has been hired to fill the new position of Principal at PSI. In this role, Mr. Newman will pool his extensive negotiating and financial-analysis skills with those of Jim Herst, PSI�s president and founder, to serve the company�s growing clientele. Small, private companies increasingly are turning to PSI to negotiate with their creditors for reductions in their debts, including loans, leases, inventory, supplies, and other payables. The company also helps clients reduce their liability from court judgments and lawsuits.
Jim Herst started PSI 40 years ago in order to give debt-burdened small companies an alternative to additional borrowing, forced sale, or bankruptcy. Starting as a sole proprietorship focused on the Chicago market, PSI has grown to a staff of six serving a diverse roster of clients nationwide.
The firm�s approach is unique: Instead of consolidating a client�s debts, PSI deals with each of the client�s creditors individually, negotiating settlements which typically reduce the client�s total debt load by up to 80%. PSI�s service also frees the client from all contact with creditors, allowing the client to focus on improving its sales and cash flow. PSI works on a client-approved contingency basis as its sole source of revenue.
Looking to the future, Mr. Herst hired Steve Newman to help carry on PSI�s legacy of saving clients tens of millions of dollars and stabilizing their business finances. �Our growth prospects will depend not only on our ability to serve more clients than we do now, but also to understand the challenges they face in this new, post-9/11 economy,� said Mr. Herst. �With Steve�s deep experience as a negotiator and entrepreneur, I�m confident we will extend our leadership position in the debt-management field.�
Negotiation and small-business financial services are the main themes of Mr. Newman�s background. In 1973, when the new Chicago Board Options Exchange opened as America �s first options exchange, he was one of its first Independent Market Makers. In this chaotic environment of high-speed, complex negotiations, Steve�s deal-making savvy enabled him to enjoy 18 years of success. He also served on CBOE�s Arbitration Committee for two of those years.
Seeking a new challenge, in 1991 Steve founded Utility Rate Savers (URS), a Chicago-based firm that helped small and mid-size companies cut their utility bills by auditing them for savings opportunities. He moved into the credit industry in 1993 when he joined Bannockburn, IL-based Novus Financial, a full-service, nationwide accounts-receivable management firm. His tenure with Novus included managing a seven-person field office for the company. He later joined Full Spectrum Lending, a division of Countrywide Home Loans, as a manager before coming to PSI.
A graduate of the University of Denver , Steve was born and raised in the Chicago area. He and his wife, Trish, have two children.
About Performance Source Inc.
Since 1963, Performance Source Inc. (PSI) has helped small businesses nationwide improve their cash flow, and in many cases avoid bankruptcy, by negotiating with their creditors to reduce their business debts by as much as 80%. PSI has helped thousands of clients save tens of millions of dollars and satisfy their creditors without borrowing additional money. Under the company�s risk-free process, clients decide which payables they want PSI to negotiate, they approve (or decline) all proposed settlements in advance, and owe PSI nothing if a settlement is not reached or not accepted. And because the company also handles all contact with clients� creditors, clients are able to focus on growing their businesses. For more information about PSI, please call 800/883-5080 or visit www.performancesourceinc.com. Performance Source Inc. is not affiliated with Performance Source II, Ltd.