Paul Colasono Joins Franklin Credit Management Corporation as Chief Financial Officer NEW YORK, April 15 /PRNewswire-FirstCall/ -- Franklin Credit Management Corporation (OTC:FCSC) (BULLETIN BOARD: FCSC) , a specialty consumer finance company primarily engaged in the acquisition, origination, servicing and resolution of performing, subperforming and nonperforming residential mortgage loans, today announced that Paul D. Colasono has joined the Company's executive management team as Chief Financial Officer. Mr. Colasono has thirty years of management experience in finance, accounting, controllership, strategic planning, and mergers and acquisitions in the retail banking and mortgage banking industry. From 2003 to present, he was an independent business consultant providing strategic and financial consulting services. From 1997 through 2001, he was Vice President and Controller at GE Capital Mortgage Services Corporation, with responsibility for all accounting, controllership, treasury and capital markets functions. From 1981 until 1997, Mr. Colasono served in various management capacities at The Dime Savings Bank of New York. From 1994 to 1997, he was Senior Vice President, Chief Administrative Officer and Chief Financial Officer of the mortgage banking division. From 1990 through 1994, Mr. Colasono was President and CEO of The Dime Savings Bank of New Jersey, a subsidiary of The Dime Savings Bank of New York. From 1984 to 1990, he served as Executive Vice President / Director of Strategic Planning, and from 1982 to 1984 he was First Senior Vice President and Controller of The Dime Savings Bank of New York Mr. Colasono began his career at The Chase Manhattan Bank, N.A. in 1969, and he earned his MBA and BS (Accounting) degrees from St. John's University. "We are delighted to welcome Paul to our executive team as the Company's new Chief Financial Officer," commented Jeffrey Johnson, Chief Executive Officer of Franklin Credit Management Corporation. "We look forward to Paul playing a key role in formulating and executing our growth strategy within the non-prime mortgage industry." The Company also announced that Alan Joseph has resigned from his position as CFO in order to pursue other business interests. "Alan has been a terrific CFO and contributed greatly to the performance of Franklin Credit Management during the past several years," noted Johnson. "More importantly, Alan has been a great friend to the Franklin family, and we wish him the best in his future endeavors." About Franklin Credit Management Corporation Franklin Credit Management Corporation (together with its wholly-owned subsidiaries, the "Company") is a specialty consumer finance company primarily engaged in the acquisition, origination, servicing and resolution of performing, subperforming and nonperforming residential mortgage loans. The Company acquires mortgage loans, generally in pools at discounts from their aggregate contractual balances, from a variety of mortgage bankers, banks, and other specialty finance companies, and, through its wholly-owned subsidiary, Tribeca Lending Corp., also originates subprime mortgage loans. Real estate is acquired in foreclosure or otherwise and is also generally acquired at a discount relative to the appraised value of the asset. The Company conducts its business from its executive and main office in New York City and through its website http://www.franklincredit.com/. Its common stock trades on the OTC Bulletin Board under the symbol "FCSC". Statements contained herein that are not historical fact may be forward- looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those projected or suggested in forward-looking statements made by the Company. These factors include, but are not limited to: (i) unanticipated changes in the U.S. economy, including changes in business conditions such as interest rates, and changes in the level of growth in the finance and housing markets; (ii) the status of relations between the Company and its sole Senior Debt Lender and the Senior Debt Lender's willingness to extend additional credit to the Company; (iii) the availability for purchases of additional loans; (iv) the availability of sub-prime borrowers for the origination of additional loans; and (v) other risks detailed from time to time in the Company's SEC reports. Additional factors that would cause actual results to differ materially from those projected or suggested in any forward- looking statements are contained in the Company's filings with the Securities and Exchange Commission, including, but not limited to, those factors discussed under the caption "Real Estate Risk" in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which the Company urges investors to consider. The Company undertakes no obligation to publicly release the revisions to such forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrences of unanticipated events, except as otherwise required by securities and other applicable laws. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the results on any events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For further information, please contact: Jeffrey Johnson, CEO of Franklin Credit Management Corporation at 212-925-8745 DATASOURCE: Franklin Credit Management Corporation CONTACT: Jeffrey Johnson, CEO, Franklin Credit Management Corporation, +1-212-925-8745, Web site: http://www.franklincredit.com/

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