December 23, 1999

Lila White
(804) 692-3110

Marilyn Popovich
(314) 514-2646
Jill Lawrence
(804) 371-0049
Governor Gilmore Announce 375 Jobs for Henrico County
--OSI will invest $2 million in financial services facility--

Richmond - Governor Jim Gilmore today announced that Outsourcing Solutions Inc. (OSI), the nation's leading receivables management company, will locate a service center in Henrico County creating 375 new jobs. In addition, 65 employees will be retained from the company's Chesterfield County facility. Virginia successfully competed with New Jersey and Massachusetts for the investment.

"I am pleased that OSI will continue to do business in the Commonwealth," said Governor Gilmore. "Virginians will receive 375 new job opportunities while building on a base of 65 existing OSI employees currently in the state. I applaud OSI's decision to expand their company here in our positive pro-business climate."

OSI is the leading provider of strategic receivables management services, which link a company's cash flow objectives with credit management policies from beginning to end of the credit cycle. With industry-specific strategies and services, OSI delivers results to leading companies that improve their bottom line through accelerated cash flow, lower operating costs, reduced bad debt expense and improved customer relations.

"The decision to locate OSI's financial services facility in the Commonwealth of Virginia was made after extensive research on our part," said Timothy G. Beffa, president and CEO of OSI. "In the end, we felt that Virginia's strong and dynamic business environment would be a key factor in our future success."

"Virginia has once again captured the respect of a financial services company," said Secretary of Commerce and Trade Barry E. DuVal. "We are fortunate that companies in this competitive industry recognize the Commonwealth's strengths as an dynamic leader."

The Virginia Economic Development Partnership, the Greater Richmond Partnership and the Henrico County Economic Development Authority assisted the company with its decision. The Virginia Department of Business Assistance will provide workforce training services to OSI.



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