Portfolio Recovery Associates AcquiresGovernment Collection Agency

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NORFOLK, Va. - (08/02/05) -- Portfolio Recovery Associates, Inc.,which buys, collects and manages defaulted consumer receivables,said it has acquired Alatax, Inc., a privately held company thatspecializes in government collections, for $17.5 million. Alatax,based in Birmingham, Ala., is a leading provider of audit and debtcollection services for local governments. The purchase priceincludes $16 million in cash and $1.4 million in Portfolio Recoverystock.

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