Portfolio Financial Servicing Company Engaged by Nationwide Equipment Lessor to Provide Multi-State Sales, Use and Personal Property Tax Services

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PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”), a third party servicer of commercial and consumer leases, loans and annuity-type contracts, announced today that it has been engaged by a nationwide equipment lessor to perform multi-state sales, use and personal property tax return preparation, filing and treasury services for a sizable and nationwide equipment lease portfolio. Terms of the agreement remain confidential.

Under the agreement, PFSC will provide its client with nationwide sales and use tax return preparation and filing services and will prepare and file annual personal property tax renditions. PFSC will also perform treasury services, facilitate tax registrations, and provide audit support and other ad hoc services related to sales, use and personal property tax administration.

Commenting on this new engagement, John Enyart, President of PFSC, stated, “We are pleased that after evaluating several service providers, our client selected PFSC to perform these very important services. Outsourcing tax administration duties to PFSC will allow our client to redirect resources to other critical areas of their business with the added benefit of saving money. Sales, use and personal property tax administration has been a core competency at PFSC for many years and we sincerely appreciate the confidence our client has placed in PFSC and our capabilities”.

About Portfolio Financial Servicing Company

Portfolio Financial Servicing Company (“PFSC”) is a third party private label servicer of commercial and consumer leases, loans and annuity type transactions (inclusive of structured settlements, lottery prize, and royalty-based receivables).  Since 1992, PFSC has serviced billions in asset value for a diverse group of clients across the U.S.  PFSC provides a comprehensive suite of services including primary servicing, successor servicing, and backup servicing.  PFSC also provides certain a la carte services such as document custodianship, multi-state vehicle titling and multi-state sales/use and personal property tax reporting and compliance.  For more information, visit www.pfsc.com