FOR IMMEDIATE RELEASE
SAN DIEGO, California -- April 26, 2004 -- Oscore, Inc., a leading developer of scoring technologies, today announced the release of Oscore 1.0 Management Assessment Instrument and a pilot agreement with Gelt Financial Corp. to implement Oscore 1.0 within the Gelt lending origination environment.
Oscore's unique patent-pending technology complements lenders' traditional due diligence techniques by providing an objective, data-driven assessment of a borrowing organization's management. The Oscore 1.0 Management Assessment Instrument is delivered in the form of a questionnaire that can be conveniently completed by business credit applicants in less than fifteen minutes in either online or paper format. Answers provided by borrowers of performing loans are contrasted with answers provided by borrowers of problem loans to derive a management assessment score, a completely objective, statistically-validated creditworthiness scoring model.
The pilot agreement between Oscore, Inc. and Gelt Financial Corp. will allow Gelt to use the Oscore 1.0 instrument in the origination environment while allowing Oscore to collect loan performance and related data for research and model refinement purposes. "We are excited to partner with Oscore to bring a systematic and objective methodology to the toughest component of the lending decision process -- assessing the borrower's management team," said Jack Miller, president of Gelt Financial Corp. The Oscore 1.0 instrument, which will be administered to both existing and future borrowers, is expected to dramatically increase the accuracy of risk assessment and efficiency of the lending decision process resulting in overall portfolio profitability. "Gelt, a leader in business lending under challenging constraints, has developed a strong management-assessment capability within its underwriting staff." Said Dan Shoham, president of Oscore, Inc., "We are delighted to be able to join forces with Gelt in developing and validating our empirical scoring models."
About Oscore, Inc.
Headquartered in San Diego, California, Oscore, Inc. utilizes advanced statistical, risk management, and organizational psychology techniques to create a risk score for companies. Osore's Patent-pending Organization Score technology allows Oscore to assign a risk measurement (a score) that evaluates a company's creditworthiness, ability to continue operations as a going concern, and investment suitability.
About Gelt Financial Corp.
Headquartered in Southampton, Pennsylvania, Gelt Financial Corp. provides short- and long-term loans to renovators, real estate investors, and other businesses. With an array of products designed to meet the needs of fast-moving businesses, Gelt allows borrower to take advantage of unique marketplace opportunities, such as distressed assets sales and tax lien auctions.