Heritage Global, Inc. (HGBL) Names David Ludwig to Board

Heritage Global Inc. (NASDAQ: HGBL) announced that David Ludwig, President of the Company’s Financial Asset Division, has been elected to its Board of Directors. Mr. Ludwig’s appointment fills the vacancy created with the recent resignation of Allan C. Silber from the Board of Directors.

Dave Ludwig is the President of Heritage Global’s Financial Asset division which comprises the Company’s National Loan Exchange (NLEX) and Heritage Global Capital subsidiaries. He joined Heritage Global in 2014, with the Company’s acquisition of NLEX™, which he developed from its start as a post-Resolution Trust Corporation (RTC) sales outlet to the nation’s leading broker of charged-off credit card and consumer debt accounts. With more than 25 years of experience in the financial industry, he is considered a leading pioneer in the debt sales industry, and has been a featured speaker at many industry conferences. He has also been quoted in numerous publications including the New York Times, LA Times, Collections and Credit Risk, Collector Magazine, and serves as consultant and expert witness within the industry. Since introducing NLEX™ to financial institutions in the early 1990’s, Dave has supervised the sale of over 5,000 portfolios with face value of $150 billion. He holds a Bachelor of Science Degree in Economics from the University of Illinois.

Heritage Global’s Chief Executive Officer Ross Dove commented, “A quarter century ago, with the savings and loan crisis coming to an end, I asked Dave how we could keep selling loans – and NLEX was born. During the ensuing 25 years, Dave lead NLEX to prominence in the industry and now leads our Company’s financial assets business. Over the many years we’ve worked together, Dave has proven himself to be a knowledgeable and trusted advisor, and I join with the other Directors in welcoming him to our Board, where I’m confident his leadership experience and industry expertise will provide invaluable contributions as we move forward with our growth strategy.”

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