Heritage Global Capital Appoints Tony Spencer as Senior Vice President

SAN DIEGO--(BUSINESS WIRE)-- Heritage Global Capital (“HGC”), a division of Heritage Global Inc. (Nasdaq: HGBL), specializing in flexible funding structures for the Accounts Receivable Management “ARM” industry, announced today that Tony Spencer has been appointed as Senior Vice President of Credit Risk Operations and Originations.

Mr. Spencer brings extensive knowledge and expertise to HGC in both credit risk operations and originations, gained from years of experience in portfolio management. He spent two years with PRA Group, where he was responsible for portfolio acquisitions in the US and Canada. During this time, he invested over $600 million in portfolio purchases. Before joining PRA Group, he spent 15 years with the National Loan Exchange (NLEX), building and sustaining relationships with key financial institutions. Additionally, prior to NLEX, he oversaw all private label recovery operations for Chase Card Services.

"Mr. Spencer's impressive qualifications make him a valuable asset to Heritage Global Capital, bringing a wealth of understanding and proficiency in the areas of credit risk operations and originations. We believe his knowledge will be a great benefit to our staff here at HGC," commented David Ludwig, President of Financial Assets.

David Paris, Managing Director of HGC added, “With his significant experience and success in portfolio management, Mr. Spencer brings a great skill set to HGC. We are thrilled to have him on our team.”

Heritage Global Capital, LLC. (“HGC”) is a subsidiary of Heritage Global Inc. (NASDAQ: HGBL). HGC operates under the Financial Assets business unit and provides flexible funding structures for all asset classes while specializing in buyers acquiring financial portfolios. A customized one-stop credit solution strategized to deliver cost-effective debt capital, HGC lends to companies across a variety of asset classes and thrives on providing creative solutions to companies with non-traditional business models.

Heritage Global Inc. (“HG”) values and monetizes industrial & financial assets by providing acquisition, disposition, valuation, and lending services for surplus and distressed assets. This aids in facilitating the circular economy by diverting useful industrial assets from landfills and operating an ethical supply chain by overseeing post-sale account activity of financial assets. Specialties consist of acting as an adviser, in addition to acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, real estate, charged-off account receivable portfolios, through its two business units: Industrial Assets and Financial Assets.

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Contact:

David Paris

Managing Director

Heritage Global Capital

dparis@hginc.com

Investor Relations Contact:

John Nesbett/Jennifer Belodeau

IMS Investor Relations

203/972.9200

InvestorRelations@hginc.com

Source: Heritage Global Capital