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GDN to Offer New Platform for RV, Powersports Portfolios

February 12, 2009

ALAMO, Calif. — Global Debt Network Inc. has announced the launch of GDNopen, an auto-loan transaction platform for financial institutions and retail dealers who originate recreational vehicle loans.

GDNopen is a Web-based platform designed to make whole loan transactions more efficient and transparent. With over 130 debt buyers registered on GDNopen, sellers can achieve more competitive pricing on their portfolios compared to traditional channels. In addition, buyers can significantly reduce their acquisition cost by using GDN's online due diligence room.

The company's first product, GDNauto, was launched in June of 2008 and has listed over $150 million in auto loans within its online marketplace. Key industry players have joined GDN, including JP Morgan Auto Receivables, Goldman Sachs, Wells Fargo Preferred Capital and 1st Investors Financial Services. The company’s 200-plus members use the platform to access deals and understand pricing in today’s difficult market.

According to Mike Sheridan, GDN's president/CEO, the company is currently closing three auto portfolio sales. "We launched GDNauto on the brink of the financial markets collapsing, Sheridan said. "With companies in despair, we seized an opportunity to give the market what it was seeking: greater access to liquidity, transparency, price discovery and standardization to what has traditionally been a very fragmented and inefficient market."

GDNopen is now accepting motor home and towable recreational vehicles to be placed for sale. The company stated that it plans to roll out its powersport and watersport platforms over the next several weeks and is currently developing its mortgage platform for release later this year.

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