Downtown Landmark Building to be Renamed “The New Orleans Exchange Centre”

The Receivables Exchange, the world’s first online marketplace for real-time trading of accounts receivable, announced today that, as it continues to expand its operations, it will move its New Orleans headquarters to the former Chevron Place at 935 Gravier St. and assume naming rights to the building. The internationally acclaimed financial technology company, founded in New Orleans in 2007, will occupy the top two floors of the 21-story office tower as the anchor tenant. The building will be renamed “The New Orleans Exchange Centre” after The Receivables Exchange’s parent company, The New Orleans Exchange.

The New Orleans Exchange Centre has been outfitted with the latest fiber optic technology and infrastructure to support the needs of fast-growth high-tech companies nationwide, and boasts abundant meeting space with interactive whiteboards to facilitate collaboration and creative brainstorming. The Receivables Exchange will be the first company to move into this Class-A, state-of-the-art facility since its renovation. The move reaffirms the company’s commitment to the state of Louisiana, and to the city of New Orleans’ development of its Central Business District as an entrepreneurial center.

“We are excited to be moving into a cutting-edge facility that symbolizes the resurgence of New Orleans as a global business capital,” said Exchange President Nic Perkin. “The Receivables Exchange is a leading exchange for business finance, a dynamic marketplace for companies of all sizes to access affordable working capital. Just as New York has its stock exchanges and Chicago has its derivatives exchange, New Orleans has the foremost exchange for receivables trading, representing the largest credit market opportunity in the world. Every great exchange has a great building to call home.”

Since its founding, The Receivables Exchange has made its mark on the New Orleans regional economy. In September, the company was named most innovative e-commerce company in the world for 2010 by The Wall Street Journal. Also last year, the company heralded the state legislature’s passage of The Louisiana Exchange Sale of Receivables Act, which classifies the sale of business receivables on electronic exchanges located in the state as a “true sale” of the asset, and makes Louisiana a capital of online receivables financing.

Hugh Uhalt of Kingfish Development, LLC, owners of the property, commented that, “The Receivables Exchange will bring a new dimension of e-commerce to our region and add to the momentum that has developed in the downtown corridor of New Orleans. We believe that our building’s high-tech infrastructure and location will be a great benefit to the firm. We are proud to welcome them as our anchor tenant.”

The Receivables Exchange allows small and midsize companies to sell their receivables to institutional investors, who compete in real time to purchase the receivables for 99 to 98 cents on the dollar, on average. The competitive auction format drives down the cost of capital for small and midsize businesses (by 30%, on average), giving them access to a flexible, affordable source of working capital. Institutional investors can diversify their portfolios by purchasing receivables on the Exchange, and tap into a $17 trillion market for U.S. receivables.

The Receivables Exchange continues to be recognized for its impact in the financial services sector. In addition to the Wall Street Journal award, the Exchange was named to Institutional Investor magazine’s 2010 “Tech 40” list, and CEO and Co-Founder Justin Brownhill was selected a Regional Finalist for the Ernst & Young “Entrepreneur of the Year” Award and a National Finalist for the American Business Awards.