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Heritage Global Partners Expands Asset Valuation Division to Midwest Markets, Appoints Proven Executive Tim Serritella to Director of Sales

September 06, 2017 10:04 AM Eastern Daylight Time

CHICAGO & SAN DIEGO – (BUSINESS WIRE) – Heritage Global Partners, Inc. (“HGP”), a worldwide leader in asset advisory and auction services and a subsidiary of Heritage Global Inc. (OTCQB: HGBL, CSE: HGP), announced today the expansion of its premier asset valuation and appraisal services division in the Midwest region. To support the continued growth of Heritage Global Valuations (“HGV”), HGP has appointed industry veteran Tim Serritella to Director of Sales, where he will be responsible for overseeing the new business development and sales initiatives in markets across the Midwest.

The appointment of Mr. Serritella reflects Heritage’s expanding scale and strategy to appoint proven sales executives in the asset valuation, liquidation, and advisory services business to oversee the growth of its value-driven corporate and financial asset solutions platform, while maintaining its commitment to provide the highest level of service to clients.

In his new role as Director of Sales, Mr. Serritella will work out of Heritage’s new offices in Chicago where he will support the needs of commercial lenders and other financial institutions by leveraging HGV’s leading portfolio of asset valuation, appraisal and advisory products and services. In addition to managing customer relationships and serving existing clients, he will focus on advancing new business development efforts in the Midwest, while building on HGV’s impressive record of client service excellence.

Michael Aho, HGV National Sales Manager stated, “With a culture rooted in entrepreneurship and innovation, Heritage Global Partners has emerged as the leader in the industrial auction industry in terms of annual sales volume and sector diversity. At the same time, HGP’s valuations group leverages that experience to complete hundreds of industrial and consumer appraisals each year. We are also increasing the collaboration between HGV and other Heritage Global business divisions focused on investment banking, patents and trademarks, receivables and real estate services in order to bring the most comprehensive suite of diversified global asset solutions to market.”

“Tim has a proven record of generating strong performance by providing effective corporate and financial asset solutions that delivered successful outcomes for large corporations, small businesses and lenders. Importantly, he has built deep professional relationships throughout the Midwest and has a solid reputation as a trusted business partner who is committed to the growth and success of clients. His impressive industry background and record of success in sourcing industrial asset valuations and equipment loans in the Midwest markets will help advance Heritage’s business development efforts across the region and we look forward to his contributions in his new role,” concluded Mr. Aho.

A seasoned business professional, Tim Serritella has over two decades of expertise providing financial and management solutions to business owners and senior management teams across a broad spectrum of sectors. His prior experience in the banking and finance industry includes serving as a loan workout officer, a business development director for a Midwest commercial lender, and a senior manager involved in the turnaround of a multi-million dollar logistical services company. Throughout his career, Mr. Serritella formed and operated a number of successful entrepreneurial ventures, including an independent commercial loan brokerage business. He first entered the industrial marketplace in 2012, where he focused on sourcing asset disposition and bridge loan opportunities. Mr. Serritella is very active in the regional and national chapters of the Turnaround Management Association, Commercial Finance Association, Association for Corporate Growth, Midwest Business Brokers and Intermediaries and Rotary International.

“Heritage Global has built an industry-wide reputation for delivering exceptional service and value to its corporate clients, customers and partners,” added Tim Serritella. “With strong prospects for long-term growth, I look forward to working with Michael and the Heritage Global Partners valuations division to build on their success and to advance the new business development and sales initiatives in the Midwest markets.”

Tim Serritella may be reached at 847-370-3437 or via e-mail at

About Heritage Global Inc.
Heritage Global Inc. (OTCQB: HGBL, CSE: HGP) is a value-driven, innovative leader in corporate and financial asset liquidation transactions, valuations and advisory services. Heritage Global focuses on identifying, valuing, acquiring and monetizing underlying tangible and intangible assets in twenty-eight global manufacturing and technology sectors. Heritage Global acts as an adviser, as well as a principal, acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, accounts receivable portfolios, intellectual property, and entire business enterprises.

Forward-Looking Statements
This communication includes forward-looking statements based on our current expectations and projections about future events. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this communication are based on knowledge of the environment in which the Company currently operates and are subject to change based on various important factors, including variability in magnitude and timing of asset liquidation transactions, the impact of changes in the U.S. national and global economies, interest rate and foreign exchange rate sensitivity, as well as other factors beyond the Company’s control. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission.

Michael Aho
National Sales Manager
Heritage Global Valuations
John Nesbett/Jennifer Belodeau
IMS Investor Relations