EXHIBIT 99.1
                             MCM CAPITAL GROUP, INC.
                              500 West First Street
                              Hutchinson, KS 67501


                                                           FOR IMMEDIATE RELEASE


CONTACT:       ERIC D. KOGAN - CHAIRMAN OF THE BOARD
               (212) 451-3075


                 MCM CAPITAL APPOINTS ROBERT E. KOE PRESIDENT AND CEO



HUTCHINSON, KANSAS, JULY 22, 1999 - MCM Capital Group, Inc. announced today that
Robert E. Koe, 54, has been named its President and Chief Executive  Officer and
has been appointed to its Board of Directors. He succeeds Frank I. Chandler, 64,
who will serve as Vice Chairman and remain a director of the Company.

        Mr. Koe is a highly regarded executive with a diversified  background in
financial  services.  He had a  seventeen-year  career  beginning in 1967 at the
General  Electric  Corporation,  where he rose to become  Vice  President  of GE
Capital's  commercial  leasing  subsidiary.  From 1984 to 1990, Mr. Koe was Vice
Chairman of Heller Financial,  Inc., a diversified  commercial  finance company.
From 1990 to 1996, he was Chairman,  President  and Chief  Executive  Officer of
United States Leather,  the largest  supplier of leather in North America.  From
1996 to 1998, he was a Managing Director of Ocwen Financial Corporation, a







leading purchaser and servicer of distressed residential and commercial
mortgages. Mr. Koe holds an AB in Economics from Kenyon College and is a
member of its Board of Trustees.

        In  announcing  Mr. Koe's  appointment,  Eric D. Kogan,  Chairman of the
Board, said: "We are very excited that Bob Koe has joined MCM Capital. He has an
excellent background for our industry,  strong leadership skills and understands
the ingredients for success in fast growing  companies.  With MCM Capital having
recently  completed  its initial  public  offering,  we believe Bob will quickly
focus our team and our resources on creating shareholder value."

        Kogan added: "Frank Chandler is an industry leader in purchasing
distressed consumer receivables. As our Vice Chairman, MCM Capital will
continue to benefit from his considerable experience and expertise."

        MCM Capital Group, Inc. acquires, manages and collects distressed
consumer receivables. On July 9, 1999, MCM Capital completed its initial public
offering. The Company is listed on NASDAQ under the symbol "MCMC."


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