WALL, NJ--(Marketwire - September 18, 2008) - Velocity Asset Management, Inc. (
AMEX:
JVI) today
announced the filing of a registration statement with the Securities and
Exchange Commission pertaining to a proposed underwritten public offering
of shares of its common stock.
Sandler O'Neill + Partners, L.P. is acting as the sole manager of the
offering. This offering of common stock will be made only by means of a
prospectus. When available, a written prospectus meeting the requirements
of Section 10 of the Securities Act of 1933, as amended, may be obtained
from Sandler O'Neill + Partners, L.P., 919 Third Avenue, 6th Floor, New
York, NY 10022 at (800) 635-6859.
A registration statement relating to these securities has been filed with
the Securities and Exchange Commission but has not yet become effective.
These securities may not be sold, nor may offers to buy be accepted, prior
to the time the registration statement becomes effective. This press
release shall not constitute an offer to sell or a solicitation of an offer
to buy, nor will there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any
such state or jurisdiction.
About Velocity Asset Management, Inc.
We are a portfolio management company that purchases unsecured consumer
receivables in the secondary market and seeks to collect those receivables
through an outsourced legal collection network. Our primary business is to
acquire credit-card receivable portfolios at significant discounts to the
total amounts owed by the debtors. When evaluating a portfolio for
purchase, we conduct an extensive quantitative and qualitative analysis of
the portfolio to appropriately price the debt and to identify portfolios
that are optimal for collection through our legal collection network. We
use our proprietary valuation process to calculate the purchase price so
that our estimated cash flow from such portfolios offers us an adequate
return on our investment after servicing expenses. For more information,
visit
www.velocitycollect.com
"Safe Harbor" statement under the Private Securities Litigation Reform Act
of 1995
This press release contains forward looking statements that are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and that are subject to risk and uncertainties,
including, but not limited to, risks detailed from time to time in the
Company's filings with the Securities and Exchange Commission, including
the Company's registration statement on Form S-1. These risks could cause
actual results to differ materially from those expressed in any forward
looking statements made by, or on behalf of, the Company. The Company
assumes no obligation to update the information contained in this press
release.
Contact Information: CONTACT:
Jim Mastriani
CFO
Velocity Asset Management
732/556-9090