RAMSEY, NJ -- - Aggregate Initial Outstanding Principal Amount of Consumer Receivables Under Management Increases to Approximately $232 Million - Velocity Asset Management, Inc. (BULLETIN BOARD: VCYA) (AMEX:JVI.PR) (the "Company"), announced today that its wholly-owned subsidiary, Velocity Investments, LLC, ("Velocity Investments"), a consumer receivables asset management and liquidation company, posted a 92% increase in August year-over-year collections from its portfolios of non-performing consumer receivables in the month ended August 31, 2006.
For the month ended August 2006, Velocity Investments posted record gross collections of $1,025,525, a 92% increase as compared to collections of $533,887 in the month ending August 31, 2005. On August 31, 2006, the aggregate initial outstanding principal amount of Velocity Investments' consumer receivables under management was approximately $232 million, an increase of 137% as compared to approximately $98 million as of August 31, 2005.
For the month ended July 2006, Velocity Investments posted gross collections of $863,778, a 78% increase as compared to collections of $483,446 in the month ending July 31, 2005. On July 31, 2006, the aggregate initial outstanding principal amount of Velocity Investments' consumer receivables under management was approximately $204 million, an increase of 127% as compared to approximately $90 million as of July 31, 2005.
The increase in both collections and aggregate initial outstanding principal amount of consumer receivables under management is a result of Velocity Investments' deployment of the senior credit facility established in January 2005 with Wells Fargo Foothill, Inc., as amended in February 2006.
About Velocity Asset Management, Inc
Velocity Asset Management, Inc. is a Delaware corporation that focuses on the purchase, resale, and collection of distressed assets through its three wholly-owned subsidiaries, Velocity Investments, LLC, J. Holder Inc. and VOM, LLC. Velocity Investments, LLC is a consumer receivables asset management and liquidation company, which purchases, manages and liquidates portfolios of unsecured consumer receivables. J. Holder, Inc. invests in, and maximizes the return, on real property sold at sheriff's foreclosure sales and judgment execution sales, acquires defaulted mortgages and partial interests in real property with the goal of re-selling the property or perfecting the partial interest for resale. VOM, LLC focuses on purchasing, managing and maximizing the return on New Jersey municipal tax liens.
FORWARD LOOKING STATEMENTS
This Press Release contains or may contain forward looking statements and information that are based upon beliefs of and information currently available to the Company's management as well as estimates and assumptions made by the Company's management. When used herein the words "anticipate," "believe," "estimate," "expect," "future," "intend," "plan" and similar expressions as they relate to the Company or the Company's management identify forward looking statements. Such statements reflect the current view of the Company with respect to future events and are subject to risks, uncertainties and assumptions relating to the Company's operations and results of operations, including future monthly collections at its Velocity Investments subsidiary or revenues related thereto, and any businesses that may be acquired by the Company. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, intended or planned.
Company Contact:
Jim Mastriani, CFO and Chief Legal Officer
Velocity Asset Management
(732) 556-9090
jjm@velocitycollect.com
Source: Velocity Asset Management, Inc.
|
| Notes:
CONTACT: Jim Mastriani, CFO and Chief Legal Officer of Velocity Asset
Management, +1-732-556-9090, jjm@velocitycollect.com
About This Release
If you have any questions regarding information in this press release, please contact the organization listed in the press release. Issuers of press releases and not TCI are solely responsible for the accuracy of the content.
 | |
| Advertisement |
|
