Velocity Asset Management, Inc. Announces Filing of Registration Statement for Sale of Common Stock
18 September 2008 - 2:00PM
Marketwired
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: Jim Mastriani CFO Velocity Asset Management
732/556-9090 Email Contact
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