Velocity Asset Management Announces Delay in 10-Q Filing and Previews Q1 2008 Results

Business Wire, May 21, 2008

WALL, N.J. -- Velocity Asset Management, Inc. (AMEX: JVI) ("Velocity"), which collects delinquent consumer receivables using an outsourced litigation model, today announced that it must further delay the filing of its quarterly report on Form 10-Q with the SEC. The company expects to complete the filing no later than Tuesday, May 27, 2008. Velocity also previewed its operating results for the first quarter ended March 31, 2008.

Velocity is unable to file its Form 10-Q within the five-day filing extension period as a result of additional time required by its auditors to address the reclassification and presentation of the Company's VOM, LLC and J. Holder, Inc. entities as discontinued operations. Velocity is in the process of winding down these discontinued operations and expects to complete this process, including the sale of all related assets, by the end of 2008.

A preview of the Company's operating results are provided in the table below. On a preliminary basis, the Company expects to report net income per diluted share of $0.01 - $0.02 for Q1 2008, versus net income per diluted share of $0.01 in Q1 2007. The Company expects that after tax net income per share from continuing operations will amount to $0.03 - $0.04 per diluted share in Q1 2008, compared to $0.01 per share in Q1 2007.

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About Velocity Asset Management, Inc.

Velocity Asset Management, Inc., through its wholly owned subsidiary, Velocity Investments, LLC, is focused on the purchase and collection of distressed consumer receivables, principally through an outsourced litigation model. The Company purchases consumer receivable portfolios that are of "litigation quality." By focusing on the quality of the portfolio prior to purchase, Velocity aims to diminish its risk and improve its overall collection rate as a percentage of principal balance. For more information, visit www.velocitycollect.com.

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 and any businesses that may be acquired by the Company, including future collections, increased revenue, increased operating income and consumer receivables under management at the Company's Velocity Investments subsidiary. 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.