Velocity Asset Management, Inc. Announces Filing of Registration Statement for Sale of Common Stock

Market Wire, September, 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: Jim Mastriani CFO Velocity Asset Management 732/556-9090 Email Contact