Velocity Reports Operating Results for Three and Nine Month Periods Ended September 30, 2008

Market Wire, November, 2008

Velocity Asset Management, Inc. (AMEX: JVI) ("Velocity"), which collects delinquent consumer receivables using an outsourced litigation model, today announced operating results for the three- and nine-month periods ended September 30, 2008.

Velocity reported Q3 '08 operating income increased 23.4% to $1.84 million and income from continuing operations rose 91.4% to $1,005,000, versus Q3 2007. Velocity reported net income of $724,000 compared to net income of $384,600 in Q3 2007, an 88.3% increase. After payment of $345,000 in preferred dividends, Velocity reported Q3 net income attributable to common shareholders of $379,000, or $0.02 per diluted share, compared to net income of $39,600, or $0.01 per diluted share, in the prior year period. Velocity's Q3 2008 revenue decreased by 3.1% percent due to a decrease in acquisitions of consumer portfolios, which was offset by a 22.2% decrease in operating expenses and a 40.6% decrease in interest expense. Velocity reported a $280,700 loss in discontinued operations as a result of an additional impairment charge on a Florida investment property.

"In the face of challenging capital markets and concern about the consumer economy, we were extremely pleased with Velocity's performance during the 2008 third quarter," stated Velocity President and CEO Jack Kleinert. "We believe that the current market conditions have created a very attractive environment for acquiring charged-off consumer receivables for companies with a disciplined pricing methodology and a long-term legal approach to collections."

As of September 30, 2008, the Company's Velocity Investments subsidiary had $9.8 million outstanding, and $12.7 million in availability on its $22.5 million senior credit facility with Wells Fargo Foothill, Inc. Velocity continues to wind-down the discontinued operations of its J. Holder and VOM subsidiaries and expects to complete this process in the next 12 months. These divestitures will allow management to focus exclusively on its core, consumer receivables business, Velocity Investments.

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.