PR - Velocity Investments Increases Senior Credit Facility and Extends Maturity

http://www.insidearm.com/news/00016530-pr-velocity-investments-increases-senior-/

Wall, N.J.-based Velocity Asset Management, Inc. (AMEX: JVI and JVI-P) ("Velocity"), which purchases delinquent consumer receivables and uses an outsourced litigation model to collect them, today announced that its Velocity Investments (VI) subsidiary has been granted an increase on its senior credit facility with Wells Fargo Foothill, Inc. from $17.5 million to $22.5 million, and it has also received a two-year extension of the maturity date to January 31, 2011.

"Given the volatility in the credit markets and the overall economy we are very pleased that Wells Fargo Foothill has shown confidence in Velocity’s business by agreeing to increase and extend our senior facility," stated Velocity Asset Management CEO Jack Kleinert.

Velocity Asset, 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.

PR - Velocity Investments Increases Senior Credit Facility and Extends Maturity

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