Stock

NEWS

Announcements:
03.18.08
 Velocity Asset Management Q4 '07 EPS Rises 100% to a Record $0.04
                Per Share on a 37% Increase in Revenues

   Full Year EPS Increases 133% to a Record $0.07 Per Share on a 49%
                           Rise in Revenues

     Q4 and 2007 Gross Collections Rise 73% and 67%, Respectively


WALL, N.J.--March 18, 2008--Velocity Asset Management, Inc. (AMEX:
JVI) ("Velocity"), which collects delinquent consumer receivables
using an outsourced litigation model, today announced record operating
results for the three and twelve-month periods ended December 31,
2007. The Company will host an investor conference call to review its
results on Tuesday, March 25th at 11:30 a.m. ET. Details below.

Summary Financials
----------------------------------------------------------------------
               Three Months Ended           Twelve Months Ended
                  December 31,                 December 31,
                2007        2006      %      2007        2006      %
----------------------------------------------------------------------
  Revenues   $4,627,927  $3,365,906  37%  $15,367,047 $10,284,482 49%
----------------------------------------------------------------------
Operating
   Income     2,260,702   1,495,957  51%   6,370,940   3,654,149  74%
----------------------------------------------------------------------
Net Income   1,011,926    614,967   65%   2,572,075   1,318,690  95%
----------------------------------------------------------------------
Net Income
  (common
  holders)     666,926     269,967   147%  1,192,075    467,685   155%
----------------------------------------------------------------------
    EPS
(basic and
  diluted)      0.04        0.02     100%    0.07        0.03     133%
----------------------------------------------------------------------
  Diluted                             NA                           NA
Shares Out. 18,546,209  17,250,541       18,075,746  17,276,877
------------------------------ ----------------------------------------
    VI*
Receivables
Under Mgmt. 485,000,000 353,000,000 37%  485,000,000 353,000,000 37%
----------------------------------------------------------------------
VI* Gross
Collections  4,902,000   2,826,000  73%  17,960,000  10,778,000  67%
----------------------------------------------------------------------
*Velocity Investments - a wholly owned subsidiary in the distressed
consumer receivables business


The improvements in Velocity's Q4 and 2007 results are principally due
to significant growth in collections from its portfolio of consumer
receivables, offset by modest, managed growth in G&A expense that
reflect the Company's outsourcing model.

Velocity's Q4 2007 results also showed strong sequential growth as
revenues rose 13% to $4.6 million, compared to $4.1 million in Q3
2007, and Q4 2007 operating income rose 69% to $2.3 million, compared
to $1.3 million in Q3 2007. Q4 2007 net income to common shareholders
of $667,000 surpassed the $40,000 earned in Q3 2007.

"Velocity's record Q4 and full-year results highlight our receivable
underwriting discipline and the strength and operating leverage
provided by our collections model," commented Velocity President and
CEO Jack Kleinert. "Focusing on disciplined purchases and utilizing
our litigation-based collections approach continue to deliver
attractive results for our shareholders, even in a challenging
consumer economic environment. As our asset portfolio continues to
season and grow, we anticipate it will generate increasing levels of
cash flow, enabling us to achieve organic revenue growth as well as
freeing up capital to purchase new charged-off receivables.

"Pricing of new pools of distressed consumer receivables continues to
be under pressure, creating a very favorable trend for us. We believe
the pricing reductions should more than offset any anticipated
deterioration in collections over the next few years. We are actively
investigating alternatives to raise additional capital, which will
enable us to take advantage of the current market environment.

"To support the growth of our portfolio, on February 29th we secured a
28% increase in our senior credit facility with Wells Fargo Foothill,
Inc. The facility was increased to $22.5 million and its maturity was
extended two years to January 31, 2011.

"As we have indicated, our organization is in the process of winding
down its J. Holder and VOM subsidiaries and we expect to complete this
process by the end of 2008. These divestitures should free up
additional capital while also allowing us to focus exclusively on
Velocity Investments, our growing collections business."

2007 Q4 Conference Call/Webcast Information
------------------------------ ----------------------------------------
Conference Call:    Tuesday, March 25 at 11:30 a.m. ET
Dial-in Number:     888/243-1681
Call Replay Until:  March 27 at 1:30 p.m. ET
Replay Number:      800/633-8284
Replay Access Code: 21379110
Webcast:            www.velocitycollect.com
Web Replay:         30 days
----------------------------------------------------------------------

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.

            (Condensed Consolidated Balance Sheets follow)

           VELOCITY ASSET MANAGEMENT, INC. AND SUBSIDIARIES
                     CONSOLIDATED BALANCE SHEETS


ASSETS                                     DEC. 31, 2007 DEC. 31, 2006

Cash and cash equivalents                  $     162,180 $   2,444,356
Notes receivable                                  25,000       180,641
Note receivable from related party               100,000            --
Deposits on properties                            10,000       240,000
Properties held for sale                       5,962,739     6,133,705
Tax certif's held and accrued int.
receivable, net                                 325,339       472,071
Consumer receivables, net                     46,971,014    38,327,926
Property and equip., net of accum'd depr.         64,420        68,619
Deferred income tax asset, net                   423,600       306,900
Security deposits                                 30,224        30,100
Other assets (including $115,146 employee
  loan to a related party in 2007)               532,312       229,841
                                           ------------- -------------
    Total assets                           $  54,606,828 $  48,434,159
                                           ============= =============

LIABILITIES
Accounts payable and accrued expenses      $   1,425,710 $     873,507
Estimated court and media costs                7,374,212     8,446,319
Lines of credit                               14,745,138    13,791,388
Notes payable to related parties               2,500,000     2,370,000
Notes payable                                    885,000       780,000
Convertible subordinated notes                 2,350,000            --
Income taxes payable                             820,222       600,974
                                           ------------- -------------
    Total liabilities                      $  30,100,282 $  26,862,188
                                           ============= =============

STOCKHOLDERS' EQUITY
Series A 10% convertible preferred stock,
  $0.001 par value, 10,000,000 shares
   authorized,
  1,380,000 shares issued and outstanding
  (liquidation preference of $13,800,000)          1,380         1,380
Common stock, $0.001 par value, 40,000,000
  shares authorized, 17,066,821 and
  16,129,321 shares issued and outstanding,
  respectively                                    17,066        16,129
Additional paid-in capital                    25,243,944    23,502,381
Accumulated deficit                            (755,844)   (1,947,919)
                                           ------------- -------------

    Total stockholders' equity                24,506,546    21,571,971
                                           ------------- -------------

      Total liabilities and stockholders'
       equity                              $  54,606,828 $  48,434,159
                                           ============= =============


         (Condensed Consolidated Statements of Income follow)

           VELOCITY ASSET MANAGEMENT, INC. AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF INCOME

                     For the Three Months      For the Twelve Months
                      Ended December 31,        Ended December 31,
                   ------------------------- -------------------------
                       2007         2006         2007         2006
                   ------------ ------------ ------------ ------------
REVENUES
  Sales of real
   property        $   656,288  $   525,443  $ 1,403,944  $ 1,585,175
  Income on
   consumer
   receivables       3,962,031    2,778,100   13,863,538    8,431,259
  Interest income
   on tax
   certificates
   held                  9,608       62,363       99,565      268,048
                   ------------ ------------ ------------ ------------
    Total revenues   4,627,927    3,365,906   15,367,047   10,284,482
                   ------------ ------------ ------------ ------------

OPERATING EXPENSES
  Cost of real
   property sold       661,991      322,596    1,302,746    1,041,588
  Impairment of
   property held
   for sale                 --           --      220,948           --

   Professional
    fees (including
    fees paid to
    related parties
    of $260,861 and
    $276,847 and
    $1,134,345 and
    $1,241,244 for
    the three and
    twelve month
    periods ended
    December 31,
    2007 and 2006,
    respectively)    1,370,829      841,603    4,968,935    3,355,899
  General and
   administrative
   expenses            334,405      705,750    2,503,478    2,232,846
                   ------------ ------------ ------------ ------------
      Total
       operating
       expenses      2,367,225    1,869,949    8,996,107    6,630,333
                   ------------ ------------ ------------ ------------
    Income from
     operations      2,260,702    1,495,957    6,370,940    3,654,149


INTEREST EXPENSE
Interest expense
(including
interest incurred
to related parties
of $58,955 and
$62,525 and
$234,014 and
$234,797 for the
three and twelve
month periods
ended December 31,
2007 and 2006,
respectively)        (515,831)    (391,846)  (1,953,530)  (1,363,418)
                   ============-============-==== ========
Income before
provision for
income taxes        1,744,871    1,104,471    4,417,410    2,290,731
Provision for
income taxes          732,945      489,504    1,845,335      972,041
                   ---------------------------------------------------
Net income           1,011,926      614,947    2,572,075    1,318,690
Preferred dividend    (345,000)    (345,000)  (1,380,000)    (851,005)
                   ---------------------------------------------------
Net income
attributable to
common
stockholders      $   666,926  $   269,967  $ 1,192,075  $   467,685
                   ============ ============ ============ =======
Weighted average
common shares
outstanding -
basic              17,044,403   16,092,439   16,395,040   16,008,653
                   ============ ============ ============
Net income per
common share -
basic             $      0.04  $      0.02  $      0.07  $      0.03
                   ============ ============ ============
Weighted average
common shares
outstanding -
diluted            18,546,209   17,250,541   18,075,746   17,276,877
                   ============ ============ ============
Net income per
common share -
diluted           $      0.04  $      0.02  $      0.07  $      0.03
                   ============ ============ ===========


03.04.08 - Velocity Investments Increases Senior Credit Facility
Borrowing Limit and Extends Maturity to January 2011

WALL, N.J.--March 4, 2008--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.

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.


02.04.08 - Velocity Investments to Present at Security Research Associates' Investor Conference February 11 at 9:30 am PST

    WALL, N.J.--Feb. 4, 2008--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 Velocity CEO Jack Kleinert and CFO Jim Mastriani will present at Security Research Associates' 4th Annual Winter Technology Conference for institutional clients. Their presentation, which will be webcast live and archived, is scheduled to take place at 9:30 a.m. PST on Monday, February 11th in the Nob Hill room at the Omni Hotel in San Francisco, CA.

    Live Webcast

    A live audio webcast of Velocity's presentation will be available
to all investors at http://www.velocitycollect.com/ir.html or via
http://www.wsw.com/webcast/sra6/jvi/

11.04.07 - Velocity Assest Management Reports Record Collections and Revenue in 2007 Q3

08.07.07
- VELOCITY ASSET MANAGEMENT COMMON STOCK APPROVED FOR LISTING ON AMERICAN STOCK EXCHANGE

08.09.07 - VELOCITY ASSET MANAGEMENT Q2 NET INCOME RISES 222% ON 63% REVENUE INCREASE

05.21.07 - Velocity Asset Management, Inc. Reports Revenue and Operating Results for the Three Months Ended March 31, 2007

04.13.07 - Velocity Asset Management, Inc. Reports on Portfolio Acquisitions for the First Quarter Ended March 31, 2007

04.05.07 - Velocity Asset Management Reports Results of Operations for Fiscal Year Ending December 31, 2006

02.16.07 - Velocity Asset Management, Inc. Reports on Portfolio Acquisitions for the Fourth Quarter and Year Ended December 31, 2006

11.15.06 - Velocity Asset Management, Inc. Reports Record Revenue and Operating Results for the Third Quarter and Nine Months Ended September 30, 2006

10.04.06 - Velocity Asset Management Announces Increases in July and August Year-Over-Year Collections


Velocity Asset Management Rings the Opening Bell at the
American Stock Exchange




Velocity on the AMEX Trading Floor