Velocity Asset Management Reports Portfolio Acquisitions for Quarter, Year

Velocity Asset Management, Inc. announced today the results of portfolio acquisition activities for the quarter and year ended December 31, 2006 for its Velocity Investments subsidiary. Velocity Investments is a consumer receivables asset management and liquidation company, which purchases, manages and liquidates portfolios of unsecured consumer receivables.

During the fourth quarter of 2006, Velocity Investments purchased consumer receivable portfolios aggregating approximately $90 million in outstanding principal amount for a purchase price of approximately $4.9 million, bringing the aggregate initial outstanding principal amount of consumer receivables under management as of December 31, 2006 to approximately $353 million, an increase of 129% as compared to approximately $154 million as of December 31, 2005. During the year ended December 31, 2006, Velocity Investments acquired consumer receivables aggregating approximately $199 million in initial outstanding principal amount at a purchase price of approximately $15.7 million dollars.

Commenting on the 4th quarter acquisition activities, Jack Kleinert, President and CEO, stated, "We are very excited about our portfolio acquisitions in 2006. The substantial percentage increase in consumer receivables under management reflects a trend that we believe will continue for the foreseeable future. Our unique focus of acquiring and collecting on non-performing consumer receivables owed by obligors that are collectible through legal collection means has resulted in increased market opportunities in our charged-off consumer receivables business and a corresponding increase in the aggregate size of our consumer receivable portfolios under management.

Mr. Kleinert also stated: "In the past we had issued statements on the performance of our Velocity Investments subsidiary on a monthly basis. Commencing with this release, however, we intend to only provide quarterly reports on our entire business operations and performance in connection with our SEC quarterly filings. We believe that this will allow our investors and management to focus more on our long term activities. This change will also allow our management, which we have intentionally not expanded in order to contain costs, to focus on operations instead of short term announcements. We intend to provide investors with information concerning updated portfolio acquisitions as we continue to grow our consumer receivables business."