Velocity Asset Management Announces a 158% Increase in December Year-Over-Year Collections

Velocity Asset Management, Inc., announced today its wholly owned subsidiary, Velocity Investments, LLC (“Velocity Investments”), a consumer receivables asset management and liquidation company, posted a 158% increase in December year-over-year collections from its portfolios of non-performing consumer receivables in the month ended December 31, 2005.

For the month ended December 31, 2005, Velocity Investments posted gross collections of $578,480 a 158% increase as compared to collections of $223,916 in the month ending December 31, 2004. On December 31, 2005, the aggregate initial outstanding principal amount of Velocity Investments’ consumer receivables under management was approximately $154 million, an increase of 633% as compared to approximately $21 million as of December 31, 2004.

The increase in both collections and aggregate initial outstanding principal amount of consumer receivables under management is a result of Velocity Investments’ partial deployment of its first substantial credit facility, a three-year, $12.5 million senior credit facility established in February 2005 with Wells Fargo Foothill, Inc.

About Velocity Asset Management, Inc
Velocity Asset Management, Inc. is a Delaware corporation that focuses on the purchase, resale, and collection of distressed assets through its three wholly owned subsidiaries, Velocity Investments, LLC, J Holder, Inc. and VOM, LLC. Velocity Investments, LLC is a consumer receivables asset management and liquidation company, which purchases, manages and liquidates portfolios of unsecured consumer receivables. J. Holder, Inc. invests in, and maximizes the return on real property sold at sheriff’s foreclosure sales and judgment execution sales, acquires defaulted mortgages and partial interests in real property with the goal of re-selling the property or perfecting the partial interest for resale. VOM, LLC focuses on purchasing, managing and maximizing the return on New Jersey municipal tax liens.