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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Velocity Asset Management, | AMEX:JVI | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Stockholders who hold existing stock certificates will receive instructions from Velocity's transfer agent, Continental Stock Transfer and Trust Company, on how to receive new stock certificates. Stockholders whose certificates are held in street name or on deposit with their brokerage firm do not need to take any further action. Velocity's common stock is now trading under a new CUSIP number, 92257E 304 and new symbol "PGV."
In addition, as a result of the reverse split, the conversion price of the shares of Velocity's Series A Preferred Stock was adjusted from $2.50 to $50.00. Pursuant to such adjustment, five shares of Velocity's Series A Preferred Stock shall be convertible into one share of Velocity's common stock. Velocity's Series A Preferred Stock is also now trading under a new CUSIP number, 92257E 403 and new symbol "PGV-P."
About Velocity Asset Management, Inc.
We are a portfolio management company that purchases unsecured consumer receivables in the secondary market and seeks to collect those receivables through an outsourced legal collection network. Our primary business is to acquire credit-card receivable portfolios at significant discounts to the total amounts owed by the debtors. When evaluating a portfolio for purchase, we conduct an extensive quantitative and qualitative analysis of the portfolio to appropriately price the debt and to identify portfolios that are optimal for collection through our legal collection network. We use our proprietary valuation process to calculate the purchase price so that our estimated cash flow from such portfolios offers us an adequate return on our investment after servicing expenses. For more information, visit www.velocitycollect.com
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and that are subject to risk and uncertainties, including, but not limited to, risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's registration statement on Form S-1. These risks could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company. The Company assumes no obligation to update the information contained in this press release.
Contact: Jim Mastriani CFO Velocity Asset Management 732/556-9090
1 Year Velocity Asset Management, Chart |
1 Month Velocity Asset Management, Chart |
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