Velocity Asset Management Announces a 194% Increase in April Year-Over-Year Collections

Velocity Asset Management, Inc., announced today that its wholly owned subsidiary, Velocity Investments, LLC (“Velocity Investments”), a consumer receivables asset management and liquidation company, posted a 194% increase in April year-over-year collections from its portfolios of non-performing consumer receivables in the month ended April 30, 2006.

For the month ended April 2006, Velocity Investments posted record gross collections of $996,102, a 194% increase as compared to collections of $338,486 in the month ending April 30, 2005. On April 30, 2006, the aggregate initial outstanding principal amount of Velocity Investments’ consumer receivables under management was approximately $159 million, an increase of 224% as compared to approximately $49 million as of April 30, 2005.

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 the senior credit facility established in January 2005 with Wells Fargo Foothill, Inc., as amended in February 2006.