Asta Funding, Inc., (NASDAQ:ASFI), a leading consumer receivables asset management and liquidation company, today announced that it has acquired $75 million in distressed consumer receivables.
The $75 million in distressed consumer receivables purchased consists of three portfolios, two for $20 million each, and the third for $35 million. All of the portfolios were distressed consumer loans and were purchased at significant discounts.
“We are off to an excellent start for fiscal 2002,” Gary Stern Asta’s president and CEO said. “The current environment is affording Asta unique opportunities for acquisitions. Our strong capital base should allow us to bid on attractive loan portfolios as they arise.”
About Asta Funding
Based in Englewood Cliffs, NJ, Asta Funding, Inc., is a leading consumer receivables asset management company specializing in the purchase, liquidation and management of performing and non-performing consumer receivables, and the factoring of commercial receivables. Asta generates revenues and earnings primarily through purchase and collection of performing and non-performing consumer receivables and commercial factoring receivables. Asta has strategic alliances with the leading companies in the consumer receivables market. For additional information, please visit our Web site at www.astafunding.com.
Except for historical information contained herein, the matters set forth in this news release are “forward looking” statements (as defined in the Private Securities Litigation Reform Act of 1995.) Although Asta Funding, Inc. believes the expectations reflected in such forward -looking statements are based upon reasonable assumptions, there can be no assurance that its expectations will be realized. Forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from Asta Funding, Inc.’s expectations. Factors that could contribute to such differences include those identified in Asta Funding, Inc.’s 10-KSB for the fiscal year ended September 30, 2001, and those described from time to time in Asta Funding, Inc.’s other fillings with the Securities and Exchange Commission, news releases and other communications.
