Debt Purchaser Velocity Asset Management Reports Huge Increase in Earnings

Velocity Asset Management, Inc. announced revenues and operating results for the quarter ended March 31, 2007.

For the first quarter ended March 31, 2007, the Company reported record net income of $529,808 or $0.01 per diluted share, a 664.1% increase as compared to net income of $69,337 or $0.00 per diluted share in the first quarter of 2006. Operating income increased 221.8% in the first quarter of 2007 to $1,330,002 as compared to operating income of $413,322 for the first quarter of 2006. First quarter 2007 revenues increased 70.8% to $3,170,740 as compared to revenues of $1,856,155 for the first quarter of 2006. After deducting $345,000 in dividend distributions to shareholders of the Company’s Series A convertible preferred stock, net income attributable to common shareholders in the first quarter of 2007 was $184,808.