Asta Funding's Subsidiary E.R. Receivables and Greenwich Capital Further Their Position in the Distressed Consumer Receivables Market.ENGLEWOOD CLIFFS, N.J.--(BUSINESS WIRE)--Aug. 31, 1998--E.R. Receivables Corp., L.L.C., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of ASTA Funding, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ASFI ASFI Army Single Face to Industry ASFI Accès Sans Fil à Internet (French: wireless internet access) ASFI American Spaceframe Fabricators International ASFI Association Suisse des Femmes Ingénieures ) today announced that it has provided funding along with co-lender Greenwich Capital Markets to a third party for the purchase of $6 million of distressed consumer receivables at a significant discount. The distressed receivables were purchased from a single major lending institution Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in . E.R. Receivables, in addition to being a co-lender with Greenwich Capital Markets, is also a profit participant. E.R. Receivables and Greenwich Capital expect to fund other purchases of distressed receivables from this lending institution. In making the announcement, Gary Stern, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Asta Funding, stated, "We are enthused that this alliance has moved forward on a transactional basis. We believe that Greenwich Capital's research coupled with Asta's expertise in the distressed receivables market will make a formidable alliance. The Company is forging ahead with its strategic plan of refocusing on distressed receivables and regaining long term shareholder value." Asta Funding, Inc. is a sub-prime automobile lender located in Englewood Cliffs, New Jersey Englewood Cliffs is a borough in Bergen County, New Jersey, United States. As of the United States 2000 Census, the borough population was 5,322. The borough houses the world headquarters of CNBC and the American headquarters of Unilever. . Asta is currently licensed in 10 eastern states Eastern States can refer to several locations:
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. Although, Asta Funding, Inc. believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, there can be no assurances 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 most recent Registration Statement on Form S-1, its Form 10-KSB for the year ended September 1997 and Form 10-Q Form 10-Q See 10-Q. for the quarter ended December 31, 1997; and those described from time to time in Asta Funding's other filings with the Securities and Exchange Commission, news releases and other communications.
CONTACT: DeMonte Associates, New York
Investor Contact:
Cynthia DeMonte, 212/473-3700
E-mail: cdemonte@aol.com
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