Asta Funding Purchases $1.35 Billion in Charged-Off Credit Card Receivables.ENGLEWOOD CLIFFS, N.J.--(BUSINESS WIRE)--March 31, 1999-- Representing One of the Larger Bulk Purchases in Recent History ASTA FUNDING, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (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 ), an emerging leader in the distressed consumer receivables market, today announced the purchase of approximately $1.35 billion of charged-off credit card receivables from a major financial institution. The purchase was made through the newly formed subsidiaries: Asta Funding Acquisition I, II and III LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Details of the purchase price were not disclosed. 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, "I am extremely enthused about this significant acquisition of receivables, which represents one of the larger bulk purchases of charged-off credit card receivables in recent history. Asta will continue its aggressive expansion into the billion dollar distressed receivable market which, we believe, will ultimately garner long-term shareholder value." Englewood Cliffs-based Asta Funding, Inc. and subsidiaries own and manage distressed consumer receivables and originate sub-prime automobile loans. Except for historical information contained herein, the matters set forth in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Although, Asta Funding, Inc. believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, there can be no assurance that expectations can 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 From S-1, its form 10KSB KSB Kogod School of Business (American University) KSB Kelley School of Business (Indiana University) KSB Kantonsschule Am Brühl St. for the year ended September 30, 1998 and the 10-Q for the quarter ended December 31, 1998, and those described from time to time in Asta Funding Inc.'s other filings with the Securities and Exchange Commission, news releases and other communications. |
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