Asta Funding Purchases $195 Million in Charged-Off Credit Card Receivables.Business Editors ENGLEWOOD CLIFFS, N.J.--(BUSINESS WIRE)--May 9, 2000 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 ), an emerging leader in the distressed consumer receivables liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy business, announced today the purchase of approximately $195 million of charged-off credit card receivables from a major financial institution. 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, said, " We acquired this sizable siz·a·ble also size·a·ble adj. Of considerable size; fairly large. siz  a·ble·ness n. portfolio of Visa and MasterCard receivables at a very attractive price. As the volume of credit card charge-offs continues to expand nationally, many financial institutions are outsourcing recovery activities to third party collection agencies or selling their charged-off receivables . With a strong balance sheet, ample cash flow and an efficient collection network, we are well-positioned to increase our market share in the distressed consumer receivables market." About Asta Funding, Inc. Headquartered in Englewood Cliffs, NJ, Asta Funding, Inc., is an emerging industry leader in the distressed consumer receivables liquidation business. The company generates revenues and earnings primarily through the purchase and collection of consumer credit card receivables which were charged off by issuing banks Issuing bank Bank that issues a letter of credit. for non-payments. For more information, please visit the company's web site at www.astafunding.com. 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 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, 1999, 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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