SOURCE: Velocity Portfolio Group, Inc.

Velocity Portfolio Group, Inc.

September 16, 2009 18:40 ET

Velocity Portfolio Group, Inc. Files Form 25 Voluntarily Delisting Its Shares From NYSE AMEX

WALL, NJ--(Marketwire - September 16, 2009) - Velocity Portfolio Group, Inc. (NYSE Amex: PGV) (NYSE Amex: PGV-P) ("the Company"), a distressed consumer receivables management and liquidation company, today announced that it will file a Form 25, Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act, with the Securities and Exchange Commission and the NYSE AMEX.

The Company anticipates that its common stock will be quoted in the over-the-counter market on the Pink Sheets, a centralized electronic quotation service, in the near future.

After weighing its various options and deliberating the benefits and detriments of continuing to be required to comply with the Exchange Act of 1934, the Company has concluded that shareholder value is best served by reducing the costs of public company compliance, the demands on management time, and the Company resources required to maintain its listed and registered status. While the Company's reporting obligations to the Securities and Exchange Commission will terminate when the Form 15 has been filed, the Company currently intends to continue reporting certain quarterly financial results, as well as its annual audited financial results, in press releases or other means of public dispersal.

About Velocity Portfolio Group, Inc.

Velocity Portfolio Group, Inc., through its wholly owned subsidiary, Velocity Investments, LLC, is focused on the purchase and collection of distressed consumer receivables, principally through an outsourced litigation model. By focusing on the quality of the portfolio prior to purchase, Velocity aims to diminish its risk and improve its overall collection rate as a percentage of principal balance. For more information, visit www.velocitycollect.com.

This Press Release contains or may contain forward looking statements and information that are based upon beliefs of and information currently available to the Company's management as well as estimates and assumptions made by the Company's management. When used herein the words ''anticipate," "believe," "estimate," "expect," "future," "intend," "plan" and similar expressions as they relate to the Company or the Company's management identify forward looking statements. Such statements reflect the current view of the Company with respect to future events and are subject to risks, uncertainties and assumptions relating to the Company's operations and results of operations and any businesses that may be acquired by the Company, including future collections, increased revenue, increased operating income and consumer receivables under management at the Company's Velocity Investments subsidiary. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, intended or planned.

Contact Information

  • CONTACT:
    Jim Mastriani
    CFO
    Velocity Portfolio Group, Inc.
    732/556-9090
    Email Contact