Contact Information: Contact: Jim Mastriani CFO Velocity Portfolio Group (732) 556-9090
Velocity Portfolio Group, Inc. Reports Notice Regarding NYSE Amex Listing Standards
| Source: Velocity Portfolio Group, Inc.
WALL, NJ--(Marketwire - September 1, 2009) - Velocity Portfolio Group, Inc., (NYSE Amex : PGV )
(the "Company") a portfolio management company, received notice from the
Staff of the NYSE Amex LLC (the "Exchange") indicating that the Company is
not in compliance with the Exchange's continued listing standards as set
forth in Sections 134 and 1101 of the Exchange's Company Guide. In such
notice, the Staff advised the Company that it was not in compliance with
the Exchange's continued listing standards as a result of the Company being
unable to timely file its quarterly report on Form 10-Q for the period
ended June 30, 2009.
The Company is afforded the opportunity to submit a plan of compliance to
the Exchange by September 8, 2009 that will bring the Company back into
compliance with the Exchange's continued listing standards by November 24,
2009. If the Company does not submit a plan or if the plan if not accepted
by the AMEX, the Company will be subject to delisting procedures as set
forth in Section 1010 and part 12 of the Exchange's Company Guide.
The Company's Common Stock continues to trade on the Exchange; however, the
Company will be included in a list of issuers that are not in compliance
with the Exchange's listing standards. The Company will remain in this list
until the Company has regained compliance with all applicable continued
listing standards.
About Velocity Portfolio Group, Inc.
We are a portfolio management company that purchases unsecured consumer
receivables in the secondary market and seeks to collect those receivables
through an outsourced legal collection network. Our primary business is to
acquire credit-card receivable portfolios at significant discounts to the
total amounts owed by the debtors. We use our proprietary valuation process
to calculate the purchase price so that our estimated cash flow from such
portfolios offers us an adequate return on our investment after servicing
expenses.
For more information, visit www.velocitycollect.com
"Safe Harbor" statement under the Private Securities Litigation Reform Act
of 1995
This press release contains forward looking statements that are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and that are subject to risk and uncertainties,
including, but not limited to, risks detailed from time to time in the
company's filings with the Securities and Exchange Commission, including
the company's registration statement on Form S-1. These risks could cause
actual results to differ materially from those expressed in any forward
looking statements made by, or on behalf of, the company. The company
assumes no obligation to update the information contained in this press
release.