Contact Information: CONTACT: Jim Mastriani CFO Velocity Portfolio Group, Inc. 732/556-9090
Velocity Portfolio Group, Inc. Files Form 25 Voluntarily Delisting Its Shares From NYSE AMEX
| Source: Velocity Portfolio Group, Inc.
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.