ENGLEWOOD CLIFFS, N.J., Jan. 3, 2012 (GLOBE NEWSWIRE) -- Asta
Funding, Inc., (Nasdaq:ASFI), a financial services receivable
asset management and liquidation company, today announced
that it has obtained a new discretionary credit facility of
$20 million with Bank Leumi, USA. Gary Stern, President and
Chief Executive Officer of Asta Funding, said, "We are
pleased to announce this new credit facility with very
favorable terms. Although we currently have sufficient cash
resources to finance our operations and have a very strong
liquidity position, such a facility will enable the company
to react quickly and opportunistically as expansion prospects
arise. We have been working with Bank Leumi for many years
and appreciate their continued support and confidence in Asta
Funding. In addition, we are well positioned to add other
banking partners as needed."
Based in Englewood Cliffs, NJ, Asta Funding, Inc., is a
financial services receivable asset management company that
specializes in the purchase, management and liquidation of
performing and non-performing consumer and other receivables.
For additional information, please visit our website at http://www.astafunding.com.
The Asta Funding, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8464
Important Information about Forward-Looking Statements: All
statements in this new release other than statements of
historic facts, including without limitation, statements
regarding our future financial position, business strategy,
budgets, projected revenues, projected costs, and plans and
objective of management for future operations, are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally can be identified by the use of
forward-looking terminology such as "may,"
"will," "expects," "intends,"
"plans," "projects,"
"estimates," "anticipates," or
"believes" or the negative thereof, or any
variation thereon, or similar terminology or expressions. We
have based these forward-looking statements on our current
expectations and projections about future events. These
forwar-dlooking statements are not guarantees and are subject
to known and unknown risks, uncertainties and assumptions
about us that may cause our
actual results, levels of activity, performance or
achievements to be materially different from any future
results, levels of activity, performance or achievements
expressed or implied by such forward-looking statements.
Important factors which could materially affect our results
and our future performance include, without limitation, our
ability to purchase defaulted consumer receivables at
appropriate prices, changes in government regulations that
affect our ability to collect sufficient amounts on our
defaulted consumer receivables, our ability to employ and
retain qualified employees, changes in the credit or capital
markets, changes in interest rates, deterioration in economic
conditions, negative press regarding the debt collection
industry which may have a negative impact on a debtor's
willingness to pay the debt we acquire, and statements of
assumption underlying any of the foregoing, as well as other
factors set forth under "Item 1A. Risk Factors" in
our annual report on Form 1-0K for the year ended September
30, 2011 and other filings with the SEC. All subsequent
written and oral forwar-dlooking statements attributable to
us, or persons acting on our behalf, are expressly qualified
in their entirety by the foregoing. Except as required by
law, we assume no duty to update or revise any
forward-looking statements.
CONTACT: Robert J. Michel, CFO Asta Funding, Inc. (201) 567-5648
Source: Asta Funding, Inc.
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