EMCC, Inc. and Asta Funding, Inc. Announce $40 Million Receivable Purchase

EMCC, Inc. of Pembroke, Massachusetts and Asta Funding, Inc. (NASDAQ:ASFI) of Englewood Cliffs, New Jersey announced today that it jointly purchased a face amount of consumer receivables comprised of approximately $40 million from a national credit card issuer. This acquisition consisted primarily of paying accounts receivable.

?We are excited about this opportunity and equally pleased with the final outcome after having worked closely with the seller to reach mutually agreeable terms to acquire these receivables,? said EMCC?s vice president corporate development Robert Russo. ?This acquisition not only bolsters EMCC?s position as a leading provider of receivable management solutions, but also adds to the overall diversity of products that were acquired during this past year.?

?We will continue to pursue relationships of this nature into the new year in order to establish similar purchase and sales opportunities where we?ve historically been successful and hope to partner with Asta again in the future,? Mr. Russo said.

Gary Stern, President & CEO of Asta Funding, Inc. said, ?I am very pleased with this substantial acquisition of consumer receivables. This purchase will assist the Company in achieving its growth objectives. In addition, the Company is very pleased with its relationship with EMCC and is actively pursuing additional receivable portfolios that meet our business model. This purchase further strengthens Asta?s position as a leader in the receivable liquidation business.?