Velocity Acquisition Corp. Announces Termination of Offer to Purchase All of the Common and Preferred Stock of Velocity Portfolio Group, Inc.

WALL, N.J., June 10, 2015 /PRNewswire/ -- Velocity Acquisition Corp. announced today that it has terminated its offer to purchase all of the outstanding Preferred Stock and Common Stock of Velocity Portfolio Group, Inc. (OTCMarkets.com: VPGI and VPGI.P) (the "Tender Offer"), and will return all tendered shares to their holders. The Tender Offer sought to purchase any and all of the outstanding shares of Preferred Stock at a price of $2.40 per share and all of the outstanding shares of Common Stock at a price of $1.40 per share. The offer expired on May 26, 2015.

The Tender Offer provided that Velocity Acquisition Corp.'s purchase was conditioned upon a minimum number of tendered shares of both Preferred Stock and Common Stock (the "Minimum Tender Condition"), and further provided that Velocity Acquisition Corp. would not be obligated to purchase any and all tendered shares if the Minimum Tender Condition was not satisfied. The number of shares tendered of both Common Stock and Preferred Stock were insufficient to satisfy the Minimum Tender Condition, and Velocity Acquisition Corp. has determined it will not continue with the purchase transaction and will return all tendered shares to their holders pursuant to the Tender Offer.

About Velocity Portfolio Group, Inc.

Velocity Portfolio Group, Inc. is a Delaware corporation that focuses on the purchase, resale, and collection of distressed assets through its wholly owned subsidiary, Velocity Investments, LLC.

About Velocity Acquisition Corp.

Velocity Acquisition Corp. is a Delaware corporation established solely for the purpose of acquiring Velocity Portfolio Group, Inc. in the manner described in this Press Release and as contained in the corresponding offer to purchase.

FORWARD-LOOKING STATEMENTS

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 on consumer receivables portfolios, the successful completion of the preferred stock offering, and other risks as set forth in the Company's SEC filings as well as those contained in the registration statement. 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.

SOURCE Velocity Acquisition Corp.