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

WALL, N.J., April 27, 2015 /PRNewswire/ -- Velocity Acquisition Corp. announced today that it will commence mailing to all shareholders on or about April 28, 2015 a tender offer to purchase all of the outstanding shares of Common Stock, and all of the outstanding shares of Preferred Stock of Velocity Portfolio Group, Inc. (OTCMarkets.com: VPGI and VPGI.P), at a price of $1.40 per share for Common Stock and $2.40 per share for Preferred Stock. The tender offer will be funded with cash from a dedicated funding source.

Velocity Acquisition Corp. expects that the tender offer will expire on May 26, 2015 unless it is extended or withdrawn. All shares must be tendered prior to the expiration of the offer. Tenders of existing shares may be withdrawn prior to the expiration of the offer and such withdrawn shares will be returned to shareholders in accordance with the terms of the offer. The tender offer will be conditioned upon a minimum number of shares being tendered, which amount will be set forth in the offer and will be subject to other customary conditions. Morrow & Co. will act as the Information Agent for the tender offer and Continental Stock Transfer & Trust will be the Depositary.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The tender offer described in this Press Release has not yet commenced. At the time the tender offer is commenced, the terms and conditions of the offer will be set forth in the offer to purchase, letter of transmittal, and related documentation, and will be distributed to the holders of the Company's shares. A copy of the offering documents may be obtained from Morrow & Co., the Information Agent for the offer, when they become available. Morrow & Co.'s telephone number is (800) 662-5200 and email is [email protected]. Please contact Morrow & Co. with any questions regarding the offer. Neither the Company, its Board of Directors, the Information Agent, nor the Depositary is making any recommendation to stockholders as to whether to participate in the offer.

Stockholders are urged to read the relevant tender offer documents when they become available because they will contain important information that stockholders should consider before making any decision regarding tendering their shares. The Company's stockholders will be able to obtain a copy of these documents from the Information Agent, as noted above.

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.

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