Asta Funding Appoints Former Congressman Timothy Bishop as New Member to its Board
July 24 2018 - 4:15PM
Asta Funding, Inc. (NASDAQ:ASFI) (the “Company” or “Asta”), today
announced that its Board of Directors (its “Board”) appointed
Timothy Bishop as an independent director to the Board on July 19,
2018. The Board also appointed Mr. Bishop to serve on the Audit
Committee and the Nominating and Corporate Governance Committee of
the Board.
“It is with great pleasure that Tim is welcomed as a valuable
new member to our Board,” said Gary Stern, Asta chairman, president
and CEO. “His input and enthusiasm will, no doubt, be helpful to
the Company.”
Mr. Stern continued, “Tim brings a unique blend of business
pragmatism and civic passion to the Board. In this challenging
business environment, Tim's strategic instincts, strong values and
commitment will serve the Company well.”
Mr. Bishop's experience includes serving Southampton College for
29 years, leaving the position of Provost in 2002 to make his
first-ever run for office, when he was elected to represent New
York’s 1st Congressional District in one of the closest elections
in the nation. He was re-elected to the House of Representatives
five times. Congressman Bishop graduated from Southampton
High School and holds a BA in History from Holy Cross College in
Worcester, Massachusetts and a Masters Degree in Public
Administration from Long Island University. During his time in
Congress, Mr. Bishop served on the House Budget Committee for 4
years, and served as either the Vice-Chair or Co-Chair of the
Democratic Budget group for all twelve years he was in
Congress. Additionally, Mr. Bishop served as the budget
officer for Southampton College for approximately 22 years.
Mr. Bishop added, “I am honored that I have been asked to join
the Board of Asta. Asta is clearly a well run and
professional company. I am looking forward to working with
the team and continuing its tradition of excellence.”
As previously disclosed, on June 5, 2018, the Company notified
the Nasdaq Stock Market LLC (“Nasdaq”) that, as a result of
the passing of Mr. Celano, former independent director of the
Company, the Company had temporarily fallen out of compliance with
the Nasdaq independent director and audit committee requirements
set forth in Nasdaq Listing Rules 5605(b)(1) and 5605(c)(2)(A)
(collectively, the “Rules”). On July 23, 2018, the Company received
a letter from Nasdaq confirming that, with Mr. Bishop’s appointment
to the Board and the Audit Committee, the Company had regained
compliance with the Rules.
About Asta Funding, Inc.
Asta Funding, Inc. (NASDAQ:ASFI), headquartered in Englewood
Cliffs, New Jersey, is a diversified financial services company
that assists consumers and serves investors through the strategic
management of three complementary business segments: Personal
Injury Claims, Consumer Debt and Disability Advocacy. Founded in
1994 as a sub-prime auto lender, Asta now manages business units
that include funding of personal injury claims through its wholly
owned subsidiary, Simia Capital, LLC; acquiring and managing
international distressed consumer receivables through its wholly
owned subsidiary, Palisades Acquisitions LLC; and benefits advocacy
through its wholly owned subsidiary, GAR Disability Advocates, LLC.
For additional information, please visit our website at
http://www.astafunding.com.
Cautionary Note Regarding Forward-Looking
Statements
All statements in this news release other than statements of
historical facts, including without limitation, statements
regarding our future financial position, business strategy,
budgets, projected revenues, projected costs, and plans and
objectives 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 forward-looking
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, the restatement of previously issued financial
statements, the identified material weaknesses in our internal
control over financial reporting and our ability remediate those
material weaknesses, our ability to regain compliance with Nasdaq
listing standards and maintain the continued listing of our
securities on Nasdaq, 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 10-K for the year ended
September 30, 2016, and other filings with the SEC. All
subsequent written and oral forward-looking 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.
Investor Contact: Bruce R.
Foster,
CFO
Asta Funding,
Inc.
(201) 567-5648
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