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.
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SOURCE Velocity Acquisition Corp.