Exhibit 99.1


                         VELOCITY ASSET MANAGEMENT, INC.
                   ANNOUNCES EXERCISE OF OVER-ALLOTMENT OPTION

         RAMSEY, NEW JERSEY, June 6, 2006 - Velocity Asset Management, Inc. (OTC
Bulletin Board: VCYA.OB) (Amex: JVI.PR) (the "Company") announced today that the
underwriters of the Company's recent public offering have purchased an
additional 180,000 shares of Series A Convertible Preferred Stock from the
Company pursuant to the exercise of the underwriter's over-allotment option. The
Shares were sold at an offering price of $10.00 per Share, generating gross
proceeds to the Company of $1.8 million. After deducting underwriting
commissions, approximately $1.656 million of such proceeds were received by the
Company.

         A registration statement relating to these securities was filed and
declared effective by the Securities and Exchange Commission. This press release
shall not constitute an offer to sell or the solicitation of an offer to buy the
securities of Velocity Asset Management, Inc., nor shall there be any sale of
these securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.

About Velocity Asset Management, Inc.

         Velocity Asset Management, Inc. is a Delaware corporation that focuses
on the purchase, resale, and collection of distressed assets through its three
wholly owned subsidiaries, Velocity Investments, LLC, J. Holder, Inc. and VOM,
LLC. Velocity Investments, LLC is a consumer receivables asset management and
liquidation company, which purchases, manages and liquidates portfolios of
unsecured consumer receivables. J. Holder, Inc. invests in, and maximizes the
return on real property sold at sheriff's foreclosure sales and judgment
execution sales, acquires defaulted mortgages and partial interests in real
property with the goal of re-selling the property or perfecting the partial
interest for resale. VOM, LLC focuses on purchasing, managing and maximizing the
return on New Jersey municipal tax liens.

         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,
increased revenue, increased operating income and consumer receivables under
management at the Company's Velocity Investments subsidiary. 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.

             Company Contact:
             Jim Mastriani, CFO
             Velocity Asset Management
             (732) 556-9090
             jjm@velocitycollect.com