Exhibit 99.1
FOR IMMEDIATE RELEASE
- --------------------------------------------------------------------------------
CONTACT:
Stephen D. Axelrod, CFA
Mitchell Herman, CFO Andria Pilo (Media)
Asta Funding, Inc. Wolfe Axelrod Weinberger Assoc. LLC
(201) 567-5648 (212) 370-4500; (212) 370-4505 (Fax)
steve@wolfeaxelrod.com
----------------------
ASTA FUNDING, INC. ANNOUNCES
PUBLIC OFFERING OF ITS COMMON STOCK
ENGLEWOOD CLIFFS, N.J. - June 27, 2003 -- Asta Funding, Inc. (NASDAQ: ASFI), a
leading consumer receivables asset management and liquidation company, today
announced the public offering of 2,500,000 shares of its common stock at a price
to the public of $20.75 per share.
Of the shares being offered, 2,100,000 shares are being sold by the Company and
400,000 shares are being sold by certain stockholders. Net proceeds to the
Company from the offering are expected to be approximately $40.0 million. The
underwriters have been granted an option for a period of 30 days to purchase up
to an aggregate of 375,000 additional shares of common stock from the Company to
cover over-allotments, if any. The offering is being managed by Ryan Beck & Co.,
Inc. and Brean Murray & Co., Inc., as joint lead managing underwriters.
The offering is being made only by means of a Prospectus. A written prospectus
meeting the requirements of Section 10 of the Securities Act of 1933, when
available, may be obtained from Ryan Beck & Co., Inc., 220 South Orange Avenue,
Livingston, New Jersey 07039 (800-342-2325) or Brean Murray & Co., Inc., 570
Lexington Avenue, New York, NY 10022-6822 (212-702-6500).
A registration statement relating to these securities was filed with 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 nor
shall there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.
----------------------------------------
Asta Funding, Inc.
Based in Englewood Cliffs, NJ, Asta Funding, Inc., is a leading consumer
receivables asset management company that specializes in the purchase,
liquidation and management of performing and non-performing consumer
receivables. Asta generates revenues and earnings primarily through purchase and
collection of performing and non-performing consumer receivables. For additional
information, please visit our website at www.astafunding.com.
Except for historical information containing herein, the matters set forth in
this news release are "forward looking" statements (as defined in the Private
Securities Litigation Reform Act of 1995.) Although Asta Funding, Inc. believes
the expectations reflected in such forward -looking statements are based upon
reasonable assumptions; there can be no assurance that its expectations will be
realized. Forward -looking statements involve certain risks and uncertainties
that could cause actual results to differ materially from Asta Funding, Inc.'s
expectations. Factors that could contribute to such differences include those
identified in Asta Funding, Inc.'s 10-KSB for the fiscal year ended September
30, 2002, and those described from time to time in Asta Funding, Inc.'s other
fillings with the Securities and Exchange Commission, news releases and other
communications, including that Asta may not be able to purchase consumer
receivable portfolios at favorable prices or on sufficiently favorable terms or
at all. Asta Funding, Inc.'s reports with the Securities and Exchange Commission
are available free of charge through its website at www.astafunding.com.
###