[Asta Funding, Inc. Logo]
NASDAQ: ASFI Exhibit 99.2
FOR IMMEDIATE RELEASE
CONTACT:
Stephen D. Axelrod, CFA
Mitchell Cohen, CFO Andria Arena (Media)
ASTA FUNDING, INC. WOLFE AXELROD WEINBERGER ASSOC. LLC
(201) 567-5648 (212) 370-4500; (212) 370-4505 (Fax)
steve@wolfeaxelrod.com
ASTA FUNDING ANNOUNCES EXPANDED CREDIT FACILITY
- CREDIT LINE INCREASED TO $80 MILLION -
ENGLEWOOD CLIFFS, NJ, MAY 9, 2005 -- ASTA FUNDING, INC., (NASDAQ: ASFI), A
LEADING CONSUMER RECEIVABLE ASSET MANAGEMENT AND LIQUIDATION COMPANY, today
announced that it had arranged an expanded credit facility through a consortium
of leading financial institutions.
The new credit facility expands the existing $60 million borrowing line to $80
million, on a revolving basis. Over the past year, the credit facility has more
than doubled the $35 million line that existed in May 2004.
Gary Stern, president and chief executive officer, noted, "We are proud of the
continued confidence shown by our group of lenders in increasing the
availability under our existing facility. Asta's rapid growth has been funded
primarily by operating cash flow and by drawing on the credit facility that we
previously established. The increased line, funded at attractive rates by a
strong consortium of outstanding lenders, will give Asta additional flexibility
to purchase larger portfolios as they become available at prices that meet
Asta's financial discipline and to take advantage of opportunities as they may
arise."
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Asta Funding, Inc.
Based in Englewood Cliffs, NJ, Asta Funding, Inc., is a leading consumer
receivable asset management company that specializes in the purchase, management
and liquidation of performing and non-performing consumer receivables. For
additional information, please visit our website at www.astafunding.com.
Except for historical information contained 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 Form 10-K for the fiscal year ended September
30, 2003, and those described from time to time in Asta Funding, Inc.'s other
filings 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.
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210 Sylvan Avenue, Englewood Cliffs, NJ 07632
(201) 567-5648, (201) 567-2203 fax