[ASTA FUNDING, INC. LOGO]
Exhibit 99.1
FOR IMMEDIATE RELEASE
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CONTACT:
Stephen D. Axelrod, CFA
Mitchell Cohen, CFO Alisa D. Steinberg (Media)
ASTA FUNDING, INC. WOLFE AXELROD WEINBERGER ASSOC. LLC
(201) 567-5648 (212) 370-4500; (212) 370-4505 (Fax)
steve@wolfeaxelrod.com
alisa@wolfeaxelrod.com
ASTA FUNDING ANNOUNCES CLOSING OF EXPANDED CREDIT FACILITY OF $125 MILLION
ENGLEWOOD CLIFFS, NJ, JANUARY 23, 2006 -- ASTA FUNDING, INC., (NASDAQ: ASFI), a
leading consumer receivables asset management and liquidation company, today
announced that it has expanded the Company's credit facility. As a result of a
previously announced increased credit facility with an accordion feature, Asta's
credit facility is now $125 million, up from $100 million. The credit facility
is underwritten by a consortium of banks. Gary Stern, Chief Executive Officer,
said, "We are pleased with the confidence our lenders have exhibited by
increasing our credit facility from $60 million less than a year ago to $125
million. The increases, combined with our internal cash flow, have allowed us to
purchase significant portfolios, including approximately $2.1 billion in face
value in our first quarter and approximately $5.5 billion of face value over the
past fifteen months."
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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 http://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, 2005, 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 http://www.astafunding.com.
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210 Sylvan Avenue, Englewood Cliffs, NJ 07632
(201) 567-5648, (201) 567-2203 fax