[ASTA FUNDING, INC. LOGO] Exhibit 99.1
FOR IMMEDIATE RELEASE
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CONTACT:
Mitchell Cohen, CFO Stephen D. Axelrod, CFA
ASTA FUNDING, INC. WOLFE AXELROD WEINBERGER ASSOC. LLC
(201) 567-5648 (212) 370-4500; (212) 370-4505 (Fax)
steve@wolfeaxelrod.com
ASTA FUNDING ANNOUNCES NEW $175,000,000 CREDIT FACILITY
ENGLEWOOD CLIFFS, NJ, JULY 11, 2006 -- ASTA FUNDING, INC., (NASDAQ: ASFI), a
leading consumer receivables asset management and liquidation company, today
announced that it has obtained a new three-year credit facility of $175 million
with an expandable feature which allows the Company the ability to increase the
line to $225 million. A syndicate of lenders underwrote this three-year facility
led by Israel Discount Bank of New York (IDB Bank) and Merrill Lynch Capital.
Gary Stern, Chief Executive Officer of Asta Funding, said, "We are pleased to
announce this new credit facility, which not only is larger, but on more
favorable terms than the prior facility. We are highly comfortable with current
debt levels and feel such a facility will enable the company to react quickly
and opportunistically as prospects arise. We are thankful to our lenders for
their confidence and support in Asta Funding."
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ABOUT ASTA FUNDING
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, including our expectations for future
growth and improved operating efficiencies, 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 or that cash collections may not continue to be strong. 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