Asta Funding Adopts Plan in Conjunction with $20 Million Share Repurchase Program

Asta Funding, Inc. (Nasdaq: ASFI), a consumer receivable asset management and liquidation company, today announced that its board of directors has approved the repurchase of up to $20,000,000 of the Company’s common stock, which is effective through March 11, 2013.

This share repurchase authorization supersedes the authorization to repurchase shares adopted in June 2011, pursuant to which the Company purchased approximately 59,000 shares of its common stock for an aggregate purchase price of approximately $455,000. The Company also replaced its previously adopted discretionary share repurchase plan with a Rule 10b5-1 plan for the purpose of repurchasing the Company’s common stock in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and the Company’s policies regarding stock transactions. No further repurchases will be made under the discretionary repurchase plan and accordingly, the Company may purchase up to $20,000,000 shares under the new Rule 10b5-1 plan.

A plan under Rule 10b5-1 allows a company to repurchase its shares at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. A broker selected by the Company will have the authority under the terms and limitations specified in the plan to repurchase shares on the Company’s behalf in accordance with the terms of the plan. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the plan. The Company may terminate the plan at any time.

Based in Englewood Cliffs, NJ, Asta Funding, Inc. is a consumer receivable asset management company that specializes in the purchase, management and liquidation of performing and non-performing consumer receivables.