Velocity’s James Mastriani Steps Up To President/COO

30 Dec Velocity’s James Mastriani Steps Up To President/COO

New York, NY, January 10, 2011 — Velocity, a top performing legal collections network
management company, has announced that James J. Mastriani is stepping up to become
President and Chief Operating Officer. Mr. Mastriani was formerly the company’s Chief
Financial Officer and Chief Legal Officer. “Over the years we have developed a very
effective legal strategy operation and Jim has been a key part of that accomplishment,” said
Velocity Chairman and CEO Jack Kleinert. “His experience, skills and energy make him the
right choice to lead the company as we expand.”

Mr. Mastriani earned a Bachelor of Arts degree in 1992 from Georgetown University and
graduated from the Seton Hall University School of Law in 1997. Mr. Mastriani was inhouse
counsel for SBC Warburg Dillon Read Inc., providing legal advice and transaction
support to the broker-dealer subsidiary of Swiss Bank Corporation. From 1998 until
joining Velocity in 2004, Mr. Mastriani practiced at the New York office of international
law firm Skadden, Arps, Slate, Meagher and Flom LLP, where he was responsible for
providing legal and regulatory advice to clients in the financial services and consumer
finance industries.

“We have a great team of highly experienced collections, legal and finance professionals
who have been working together since 2003,” said Mastriani. “Now that we are offering our
services to other debt buyers and creditors, we are finding a high level of interest in our
capabilities. That interest, combined with the great collection results we are seeing from
our network, points to a bright future for our company.”

“Jim’s new position as President and COO reflects Velocity’s commitment to scaling and
growing the organization,” said Michael Flock, Managing Partner of Flock Advisors. “His
financial and legal expertise in debt buying will be valuable in driving the expansion of the
business.”

About Velocity Legal Recoveries
Founded in 2003, Velocity Recoveries has more than seven years experience using a “legal
first” strategy to convert distressed receivables to cash. The combination of a proven legal
network, sophisticated analytics, and a strong focus on individual client attention work
together to generate incremental value from legal eligible receivables. Creditors and debt
buyers who would like more information should contact James Mastriani at 732.556.9090.