Asta Funding, Inc. Receives Letter From NASDAQ Relating to Its Late Form 10-K

Asta Funding, Inc. Receives Letter From NASDAQ Relating to Its Late Form 10-K

ENGLEWOOD CLIFFS, N.J., Jan. 8, 2013 (GLOBE NEWSWIRE) -- On January 2, 2013,
Asta Funding, Inc. (Nasdaq:ASFI) (the "Company"), a consumer receivable asset
management and liquidation company, received a staff determination letter from
the NASDAQ Global Select Market ("NASDAQ") stating that the Company was not in
compliance with its rules for continued listing, Rule 4310(c)(14), because it
has not timely filed its Annual Report on Form 10-K for the year ended
September 30, 2012. The NASDAQ letter indicated that the Company has 60 days
to submit a plan to regain compliance. If such a plan is timely submitted by
the Company, the NASDAQ Staff can grant the Company up to 180 calendar days
from the due date of the Form 10-K (or June 29, 2013) to regain compliance.

As disclosed in the Company's Form 12b-25, Notification of Late Filing, filed
with the Securities and Exchange Commission (the "SEC") on December 14, 2012,
the Company experienced delays in the collection, compilation and analysis of
certain information that may be included in the Annual Report. The Company
intends to file the Annual Report with the Securities and Exchange Commission
as soon as possible. If, however, for any reason it is unable to file the Form
10-K on or before March 3, 2013, the Company would then submit a plan to
regain compliance to the NASDAQ Listing Qualifications Department no later
than March3, 2013. No assurance can be given that NASDAQ will grant an
exception for the full 180-day period contemplated in the NASDAQ Marketplace
Rules, if at all. Under NASDAQ's rules, the Company's common stock will
continue to be listed on NASDAQ until March3, 2013, and for any exception
period that may be granted to the Company by the NASDAQ Listing Qualifications
Department. However, until the Company regains compliance, quotation
information for the Company's common stock will include an indicator of the
Company's non-compliance and the Company will be included in a list of
non-compliant companies on the NASDAQ website.

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. For
additional information, please visit our website at
http://www.astafunding.com. 

The Asta Funding, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8464

Except for historical information contained herein, the matters set forth in
this news release may be "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's expectations. Factors that could contribute to such differences
include those identified in Asta's Form 10-K for the fiscal year ended
September30, 2011, Form 10-Q for the quarter ended June30, 2012 and those
described from time to time in Asta's other filings with the Securities and
Exchange Commission, news releases and other communications. Asta's reports
with the Securities and Exchange Commission are available free of charge
through its website at http://www.astafunding.com.

CONTACT: Robert J. Michel, CFO
         Asta Funding, Inc.
         (201) 567-5648

Asta Funding, Inc. Logo