8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of first reportable event): March 5, 2009 (February 26, 2009)

VELOCITY PORTFOLIO GROUP, INC.

(Exact name of registrant as specified in Charter)

Delaware	000-161570	65-0008442
(State or other jurisdiction of incorporation)	(Commission file no.)	(IRS employer identification no.)

1800 Route 34 North Building 4, Suite 404A Wall, NJ	07719
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (201-760-6306)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01. Other Events.

          On February 26, 2009, Velocity Portfolio Group, Inc. (the “Company”) issued a press release announcing it has temporarily suspended the payment of dividends on its Series A Preferred Stock in order to preserve capital.

          On February 27, 2009, the Company announced that it is withdrawing its registration statement for its proposed public offering of stock and warrants and that its board of directors has authorized the company to begin a process of exploring strategic alternatives to enhance stockholder value.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release issued February 26, 2009
99.2	Press Release issued February 27, 2009

SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

March 5, 2009
	VELOCITY PORTFOLIO GROUP, INC.
	/s/ James J. Mastriani
	James J. Mastriani
	Chief Financial Officer

EX-99.1

Exhibit 99.1

VELOCITY PORTFOLIO GROUP, INC.
1800 Route 34 North, Building 4, Suite 404A, Wall, NJ 07719 (732) 556-9090

FOR IMMEDIATE RELEASE

      Company Contact:

      Jim Mastriani, CFO
      Velocity Asset Management
      (732) 556-9090

      jjm@velocitycollect.com

VELOCITY PORTFOLIO GROUP TEMPORARILY SUSPENDS
FUTURE MONTHLY DIVIDEND PAYMENT
ON SERIES A PREFERRED STOCK

Wall, New Jersey, February 26, 2009– Velocity Portfolio Group, Inc. announced that on February 25, 2009, its board of directors determined that the company would not declare the February 28, 2009 dividend payment in the aggregate amount of $114,999 on its Series A Preferred Stock for the stockholders of record on February 1, 2009, and it has suspended the company’s future monthly dividends effective immediately for Series A Preferred Stock holders in order to preserve capital. The dividend payment scheduled for February 28, 2009 will not be paid. Since the Series A Preferred Stock is cumulative, this suspended dividend (and all subsequent dividends not paid) will be accrued to the benefit of the Preferred Stock holders and recorded as a liability in the company’s net asset value.

About Velocity Portfolio Group, Inc.

        We are a portfolio management company that purchases unsecured consumer receivables in the secondary market and seeks to collect those receivables through an outsourced legal collection network. Our primary business is to acquire credit-card receivable portfolios at significant discounts to the total amounts owed by the debtors. We use our proprietary valuation process to calculate the purchase price so that our estimated cash flow from such portfolios offers us an adequate return on our investment after servicing expenses.

For more information, visit www.velocitycollect.com

“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995

This press release contains forward looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and that are subject to risk and uncertainties, including, but not limited to, risks detailed from time to time in the company’s filings with the Securities and Exchange Commission, including the company’s annual report on Form 10-K. These risks could cause actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, the company. The company assumes no obligation to update the information contained in this press release.

Contact:

Jim Mastriani
CFO
Velocity Portfolio Group, Inc.
732/556-9090

EX-99.2

Exhibit 99.2

Velocity Portfolio Group To Explore Strategic Alternatives

Company to withdraw registration statement for proposed public offering

FOR IMMEDIATE RELEASE — Wall, New Jersey, February 27, 2009– Velocity Portfolio Group, Inc. (NYSE Alternext US:PGV) announced today that it is withdrawing its registration statement for its proposed public offering of stock and warrants and that its board of directors has authorized the company to begin a process of exploring strategic alternatives to enhance stockholder value. To this end, the board expects to form a special committee comprised of independent board members which will assist management in this effort.

In making the announcement, Velocity stated that its board of directors has not approved placing the company or any of its assets up for sale, and the company does not have any commitments or agreements with respect to any particular transaction. The company also stated that there can be no assurance that the exploration of strategic alternatives will result in a transaction.  Subject to regulatory requirements, Velocity does not intend to disclose developments with respect to the exploration of strategic alternatives unless and until its board of directors has approved a specific transaction. 

John C. Kleinert, Chief Executive Officer of Velocity, stated “Given our depressed stock price and the current public capital market conditions, we have decided to forego our proposed public capital raise at this time and are examining all options to create value for our stockholders. During the exploration process, we expect to consider a full range of possible alternatives, including a possible sale, merger, strategic partnership or financing.”

About Velocity Portfolio Group, Inc.

We are a portfolio management company that purchases unsecured consumer receivables in the secondary market and seeks to collect those receivables through an outsourced legal collection network. Our primary business is to acquire credit-card receivable portfolios at significant discounts to the total amounts owed by the debtors. We use our proprietary valuation process to calculate the purchase price so that our estimated cash flow from such portfolios offers us an adequate return on our investment after servicing expenses.

For more information, visit www.velocitycollect.com

“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995

Except for the historical information contained herein, this press release and the statements of representatives and partners of Velocity Portfolio Group, Inc. (the “Company”) related thereto contain or may contain, among other things, certain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects”, “may”, “could”, “would”, “should”, “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans” or similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control).

Contact:

James J. Mastriani, Chief Financial Officer
Velocity Portfolio Group, Inc.
(732) 556-9090
jjm@velocitycollect.com