FOR IMMEDIATE RELEASE-April 15, 2010
Anchor Funding Services, Inc. reports fiscal 2009 results.
Boca Raton, Fl. April 15, 2010 – Anchor Funding Services, Inc. (OTC Bulletin Board Symbol “AFNG.OB”)
announced today its results for 2009. The company reported 2009 finance revenues of $1,699,221 as compared
to $1,252,476 for the comparable period of the prior year. The company also reported a 2009 net loss of
$(1,888,948) as compared to $(1,267,608) for the comparable period of the prior year. The increase in finance
revenues is attributable to the company’s investments in its sales initiatives which have resulted in substantial new
client generation. The net loss is attributable to costs associated with our sales initiatives, and increases in general
and administrative costs, including; approximately $500,000 in one-time charges. These one-time charges and
expenses are associated with the acquisition of Brookridge Funding, Inc. in December of 2009, in refinancing of
our senior credit facility and termination of our Boca Raton office lease.
Morry F. Rubin, CEO stated that “We have made investments to capitalize on the growth opportunity in the U.S.
factoring industry both in our core business and in the acquisition of Brookridge Funding Inc. which provides
U.S. purchase order financing and account receivables factoring services which has provided Anchor an
opportunity to offer its prospects and clients a unique bundled financing solution encompassing both purchase
order and A/R financing. This provides us with a distinct competitive advantage since a client can now capture
business opportunities by accessing immediate credit for both the upfront payment required by their suppliers for
product manufacturing costs and subsequently creating liquidity from the sale of account receivables thus
eliminating the collection time cycle. In 2008, U.S. factoring volume (the dollar volume of invoices purchased)
was approximately $136 billion. We are opportunistic in our search for