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Sparta Commercial Services, Inc.: Sparta Commercial Continues to Experience Strong Portfolio Performance

^{Published on 2009-03-30 07:37:51, Last Modified on 2009-03-30 07:38:28 - Market Wire}
 

NEW YORK, NY--(Marketwire - March 30, 2009) - Sparta Commercial Services, Inc. (OTCBB: [ SRCO ]) , the New York-based, nationwide, financial services company dedicated exclusively to the powersports industry, announced that despite the current global economic climate, the performance of its portfolio of consumer retail installment sales contracts and leases continues to perform in line with expectations.

According to the company, as of December 31, 2008, the number of accounts over 30 days past due, as a percent of outstanding balances, was 3.87% compared to 3.70% at the same time last year. A major competitor has reported year-end 30 day delinquencies of 6.29%.

Commenting on this, Anthony Havens, Sparta's CEO, said, "Our proprietary online credit decisioning software and portfolio management methodology continue to demonstrate the strength of our credit criteria and servicing platform. We're especially focused on our performance during this challenging time and we're pleased with our positive results."

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are valid only as of today and we disclaim any obligation to update this information. Actual results may differ significantly from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to potential future losses, obtaining, satisfying terms of, and amount of credit lines, competition, financing and commercial agreements and strategic alliances, seasonality, potential fluctuations in operating results and rate of growth, management of potential growth, system interruption, consumer and industry trends, limited operating history, and government regulation. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.