Resource America, Inc.
1521 Locust St. - 5th Floor
Philadelphia, PA 19102
(215) 546-5388 (facsimile)
Resource America, Inc. Signs Definitive Agreement To Sell Fidelity Leasing, Inc. To European American Bank
Philadelphia, PA, 5/18/2000 - Resource America, Inc.(NASDAQ:REXI)(the"Company" or "RAI") announces that it has signed a definitive agreement to sell its wholly-owned equipment leasing subsidiary, Fidelity Leasing, Inc. ("FLI"), to European American Bank ("EAB"), a subsidiary of ABN AMRO Bank, N.V. The purchase price will be paid in cash and a promissory note. Certain employees of Fidelity Leasing, Inc. have options in FLI which, it is anticipated, will be acquired by RAI prior to closing.
Edward E. Cohen, CEO of Resource America, Inc., said, "We are pleased to have entered into this agreement and believe this transaction will enable RAI to continue to build value for our shareholders."
The closing of the transaction is contingent upon certain conditions including the receipt of approvals from appropriate U.S. and Dutch regulatory authorities, and an interim-period audit of FLI's financial statements.
In addition to its leasing operations, Resource America, Inc. operates businesses in energy finance and technologies, and real estate finance.
Statements made in this release include forward-looking statements, which involve substantial risks and uncertainties. The Company's actual results, performance or achievements could differ materially from those expressed or implied in this release.