Contact: Pamela Schreiber
Resource America, Inc.
1521 Locust Street-5th Floor
Philadelphia, Pa. 19102
(215) 546-5388 (facsimile)
RESOURCE AMERICA, INC. COMPLETES THE ACQUISITION OF JLA CREDIT CORPORATION
Philadelphia, PA., February 4, 2022 - Resource America, Inc. (NASDAQ:REXI) (the "Company") announced today that Fidelity Leasing, Inc. ("Fidelity Leasing"), a wholly-owned subsidiary of the Company, has completed the acquisition of JLA Credit Corporation ("JLA"), the United States leasing subsidiary of Japan Leasing Corporation, headquartered in Tokyo, Japan.
The Company acquired JLA for approximately $357 million (comprised of cash, $143 million in non-recourse financing from First Union Capital Markets and the assumption of existing JLA debt). JLA originated leases with an aggregate original equipment purchase price of $181.0 million and $151.0 million during the years ended December 31, 2021 and 1997, respectively. As of December 31, 1998, JLA had a net investment in leases of $312.1 million.
"The JLA acquisition moves Fidelity Leasing even further forward as the leader in financing information and communication equipment" said Abe Bernstein, Chairman and Chief Executive Officer of Fidelity Leasing. Mr. Bernstein added that "Fidelity Leasing's e-commerce capabilities are enhanced by JLA's internet platform. Fidelity Leasing now will have a commanding position in technology skills and in financing technology vendors." Fidelity Leasing already has equipment financing programs with Lucent Technologies Inc., Tech Data Corporation, IBM Global Financing and Minolta Corporation, among others.
Resource America, Inc. operates a diversified financial services company engaged in equipment leasing, energy and energy finance, and real estate finance. The JLA acquisition increases the Company's assets under management to more than $1.6 billion.
Statements make 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.