Resource America, Inc.
1521 Locust St.- 5th Floor
Philadelphia, PA 19102
(215) 546-5388 (facsimile)
Resource America, Inc. Announces Management Changes
Philadelphia, PA, September 14, 2022 - Resource America, Inc. (Nasdaq-REXI)(the "Company") announces it has elected Edward E. Cohen, its Chairman of the Board and Chief Executive Officer, to the additional position of President, and that its real estate subsidiary, Resource Properties, Inc., has elected Freddie M. Kotek, presently Senior Vice-President of the Company, to the additional post of President of Resource Properties. Mr. Cohen succeeds Daniel Cohen, who will remain only as a Director of Resource America, Inc. Mr. Kotek succeeds Scott Schaeffer, who likewise will remain only as a Director of the Company.
Mr. Daniel Cohen commented, "I am glad to have played a role in the growth of the Company from some $60 million in assets under management in 1995 to assets approaching $2.0 billion in early 2000.
"I wish the Company well in its renewed focus on its energy business."
Mr. Scott Schaeffer said, "I am glad to have had the privilege of helping to develop the Company's real estate portfolio during the past eight years. I think that expansion of the Company's energy business bodes well for its future."
Mr. Edward Cohen said, " I thank Daniel Cohen and Scott Schaeffer for their efforts and wish them continued success in the future. This downsizing of management, completion of the sale of Fidelity Leasing, and our forthcoming Dutch Auction tender offer are indicative of our continued efforts to maximize shareholder value."
For information on the Dutch Auction for up to 5 million shares of common stock, please go to www.resourceamerica.com and see Company press release dated August 15, 2000.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SHARES OF RESOURCE AMERICA'S COMMON STOCK. THE SOLICITATION OF OFFERS TO BUY RESOURCE AMERICA'S COMMON STOCK WILL ONLY BE MADE PURSUANT TO AN OFFER TO PURCHASE AND RELATED MATERIALS THAT RESOURCE AMERICA WILL SEND TO ITS SHAREHOLDERS. SHAREHOLDERS SHOULD READ THOSE MATERIALS CAREFULLY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING THE VARIOUS TERMS AND CONDITIONS OF THE OFFER.
SHAREHOLDERS WILL BE ABLE TO OBTAIN COPIES OF THE OFFER TO PURCHASE, RELATED MATERIALS AND OTHER DOCUMENTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION THROUGH THE COMMISSION'S INTERNET ADDRESS AT HTTP://WWW.SEC.GOV WITHOUT CHARGE WHEN THESE DOCUMENTS BECOME AVAILABLE.
SHAREHOLDERS WILL ALSO BE ABLE TO OBTAIN COPIES OF THE OFFER TO PURCHASE, RELATED MATERIALS AND SCHEDULE T-0, AS FILED WITH THE COMMISSION, (EXCLUDING EXHIBITS) WITHOUT CHARGE FROM RESOURCE AMERICA, WHEN THESE DOCUMENTS BECOME AVAILABLE, BY WRITTEN OR ORAL REQUEST DIRECTED TO SECRETARY, RESOURCE AMERICA, INC., 1521 LOCUST STREET, PHILADELPHIA, PENNSYLVANIA 19102, TELEPHONE NUMBER 215-546-5005.
For information regarding the sale of Fidelity Leasing, Inc., please go to www.resourceamerica.com and see press release dated August 2, 2000.
Resource America, Inc. operates businesses in energy, energy technology, 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.