Resource America, Inc.
1521 Locust Street - 4th Floor
Philadelphia, PA 19102
(215) 546-5388 (facsimile)
Resource America, Inc. Announces Its Internet Leasing Originations To Date
Philadelphia, PA, 4/15/1999 - Resource America, Inc. (NASDAQ:REXI) announced today
that its wholly owned subsidiary, Fidelity Leasing, Inc. ("Fidelity Leasing") has processed credit applications from its e-commerce Internet platform in an aggregate amount of $3,000,000. Approximately $650,000 has been funded or is pending.
Virtually all of these applications were received from equipment resellers who are utilizing one of Fidelity's Vendor Partner websites. The applications are then electronically transferred to Fidelity's Internet Operations Center in San Ramon,CA. Volume is expected to increase as additional resellers are granted authorized entry codes.
Equipment resellers serving the distribution channels of IBM, Lucent Technologies Inc., Minolta Corporation and Tech Data Corporation in the United States and Canada will be authorized to utilize the Fidelity Leasing e-commerce leasing platform. Over 30,000 resellers will eventually receive this authorization.
Authorized resellers representing each technology manufacturer will have access to a branded website residing on Fidelity Leasing's Internet Platform. Currently, the IBM reseller website is branded "SuccessLease" and Tech Data's reseller website is branded "OneLease". IBM's current print marketing campaign directed toward small business refers to the SuccessLease financing option.
Because the focus of Fidelity Leasing is on the small business and SoHo (small office-home office) sectors, the company is also developing a consumer finance tool which will allow the equipment resellers to finance consumer equipment purchases via the Internet.
Resource America, Inc. operates a diversified financial services company engaged in equipment leasing, energy and energy finance, 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.