Resource America, Inc.
1521 Locust St. - 5th Floor
Philadelphia, PA 19102
(215) 546-5388 (facsimile)
Resource America, Inc. Clarifies Its May 15, 2022 Press Release
Philadelphia, PA, 5/17/2000 - Resource America, Inc. (NASDAQ:REXI)(the "Company") clarifies its press release dated May 15, 2022 to emphasize that its subsidiary, Fidelity Leasing, Inc.("FLI") continues to operate strongly. Because of the pending sale to European American Bank ("EAB"), a subsidiary of ABN AMRO BANK, N.V., the world's sixth largest financial services concern, REXI is accounting for FLI as a discontinued operation, which is correct according to accounting literature.
"We've treated FLI for financial reporting purposes, as a discontinued operation because we have entered into a preliminary agreement to sell all of FLI's stock to EAB," said Steven Kessler, Chief Financial Officer of Resource America, Inc. "FLI is maintaining its position as a premier Small Ticket Vendor Lessor," said Mr. Kessler, "and REXI continues to fully support the company."
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.