Resource America’s LEAF Financial Corporation Acquires the Business of Unicyn Financial Companies 4/4/2006
Philadelphia, PA – April 4, 2006 –Resource America, Inc.’s (NASDAQ:REXI) equipment leasing and finance subsidiary, LEAF Financial Corporation announces that it has expanded its lease and loan origination capability and assets under management with the acquisition of the business of Unicyn Financial Companies of Closter, NJ for an undisclosed amount. Unicyn provides equipment and practice acquisition financing as well as debt consolidation loans to the healthcare market. The acquisition includes both a portfolio of small ticket leases and loans bought on behalf of LEAF’s investment partners and numerous vendor finance relationships as well as a team of experienced origination personnel. After this acquisition, LEAF will manage approximately $475 million of finance assets for its own account, institutions and third party investors. As a result of this transaction LEAF is able to expand its coverage of the healthcare space by providing unique and competitive funding solutions in the medical, dental and veterinary segments of the market.
Unicyn Financial Companies is an independent lessor that has been in the business for 26 years. The company’s focus has been the healthcare market in the small to middle ticket areas. Unicyn maintains an extensive field sales force with offices in Cloister, NJ, Chicago, Dallas, Detroit, Atlanta, and Los Angeles. The company’s strength has been their ability to perform for vendors and end users by creating unique solutions to financing needs.
Crit DeMent, LEAF CEO, said “We are very excited by the additional capability this new relationship will allow LEAF to deliver to healthcare providers and equipment vendors. We are convinced that the experience and professionalism of the Unicyn sales team combined with our financial strength will solidify LEAF’s position as one of the premier providers of financial services to this industry. Unicyn’s robust origination volume, when combined with LEAF’s already strong presence in this market, will significantly expand LEAF’s investor’s access to this increasingly important segment of the US economy. ”
About LEAF Financial Corporation
LEAF Financial Corporation is a commercial finance company headquartered in Philadelphia, PA. LEAF’s business model is to originate equipment leases by reaching the small to mid sized business market by forming strategic marketing alliances and other program relationships with equipment vendors, commercial banks and other financial institutions. After origination, LEAF manages the leases for its own account, institutions, and individual investors through investment partnerships and other investment vehicles...
About Resource America Inc.
Resource America Inc. is a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the financial fund management, equipment leasing and finance and real estate industries. www.resourceamerica.comreturn to the news
Contact: Pamela Schreiber, Investor Relations, Resource America, Inc., (215) 546-5005
Michelle Speranza, Marketing Manager, 267-402-4529
