Contact Information: For more information, contact: Resource America, Inc. pkamdar@resourceamerica.com www.resourceamerica.com
Resource America, Inc. Announces Completion of LEAF Equipment Leasing Income Fund III, L.P. With Approximately $120 Million
| Source: Resource America, Inc.
PHILADELPHIA, PA--(Marketwire - April 25, 2008) - Resource America, Inc. (NASDAQ : REXI )
announces today that its subsidiary, LEAF Financial Corporation ("LEAF"),
has successfully completed the public offering of LEAF Equipment Leasing
Income Fund III, L.P. ("LEAF III"). LEAF III raised approximately $120
million within 14 months, 42% ahead of the original two year projected
offering period, and utilized a syndicate of more than 70 broker dealers
that participated in the offering. This is LEAF's third fund; the first,
LEAF I, raised approximately $17.1 million in gross offering proceeds; the
second, LEAF II, raised approximately $60.0 million in gross offering
proceeds.
LEAF III owns and manages a diversified portfolio of equipment leases and
loans for credit-worthy American businesses. LEAF III's principal objective
is to generate regular cash distributions to investors.
Crit DeMent, Chairman and Chief Executive Officer of LEAF, stated, "We are
very pleased by the confidence financial advisors and individual investors
have shown in LEAF with their tremendous acceptance of our investment
programs. LEAF's ability to raise substantial equity in the current
dislocated capital markets allows us to continue to take advantage of this
situation, and the lack of liquidity by other companies, on behalf of our
investors."
LEAF is a commercial finance and equipment leasing company with
approximately $1.7 billion in assets under management as of December 31,
2007.
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
commercial finance, real estate and financial fund management sectors. For
more information please visit our website at www.resourceamerica.com or
contact pkamdar@resourceamerica.com.
Certain matters discussed within this press release are forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Although Resource America, Inc. believes the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, it can give no assurance that its expectations will be
attained. Factors that could cause actual results to differ materially
from expectations include financial performance, regulatory changes,
changes in local or national economic conditions and other risks detailed
from time to time in the Company's reports filed with the SEC, including
quarterly reports on Form 10Q, reports on Form 8-K and annual reports on
Form 10-K.