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GEMINI GROUP, INC. SUBSIDIARY ACQUIRES SHARES OF UNIVERSAL COMPUTER, FROM AMERICAN EXPRESS BANK GmbH AND OTHERS

 PALM BEACH COUNTY, Fla., May 18 /PRNewswire/ -- American Express Bank GmbH and Gemini Group, Inc. has announced today that Gemini Equities, Inc., a subsidiary of Gemini Group, Inc., located in Palm Beach County, has acquired from American Express Bank GmbH and other parties 100 percent of the outstanding shares of Universal Computer Leasing GmbH ("UCL"), as well as its operating subsidiaries, for an undisclosed purchase price.
 Gemini is ranked as the world's 20th largest lessor. Harold L. Van Arnem, chief executive officer of Gemini Group, Inc. "anticipates total revenues of nearly $200 million annually. Gemini has purchased over $1 billion of leased assets since 1990 through the acquisition of CIS Europe, PacTel Finance, First Interstate Bank Leasing, Home National Bank Leasing, Intelogic Trace Texcom Group, Inc., Paccom (Pacificorp) Leasing and now Universal Computer Leasing from American Express Bank GmbH." UCL owns equipment leased to over 3,000 German customers, with equipment cost in excess of $500 million. Gemini, including UCL, owns or manages almost 200,000 items of office automation equipment and general equipment on lease to over 20,000 major U.S. and European corporations.
 Mr. Van Arnem further states that "Gemini's acquisition of UCL significantly increases Gemini's European presence and marketing opportunities" and "Gemini will continue to expand its European and United States lessee base by acquiring high technology and general capital equipment lease portfolios." Gemini is a partner with and markets brand name office automation equipment, both new and used, from IBM, DEC, Toshiba, Hewlett Packard, NCR, SUN, and Northern Telecom, as well as providing software solutions, systems integration and migration services. Gemini also provides retail and wholesale lease financing to existing and new lessees and vendors.
 -0- 5/18/93
 /CONTACT: Harold L. Van Arnem, chief executive officer, or N. Philip McKnight, president of Gemini Group, Inc., 407-994-9590, or Peter Heinz, managing director of American Express Bank GmbH, 69-193-01466/


CO: Gemini Group, Inc.; American Express Bank GmbH ST: Florida IN: CPR SU: TNM

SH-OS -- NY104 -- 9903 05/18/93 15:32 EDT
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Publication:PR Newswire
Date:May 18, 1993
Words:336
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