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J.E. ROBERT COMPANIES, AMRESCO HOLDINGS, INC. SIGN AGREEMENT TO MERGE

 ALEXANDRIA, Va., April 23 /PRNewswire/ -- The J.E. Robert Companies and Amresco Holdings, Inc., have signed a Letter of Intent to effect a merger of the two firms. The new company, to be headquartered in Alexandria, will be the nation's largest third party asset manager with over $18 billion in asset management and oversight responsibilities.
 Joseph E. Robert Jr., chairman and chief executive officer of the J.E. Robert Companies, will serve as chairman and chief executive officer of the new company. William G. Kelley, executive vice-president of Amresco, will serve as president and chief operating officer. Donald W. Crocker, president of the J.E. Robert Companies, will be president of the Government Services Division, responsible for all contracts with the RTC and FDIC.
 "With regional offices throughout the United States, and a combined staff of over 2,000 talented and experienced employees, the new organization will be better equipped to manage assets in all 50 states on a more cost effective basis than our competition," said Robert. "The collective experience, talent, and marketing capabilities of our two organizations, combined with the capital resources of both companies, will allow us to take the advantage of the many opportunities we see in the marketplace today. The financial strength, stability and diverse revenue base of the merged corporation, along with its significantly increased cash flow, will allow us to finance larger and more numerous ventures than either the J.E. Robert companies or Amresco could achieve alone."
 "I believe that the Amresco and J.E. Robert organizations are uniquely complementary. Our merger will greatly extend our reach and presence in the industry. Together we will represent a dynamic force in our industry for years to come," Kelley added.
 The two parties expect to reach a definitive merger agreement within three to four weeks.
 The J.E. Robert Companies is an asset management/capital recovery firm with more than $9 billion of real estate and loans currently under management or oversight. A principal asset manager for the RTC and FDIC, the firm also serves numerous private clients and is, through its partnerships, a major investor in non-performing real estate assets. Headquartered in Alexandria, the firm has regional offices serving the entire nation.
 Based in Dallas, Amresco Holdings, Inc. currently has over $8 billion in assets under management, including $6 billion in real estate properties and loans and $2 billion in commercial loans. Formerly a subsidiary of NationsBank, Amresco was purchased by CGW Southeast Partners in December 1992. The company has an exclusive arrangement with NationsBank to manage pools of special assets, and is also a leading asset manager for the FDIC and the RTC.
 Wertheim Schroder & Co., Incorporated is acting as a financial advisor on this transaction.
 -0- 4/23/93
 /CONTACT: Joseph E. Robert Jr., chairman and chief executive officer of J.E. Robert Companies, 703-739-4400; Richard L. Cravey of Amresco Holdings Inc., 404-816-3255; or Patricia Dillingham of Amresco, 214-953-7709/


CO: J.E. Robert Companies; Amresco Holdings, Inc. ST: Virginia, Texas IN: FIN SU: TNM

AH-WB -- NY059 -- 0109 04/23/93 13:28 EDT
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Date:Apr 23, 1993
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