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ROBERT-MARK REALTY ENTERS INTO AGREEMENT TO SELL CERTAIN ASSETS TO WEICHERT

 ROBERT-MARK REALTY ENTERS INTO AGREEMENT TO SELL
 CERTAIN ASSETS TO WEICHERT
 HOPEWELL JUNCTION, N.Y., March 19 /PRNewswire/ -- Robert-Mark, Inc. (AMEX: RMK.A) announced today that its subsidiary, Robert-Mark Realty, Inc., has entered into an agreement to sell certain of its assets including its entire New York State real estate brokerage business to Weichert, Inc. As a result of the sale, the company will exit the real estate brokerage business in New York, which has been the company's core business, and will cease operations at a number of offices which will be consolidated by Weichert with other offices. The company stated that the sale was necessitated by ongoing liquidity difficulties, including past due payables, and losses experienced by the company as a result of the recession in the real estate industry. The company added that these problems had made the continued operation of its business untenable.
 In exchange for the assets being sold, the company will receive 30 percent of the net commission revenue (as defined in the sales contract) generated over the next year by its salespeople who join Weichert. The company will receive 25 percent of such net commission revenue over the following year. With respect to new homes transactions, the company will receive 40 percent and 30 percent of the defined net commission revenue generated over the next two years respectively. The company will also retain its current receivables and revenues from transactions currently under contract which total approximately $1.8 million, and will be reimbursed for certain expenses.
 For the fiscal year ended Feb. 28, 1991 the company had a total of $2.9 million in revenue, of which approximately $2.3 million, or 79 percent, were generated by the operations being sold. For the nine months ended Nov. 30, 1991, the company had approximately $2.4 million in total revenue of which approximately $2.0 million, 83 percent, related to the operations being sold.
 The company plans to initially apply the funds received from the sale to reduce the outstanding obligations of the company which total approximately $2.5 million, including its $975,000 secured loan from Chemical Bank. Chemical's consent is required for the sale to be completed.
 The company does not fully satisfy the American Stock Exchange's financial guidelines for continued listing and has therefore consented to being removed. The exchange has advised that the last day for trading in the company's class A common stock and warrants will be Friday, March 27. The company anticipates that a market for its securities will develop over the counter following its removal from listing.
 -0- 3/19/92
 /CONTACT: Mark Ritter, chairman of Robert-Mark, Inc., 914-221-3800/
 (RMK) CO: Robert-Mark Realty, Inc.; Weichert, Inc. ST: New York IN: SU:


SH-OS -- NY070 -- 9777 03/19/92 15:05 EST
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Publication:PR Newswire
Date:Mar 19, 1992
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