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STONERIDGE RESOURCES ANNOUNCES RESTRUCTURING CHARGES, YEAR-END RESULTS AND EXPECTED REFINANCING ACTIVITY

 STONERIDGE RESOURCES ANNOUNCES RESTRUCTURING CHARGES,
 YEAR-END RESULTS AND EXPECTED REFINANCING ACTIVITY
 BLOOMFIELD HILLS, Mich., March 30 /PRNewswire/ -- Stoneridge Resources, Inc. (NYSE: SRE) announced today that the company has taken two charges to earnings in its 1991 financial statements relative to its investments in Orange-co, Inc. (NYSE: OJ) and Major Realty Corporation (NASDAQ: MAJR).
 As previously reported in December 1991, Stoneridge is seeking to dispose of its 52-percent interest in Orange-co, the company's Florida- based citrus operation. As such, Orange-co is required to be reflected in the company's financial statements as a discontinued operation until it is disposed. Accordingly, the company was required to record a $19.6 million non-cash charge to reduce the company's investment in Orange-co to its estimated net realizable value.
 Additionally, due to the severe economic conditions prevalent in the real estate industry which have negatively impacted the prospects and operations of Major Realty, the company's 33-percent-owned real estate affiliate, the company was required to record a $15.3 million non-cash charge. This action was necessitated in order to reflect the company's investment in Major Realty at current estimated market value in accordance with generally accepted accounting principles.
 As a result, along with an $8 million operating loss for the year, Stoneridge reported an aggregate $42.9 million loss for the year ended Dec. 31, 1991, or $3.15 per share. This is the first period the company has reported calendar-year results to coincide with its principal business segment, Acceptance Insurance Holdings.
 In early April 1992, the company and Acceptance expect to complete separate refinancings. The company expects to complete a $9.5 million secured subordinated note facility ("Notes") with certain of its directors or their affiliates and certain other substantial stockholders. The proceeds from the issuance of the Notes will be used to repay secured and unsecured loans principally from purchasers of the Notes, reduce borrowings under and establish an interest reserve for the company's bank line of credit, reduce accounts payable, and provide working capital. The Notes are expected to bear interest at the prime rate plus 6 percent and mature in January 1993.
 Concurrently, the company expects to revise the terms of its bank line of credit with its bank lender such that a $5.0 million principal reduction will be due on Sept. 30, 1992, with the facility maturing in January 1993.
 As part of its overall plan to address the company's obligations, the company also plans to raise additional equity capital through a common stock and warrants Rights Offering. The company presently intends to seek approximately $18.0 million of gross proceeds in the Rights Offering and expects to obtain $7.5 million in commitments to subscribe in the Rights Offering from the participants in the Notes facility described above. The company plans to use the proceeds from the Rights Offering to reduce or retire the amounts outstanding under the Notes, reduce amounts outstanding under the bank line of credit, reduce accounts payable, and provide working capital.
 Acceptance Insurance Holdings also expects to consummate a debt refinancing. The new debt facility is expected to be a $16.0 million, 5-year term loan provided by a group of banks. The loan is expected to provide for interest at prime plus 1 percent of the Eurodollar rate plus 3 1/4 percent at Acceptance's option. Principal and interest payments will be due quarterly.
 Additionally, Acceptance expects to issue $7.0 million in secured subordinated notes ("Acceptance Notes"). The proceeds of the Acceptance Notes will be used to repay certain intercompany balances and to provide equity capital to Acceptance's insurance company subsidiary. The Acceptance Notes are expected to bear interest at the prime rate plus 6 percent, payable quarterly and mature in 1997. The note holders have rights to exchange the Acceptance Notes into Stoneridge stock and warrants of the nature offered in Rights Offering or, in certain circumstances, demand redemption of the Acceptance Notes at stated values.
 The 1991 pre-tax net income of Acceptance's insurance company subsidiaries on a statutory basis increased 25 percent to $8.1 million vs. $6.5 million as reported in 1990.
 The company announced that Kenneth C. Coon, president of Acceptance Insurance Holdings, has been appointed the interim chief executive officer of Stoneridge Resources. Coon's appointment was made as a significant part of the company's overall strategy to focus the company's future on the insurance operations.
 Stoneridge owns Acceptance Insurance Holdings Inc., a Nebraska-based specialty property and casualty insurance company; 52 percent of Orange-co, Inc., a Florida-based citrus company; 33 percent of Major Realty Corporation, a Florida-based real estate company; and 51 percent of The Major Group (NYSE: MJR), a Florida-based commercial real estate services company.
 -0- 3/30/92
 /CONTACT: William J. Gerber of Stoneridge Resources, 313-540-9040/
 (SRE) CO: Stoneridge Resources, Inc.; Acceptance Insurance Holdings Inc. ST: Michigan, Florida, Nebraska IN: INS SU: ERN RCN


JG-KK -- DE024 -- 3124 03/30/92 18:03 EST
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Date:Mar 30, 1992
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