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CASH AMERICA AMENDS EXPRESS CASH AGREEMENT TO PROVIDE FOR PAYMENT IN CASH

 FORT WORTH, Texas, May 18 /PRNewswire/ -- Cash America International, Inc. (NYSE: PWN) today announced that it plans to acquire Express Cash International Corporation, San Antonio, with cash rather than with shares of its common stock as previously announced.
 Cash America said the change in its definitive agreement with Express Cash, announced April 2, 1993, was negotiated to reflect what Cash America regards as the depressed price of its common stock at present.
 According to President Daniel R. Feehan, "As important as Express Cash is to us, both strategically and financially, we have no intention of giving up equity which we believe to be temporarily under-valued in relation to our company's longer-term potential."
 Feehan also explained, "We're eager to bring these additional 18 stores into the Cash America organization and confident they'll make a positive and immediate contribution." He added, "This was an excellent deal before, and it's one that we like even more now."
 The amendment affects the form of payment to Express Cash shareholders, but does not alter the price to be paid by Cash America, which had earlier been fixed at approximately $7,370,000, subject only to possible downward adjustments based upon Express's asset and liability levels at the time of closing.
 Closing of the acquisition, subject to approval by Express Cash's shareholders at a special meeting, is expected to occur before June 30, 1993.
 Cash America currently operates 225 pawnshops in nine states in the United States, and 26 locations in the United Kingdom. The acquisition of these 18 Express Cash stores would bring the company's total operating locations to 269 worldwide.
 -0- 5/18/93
 /CONTACT: Daniel R. Feehan or Michele L. Rosenblum of Cash America International, Inc., 817-335-1100/
 (PWN XPRS)


CO: Cash America International, Inc.; Express Cash International
 Corporation ST: Texas IN: SU: TNM


WB -- NY052 -- 9717 05/18/93 11:29 EDT
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Publication:PR Newswire
Date:May 18, 1993
Words:309
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