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CASH AMERICA ANNOUNCES SIGNING OF PURCHASE AGREEMENT

 FORT WORTH, Texas, Nov. 23 ~PRNewswire~ -- Cash America International, Inc. (NYSE: PWN), operator of the largest chain of pawnshops in the United States, announced today that it has signed a definitive agreement to purchase the assets of the 12-pawnshop "Uncle Joe's" chain located in the Fort Worth-Dallas area. The transaction is scheduled to close within the next week and is subject to completion of various asset verification and other normal acquisition procedures.
 The agreement calls for a total payment by Cash America of $8,250,000, subject to various minor adjustments at closing. Included in the assets of these 12 pawnshops are all of the pawn loans outstanding, merchandise inventory, and fixtures and equipment on hand.
 Daniel R. Feehan, president of the company, commented, "The acquisition of the 'Uncle Joe's' chain of pawnshops is not only an attractive investment opportunity, but also a significant strategic move which will solidify Cash America's position of dominance in the Fort Worth-Dallas market." The company's chairman and CEO, Jack R. Daugherty, stated, "This current acquisition opportunity does not signal a shift in the company's recently announced strategy of focusing on new startup locations to fuel external expansion." Daugherty stated further, "Cash America will always be willing to act upon outstanding acquisition opportunities, even though our emphasis will remain focused on starting new locations."
 Cash America currently operates 210 pawnshops in eight states in the United States and 26 locations in the U.K. The acquisition of these 12 stores from Uncle Joe's would bring the company's total operating locations to 248 worldwide.
 -0- 11~23~92
 ~CONTACT: Daniel R. Feehan or Michele Rosenblum of Cash America International, Inc., 817-335-1100~
 (PWN)


CO: Cash America International, Inc. ST: Texas IN: FIN SU: TNM

SH -- NY062 -- 0630 11~23~92 14:26 EST
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Publication:PR Newswire
Date:Nov 23, 1992
Words:296
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