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CASH AMERICA INTERNATIONAL, INC. ANNOUNCES THE EXECUTION OF A CONTRACT FOR THE ACQUISITION OF EXPRESS PAWN CHAIN

 FORT WORTH, Texas, April 2 /PRNewswire/ -- Cash America International, Inc. (NYSE: PWN), the nation's largest operator of pawnshops, announced today that it has executed a definitive agreement for the acquisition of Express Cash International Corporation, which operates an 18-store pawnshop chain in Texas under the name "Express Pawn." The transaction is subject to the approval of Express Cash's shareholders. It would take the form of a merger in which the shareholders of Express Cash would receive Cash America common stock. Cash America estimates that the amount of that stock would equate to approximately $7.37 million, subject to certain possible downward adjustments, based upon asset and liability levels, at closing. In addition, the acquisition would entail the assumption of approximately $5.8 million in Express Cash liabilities. Daniel R. Feehan, president of Cash America, commented that, "The acquisition of this chain represents a sound long-term investment and will significantly enhance our presence in the key markets of San Antonio and Houston."
 -0- 4/2/93
 /CONTACT: Daniel R. Feehan or Michele L. Rosenblum, both for Cash America International, Inc., 817-335-1100/
 (PWN)


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

LR -- NY018 -- 2429 04/02/93 10:21 EST
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Publication:PR Newswire
Date:Apr 2, 1993
Words:201
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