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EZCONY ANNOUNCES REAL ESTATE TRANSACTIONS, ANTICIPATES LONG-TERM SAVINGS

 MIAMI, April 12 /PRNewswire/ -- Ezcony Interamerica, Inc. (NASDAQ: EZCOF) today announced two real estate transactions in Panama that will stabilize occupancy expenses while increasing warehouse capabilities and administrative efficiencies.
 Ezcony entered an agreement with The Republic of Panama to lease 220,000 square feet of undeveloped land at the Colon Free Zone for 20 years. The land will be developed as a warehouse facility, along with several partners. A large portion of the warehouse is expected to be leased to third parties. The annual cost of the lease is approximately $50,000, and that amount is fixed over the 20-year lease term.
 The company intends to build a 70,000 square foot warehouse on the site, which has direct access to the airport at Colon, replacing warehouses it currently leases at the Free Zone.
 In addition, Ezcony purchased a 13,400-square foot administrative building at Via Espana in the heart of the banking center of Panama City. The building was purchased at a price of $875,000, and the company financed $700,000 of the purchase price for 10 years at a 12 percent annual interest rate.
 "Real estate values in Panama are appreciating rapidly, and the acquisition of new administrative space, coupled with the long-term lease agreement, will lock in a major portion of our property expenses," said Ezra Cohen, president and chief executive officer of Ezcony. "Our employees are now spending four hours per day traveling to and from offices at Colon Free Zone."
 Administrative employees currently commute by bus from Panama City to the Colon Free Zone. The trip takes two hours each direction.
 Ezcony has 95 employees in The Republic of Panama, 26 in Miami and five employees in Hong Kong.
 The company also announced that it has signed a two-year lease extension on its current office and warehouse facilities at Miami Free Zone. Ezcony leases 10,000 square feet of warehouse, and 3,500 square feet of administrative space in Miami.
 Ezcony currently occupies the Panama City facility, and should begin construction on the warehouse at Colon Free Zone by September 1993. Occupancy is expected approximately one year after the start of construction.
 Ezcony is one of the largest independent distributors of consumer electronics to Latin America. The company was founded in 1982, and has direct distribution to more than 15 countries in the region. Ezcony handles popular brands such as Sony, Pioneer and AIWA electronics and 3M brand tapes and diskettes. Ezcony also is expanding its own line of consumer electronics marketed under the ELTEC brand.
 -0- 4/12/93
 /CONTACT: Robert Kneeley of Robert Kneeley & Co., 305-739-7121 or 305-583-9282, for Ezcony Interamerica, Inc./
 (EZCOF)


CO: Ezcony Interamerica, Inc. ST: Florida IN: HOU SU:

SS-XX -- FL006 -- 4735 04/12/93 11:51 EDT
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Publication:PR Newswire
Date:Apr 12, 1993
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