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Non-Tech : Amresco [AMMB]

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To: David Meyer who started this subject	8/21/2000 8:26:41 AM
From: leigh aulper	of 218

AMRESCO and Prism Financial Corporation Sign Definitive Agreement DALLAS, Aug. 21 /PRNewswire/ -- AMRESCO, INC. (Nasdaq: AMMB) and Prism Financial Corporation announced today that they have entered into a definitive asset purchase agreement whereby AMRESCO will sell its homebuilder lending and servicing platform and a portion of its assets to Prism, one of the nation's leading retail mortgage banking companies. The homebuilder lending group will become a business unit of Prism Mortgage Company, a wholly owned subsidiary of Prism Financial. The terms of the agreement provide for a cash purchase price with a portion payable at closing and the remaining balance payable over a one and a half year term. The definitive agreement contains customary representations, warranties, covenants and closing conditions, including consents. Other terms were not disclosed. The transaction is subject to regulatory approvals and is expected to close by the fourth quarter of 2000. There can be no assurance that all such approvals can be obtained or closing conditions satisfied or that the transaction will be consummated.

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