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Stratford American Corporation Announces Dollar Rent a Car Sale

29 September 1998

Stratford American Corporation Announces Dollar Rent a Car Sale


    PHOENIX--Sept. 28, 1998--Stratford American Corporation ("Stratford") (OTC Bulletin Board: STFA) today announced that its subsidiary, Stratford American Car Rental Systems, Inc.("SCRS") has entered into a definitive agreement to sell its Phoenix Dollar Rent A Car operations to Dollar Rent A Car Systems, Inc of Tulsa, Oklahoma for an undisclosed price.
    The sale, which includes the franchise rights and the fixed assets, is scheduled to, subject to certain conditions, close on October 1, 1998. As part of the agreement, Dollar Rent A Car Systems, Inc. will enter into a long-term lease with SCRS to utilize the base operation facilities located near Phoenix Sky Harbor International Airport.
    The revenues of SCRS constituted 99% of Stratford's consolidated revenue for the six-month period ended June 30, 1998. Stratford is aggressively seeking potential acquisitions in molding its future direction. However, there can be no assurance that it will be able to locate suitable acquisition candidates or make any such acquisitions.