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Rent-A-Wreck Announces Payoff of All Dividend Arrearages

20 May 1999

Rent-A-Wreck Announces Payoff of All Dividend Arrearages

    OWINGS MILLS, Md.--May 19, 1999--Rent-A-Wreck of America, Inc. announced today that it has paid off all dividend arrearages on its convertible preferred shares. The total amount of arrearages was $146,915.
    "I am pleased that we are now current in our payments to our preferred shareholders," said Kenneth L. Blum, Jr., President of Rent-A-Wreck of America, Inc. "We are fortunate to be in a financial position with sufficient surplus cash to enable us to eliminate this debt, which constituted the only money owed by the company," continued Blum.