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Royal Acceptance Signs Letter of Intent to Acquire RIT Auto Leasing Group

11 June 1999

Royal Acceptance Corp. Signs Letter of Intent to Acquire RIT Auto Leasing Group, Inc.

    BROOKLYN, N.Y., June 10 -- Gerald Ponsiglione, President of
Royal Acceptance Corp. (OTC Bulletin Board: RYFC) today announced the signing
of a letter of intent to acquire RIT Auto Leasing Group, Inc.  RIT, founded in
1993, is in the business of leasing and financing high-line automobiles,
trucks, buses, ambulances, Livery automobiles, limousines and heavy duty
equipment.
    The Company has dealer networks in Florida, North and South Carolina,
Georgia, Missouri and Texas.  The corporate headquarters are located in Floral
Park, New York.  RIT secures its credit lines with financial institutions
including Ford Motor Credit, Sovereign Bank, EAB, Truckers Bank Plan,
Bombardier Capital Inc. and Associates Commercial Corp.  RIT currently manages
a lease portfolio in excess of $15,000,000.
    Richard Toporek, RIT's CEO and President has over 25 years experience in
the lease/finance business.  Mr. Toporek was the President of the National
Vehicle Leasing Association and he was the recipient of the Clemmons-Pender
Award, the leasing industries' most prestigious honor.  In addition,
Mr. Toporek has served on the Attorney General's Task Force.
    Mr. Toporek stated, "We are pleased with the proposed Royal Acceptance
Corp. acquisition of RIT and we look forward, upon closing, to implement RIT's
strategy of expansion through acquisitions, the development of an on-line site
and on-line financing."
    After the Acquisition, the present shareholders of Royal will own
approximately 28% of Royal's Common Stock.  Other terms and conditions of the
letter of intent were not disclosed.
    For further information, please contact Frank Lorenzo at 800-488-1201.