FOR IMMEDIATE RELEASE
Neil G. Berkman Associates Company Contact:
1900 Avenue of the Stars Daniel Greenberg
Suite 2850 Chairman & CEO
Los Angeles, CA 90067 Electro Rent Corporation
(310) 277-5162 (818) 786-2525
ELECTRO RENT RESOLVES POST-CLOSING DISAGREEMENTS RELATING TO ACQUISITION OF
GE'S TMS DIVISION
VAN NUYS, CALIFORNIA, December 13, 2000 - ELECTRO RENT CORPORATION
(NASDAQ:ELRC) announced today that it will receive $20.8 million to fully
resolve its closing balance sheet and purchase price disagreements with GE
Capital Technology Management Services Corporation ("TMS"), regarding Electro
Rent's acquisition of the TMS computer and test and measurement equipment
rental business.
Electro Rent Chairman and Chief Executive Officer Daniel Greenberg said that
Electro Rent expects that the settlement will reduce goodwill associated with
the acquisition. He said that the only effects on the income statement are
expected to be a reduction in the amortization of goodwill and interest income
associated with the cash received.
About Electro Rent
Electro Rent Corporation (www.electrorent.com) is the largest nationwide
organization devoted to the short-term rental and leasing of personal
computers, workstations and general purpose electronic test equipment.
