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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Date: June 28, 2000
Contact: Peter J. King
Chief Executive Officer
(612) 593-0051
SUNRISE INTERNATIONAL LEASING CORPORATION
ANNOUNCES COMPLETION OF GOING-PRIVATE TRANSACTION
MINNEAPOLIS, Minn., June 28, 2000. Sunrise International Leasing
Corporation (Nasdaq: SUNL) announced the completion of its going-private
transaction today. The transaction, which was approved by Sunrise's
stockholders this morning, was accomplished through a merger of Sunrise with
and into The King Management Corporation, a company controlled by Sunrise's
Chairman of the Board and Chief Executive Officer, Peter J. King, and his
affiliates. King Management is the surviving corporation. As a result of the
merger, Sunrise's stockholders are entitled to receive cash equal to $5.25 per
share of Sunrise common stock.
Sunrise's transfer agent, Norwest Bank Minnesota, N.A., will act as the
paying agent pursuant to the Agreement and Plan of Merger dated January 31,
2000, as amended on May 25, 2000. Norwest will mail to stockholders of record
documents to accompany Sunrise stock certificates, which must be submitted to
Norwest in order for stockholders to receive payment for their shares. Upon
proper completion of these documents and receipt of stock certificates, Norwest
will pay the merger consideration to each stockholder of record at the effective
time of the merger.
Sunrise International Leasing Corporation, established in 1989 and based
in Golden Valley, Minn., offered a wide range of leasing options to
manufacturers, distributors, resellers and end users. The King Management
Corporation, based in Golden Valley, Minn., is principally engaged in the
leasing of computer and other technology equipment, the sale of software and
operating coin operated copiers.
