Frontier Adjusters of America, Inc. Announces that it has Completed a Cash-Out Merger and Will Become a Private Company

PHOENIX, Oct. 1, 2001 (PRIMEZONE) -- Frontier Adjusters of America, Inc. ("Company") (AMEX:FAJ) announced today that at a Special Meeting of its shareholders, a proposal was approved by a vote of approximately 75% of all the outstanding shares of the Company, with 82% of the outstanding shares voting, to merge the Company in a cash out merger. All outstanding shares in the hands of the public will be exchanged for $1.58 per share.

Shareholders will receive a Letter of Exchange in the mail from U.S. Stock Transfer Corporation, the Company's stock transfer agent, or from their broker, with detailed instructions of how to receive their cash payment.


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