EXHIBIT 99.(1)

Florida Progress Corporation
News Release 

Corporate Relations Department, St. Petersburg, Florida



[LOGO OMITTED]                                                                
                                                Media Contact:       
                                                Jeffrey Volk         
                                                Lippert/Heilshorn & Associates
                                              (212) 838-3777



Florida Progress Spins-Off Echelon International
To Shareholders


ST. PETERSBURG, Fla. (December 18, 1996) -- Continuing with its plan to focus on
its core utility and coal and transportation businesses, Florida Progress
Corporation (NYSE:FPC) today announced it has completed the spin-off of Echelon
International Corporation, the company's real estate, lending and leasing unit.
Echelon International is listed on the NYSE under the ticker symbol "EIN."

As previously announced, Florida Progress Corporation shareholders, as of the
December 5 record date, received one share of Echelon International common stock
for each 15 shares of Florida Progress common stock owned. Florida Progress'
board of directors determined, after an extensive review of various strategic
options, that a spin-off of its real estate, lending and leasing unit was the
most appropriate way to achieve Florida Progress' strategic objectives. The
board is confident that as an independent company with its own highly
experienced and focused management team, Echelon is well positioned for future
growth in the real estate development and management business.

Echelon International has assets of approximately $560 million. The company's
business segments include development, ownership and management of commercial
and multi-family residential real estate and collateralized financing. Echelon's
strategy focuses on expanding the real estate business, particularly
multi-family residential and commercial real estate development.

Echelon International's over one million square foot real estate portfolio
includes 134 acres in Carillon Corporate Park, the Barnett Tower in St.
Petersburg, the Highpoint Center in Tallahassee and a research office park near
Gainesville. The company also has real estate loans on other properties in Texas
and Washington.

The company's management team includes Michael Doramus, chairman and Darryl
LeClair, president and chief executive officer.  Mr. Doramus has over 20 years
experience in residential

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Florida Progress Corporation
News Release - Florida Progress Spins-Off Echelon International


real estate. In January 1996, he founded Mission Development Company which
serves numerous areas of the real estate industry. He also served as president
and operating partner of two Tramell Crow companies and managed over 60,000
units in 33 states. Mr. LeClair has been with Florida Progress or its affiliates
for 15 years. He has been president of Progress Credit, a predecessor of
Echelon, since 1992 and has extensive experience in real estate and aircraft
lending and leasing. Mr. LeClair has also worked on numerous acquisition and
divestiture projects for Florida Progress.

Florida Progress is a Fortune 500 diversified utility holding company with
assets of $5.6 billion. Its principal subsidiary is Florida Power, the state's
second-largest electric utility with about 1.3 million customers. Diversified
operations include coal mining, marine operations, rail service and life
insurance.

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