Exhibit 99



IMMEDIATE RELEASE:  August 28, 1995


Contact:          John E. Christensen, Senior Vice President and CFO
                  Capital Associates, Inc.
                  (303) 980-1000

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               CAPITAL ASSOCIATES ANNOUNCES STOCK REPURCHASE PLAN

         LAKEWOOD,  COLORADO....Capital  Associates,  Inc. (CAII-NNM NASDAQ), an
asset management and financial services company,  announced today that its Board
of Directors has  authorized  the  repurchase of up to 500,000 shares of Capital
Associates,  Inc.'s  common stock from  time-to-time  in the open market.  As of
August 28, 1995, the 500,000 shares represent  approximately 5% of the Company's
outstanding shares.

         "Capital  Associates is committed to creating  long-term  value for its
shareholders,"  explained Dennis Lacey, President and Chief Executive Officer of
the Company. "The Company has refinanced,  significantly  improved its financial
position, been profitable for three years and has a growing marketing force, yet
the current stock price does not adequately reflect this improvement."

     William B. Patton,  Jr.,  Chairman of the Board,  said: "This action by the
Board reflects its confidence in the Company and its future.  At current prices,
we  believe  Capital  Associates'  stock  represents  an  attractive  investment
opportunity for the Company."

         Capital  Associates,  Inc.,  one  of  the  larger  independent  leasing
companies in the United States, is principally  engaged in (1) buying,  selling,
leasing and remarketing new and used  equipment,  (2) managing  equipment on and
off-lease,   (3)   sponsoring,    co-sponsoring,    managing   and   co-managing
publicly-registered income funds, and (4) arranging equipment-related financing.


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