Michael Kranitz Appointed to Board for Westar Financial

    TUMWATER, Wash.--Aug. 3, 2001--Westar Financial Services Incorporated (OTC:WEST), the leading automobile e-finance company, today announced Michael Scott Kranitz, formerly of CarPoint.com and DriveOff.com, has been appointed to Westar's Board of Directors and nominated for election to a three year term at the annual shareholders' meeting scheduled for September 24, 2001. Kranitz fill's the seat vacated by Michael Price, who has resigned to afford more time for his personal business.
    "Michael Kranitz is one of the pivotal innovators in the automotive e-commerce industry and was a leader in the development and launch of DriveOff.com, the first online business model capable of selling and financing new automobiles in real time," said R.W. Christensen, Jr., Westar's President and CEO. "His leadership and ingenuity helped establish an entirely new way for consumers to purchase and finance a car. I believe that his industry experience will make him a great addition to our Board of Directors. We appreciate the service of Michael Price and have benefited from his expertise in leasing and management during the past three years. We wish him all the best in his other endevours."
    With more than 15 year of experience in the legal, financial and automotive industries, Kranitz brings a wealth of experience and knowledge to Westar. He started as a lawyer in 1985 specializing in financial law. In 1997, Kranitz formed LeaseSource Online, Inc., an online resource for consumers seeking to lease new automobiles. In its first six months, LeaseSource.com became the top auto leasing site on the internet, earning Kiplingers Magazine's "Leasing Site of the Year" in 1997 and recognition as one of the top fifty internet sites in 1998 by CIO Magazine.
    In 1998, LeaseSource and its sister site CarWizard.com were acquired by Navidec, and Kranitz was named Vice President of Strategic Development. He developed Navidec's new online automotive strategy, which eventually evolved into DriveOff.com. In 2000, Carpoint, Inc. acquired DriveOff.com, along with the rights to Kranitz's book, "Look Before You Lease: Secrets to Smart Vehicle Leasing" and "LeaseWizard(R) Lease & Loan Analysis" software. From late 2000 through May 2001, Kranitz served as both President of DriveOff.com and Vice President of online automobile company, Carpoint, Inc., which was then owned by Microsoft Corporation , Ford Motor Company , Wells Fargo Bank and Navidec, Inc.
    Kranitz earned a Bachelor of Science Degree with High Honors in Economics from the University of Florida, and a Juris Doctorate Degree from Vanderbilt University School of Law. He currently resides in Littleton, Colorado with his wife and three children.
    In July, Westar posted its third consecutive profitable quarter, as revenues increased 292% to $146 million from $37 million in the first quarter ended June 30, 2000. First quarter net earnings increased to $866,000, or $0.37 per share. Operating earnings increased to $1.1 million or $0.48 per share, which is an improvement of $1.33 per share from the operating loss of $2.0 million or $0.94 per share posted in the first quarter a year ago.
    WEST is the leading publicly traded automobile-oriented e-commerce financial portal and ASP. Westar originates, decisions, commits to and fulfills consumer financings for itself or others. Westar completed the first entirely electronic Internet automobile purchase and lease transaction in October 1999. The company operates in the western states and nationally through alliances with AmSouth Bancorporation, Mellon Bank, USAA FSB and others.