Cindy A. Kay Promoted to Vice President - Securitizations; Kenneth W. Lamb Joins Westar Financial as Controller

    TUMWATER, Wash.--Aug. 28, 2001--Westar Financial Services Incorporated (OTC:WEST), the leading automobile e-finance company, today announced Kenneth W. Lamb has been hired as Controller, allowing Cindy A. Kay to assume the new position of Vice President - Securitizations.
    Kay has served as Westar's Controller since 1996 and has supervised more than 40 securitized transactions, where many auto leases are converted into a single financial instrument and then sold into the global financial market. "With the tremendous growth in our private label activities accelerating, we are increasing the pace and size of our securitizations," said R.W. Christensen, Jr., Chairman and CEO. "We determined the level of activity warranted a new position devoted to developing and expanding our presence in the capital markets. Cindy has the experience, judgment and knowledge to build on our success.
    "Ken Lamb has stepped into the position of Controller. He has experience in both large financial institutions and with nimble e-commerce companies and adds depth to our management team."
    Prior to joining the company, Kay was a Partner in Kay and Company, a Certified Public Accounting firm. She began her career with Coopers and Lybrand in Tucson, Arizona. Kay is a Certified Public Accountant and is a member of the Washington Society of CPAs and the American Institute of CPAs. Kay received her B.A. in Accounting from Saint Martins College.
    As Controller, Lamb assumes responsibility for financial statements, management of the external audit process, financial planning, variance analysis, daily accounting functions and related corporate compliance.
    Prior to joining Westar, Lamb served as Controller and Chief Financial Officer for two e-commerce businesses. Previously, he was Controller/Manager for Frank Russell Investment Company in Tacoma, and held progressively responsible positions in public accounting with Knight, Vale & Gregory CPAs. Lamb is a CPA and member of the Washington Society of CPAs. He received his undergraduate degree in Business Administration from the University of Puget Sound.
    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 $1.42 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.