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Wedgestone Financial Completes Tender Offer

10 June 1998

Wedgestone Financial Completes Tender Offer

    IRWINDALE, Calif., June 10 -- Wedgestone Financial
announced today that its tender offer, dated May 8, 1998, to
purchase all of its outstanding shares of beneficial interest at $0.67 per
share, net to the seller, had expired as scheduled at 5:00 p.m., New York City
time on Tuesday, June 9, 1998.
    Based on a preliminary count, 6,361,013 shares of beneficial interest of
Wedgestone Financial were tendered and accepted for payment pursuant to the
tender offer. The tendered shares represent approximately 77% of the total
shares that were outstanding prior to the consummation of the tender offer,
excluding shares held by management, JCS Management Co., Inc., PFG Corp., RAB
Management Corp., JMS Holdings Co., Inc. and Stockwood LLC (collectively, the
"Investors"). The Investors hold 14,155,187 shares of beneficial interest of
Wedgestone Financial and these shares were not tendered as disclosed in the
tender offer.  After giving effect to the tender offer, the Investors own
approximately 91.5% of the shares of beneficial interest of Wedgestone
Financial.
    Headquartered in Irwindale, Calif., Wedgestone Financial is primarily
engaged in the manufacture and distribution of automotive aftermarket products
for the light duty truck market.