Westar Financial Services Adds New Senior Vice President - Finance

10 November 1998
Westar Financial Services Adds New Senior Vice President - Finance, Warren Kornfeld From the Industrial Bank of Japan
    OLYMPIA, Wash., Nov. 10 -- Westar Financial Services
Incorporated (OTC Bulletin Board: WEST), a prime-credit auto lender and
lessor, announced today that Warren Kornfeld, formerly Vice President of The
Industrial Bank of Japan (IBJ), has joined the company as Senior Vice
President -- Finance.
    "Warren is one of the most knowledgeable securitization and finance
executives in the US; we have developed strong mutual respect during the past
several years through Westar's and IBJ's close business relationship," noted
Robert W. Christensen, Jr., President.  "During his more than 15 years
experience in the securitization markets, Warren has structured more than
300 structured finance transactions.  He has advised a very broad range of
clients in vastly different stages of their life cycles -- everything from
start-ups to multi-billion dollars per year of originations -- from private
firms to the Fortune 500."
    Kornfeld had managed most of IBJ's term asset-based private placement
securities business in the United States.  IBJ is one of the largest banks in
the world.  Prior to joining IBJ in 1994, Kornfeld was a partner and
co-founder of Bickford & Partners, Inc., a New York-based investment banking
firm specializing in the securitization and asset backed securities markets.
Previously, he headed up the securitization consulting group at
Trepp & Company, Inc., a New York investment firm.  Kornfeld, age 37, received
his degree from the Wharton School of Business at the University of
Pennsylvania.
At Westar, Kornfeld will be responsible for the design, development and
implementation of Westar's financial management, strategies, policies and
procedures; external financial relationships; and the supervision of personnel
engaged in finance and accounting functions.
    "With Warren's help while he was at IBJ, Westar developed a number of
innovative tools in the capital markets.  Now, with him on board, we expect to
very substantially increase both the pace and effectiveness of our efforts,"
Christensen added.  "Warren often is called upon to speak at securitization
and trade group conferences and is a well-known expert writer on our
sometimes-complex industry.  We are delighted to have him join our management
team."
    Westar Financial Services Incorporated is a fast-growing, innovative,
Washington-based automobile finance company.  WEST is the only publicly-traded
automobile lease finance company focused solely on the prime-credit segment of
the $110-billion auto-lease finance market.  Westar's shares are traded over-
the-counter by Hoefer & Arnett, San Francisco; Hill Thompson, Jersey City; and
Monroe Securities, Rochester, NY.
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