Leasing News

Credit: Atlanta, GA. VP Credit/Operations/Sr. Credit Officer. 15yrs exp. in equipment leasing. Strong financial analysis and management skills. Experience developing and maintaining profitable customer/vendor relationships.

Email: credops@msn.com Credit: Atlanta, GA.

Senior Credit Officer in middle-market equip. finance, vendor, 3rd party, specialty, flow credit to the fortune 1000. Team builder, originations capable, strong work ethic, ability to multi-task.

Email: kyletrust@hotmail.com

Credit: Atlanta, GA.

10 yrs experience in credit/collections/recovery/documentation in the leasing industry. P&L responsibility, team builder & strong portfolio mgnt skills.

email: mortimerga@adelphia.net Credit: Boston Ma.

Challenging position where my skills, professional experience, organization, leadership, strategic thinking, creativity, energy, passion, competitive nature will enable me to define opportunities and personal development.

Email: bernd.janet@verizon.net

Credit: Corona, CA.

VP credit Consumer Credit prime/sub prime Auto lending/leasing/mortgages. 20+yrs exp. If you are looking for someone to affect the bottom line I am that person. Will relocate.

Email: amosca2000@yahoo.com

Credit: Danbury, CT.

Skilled in team building, management & training. Seasoned credit, portfolio and risk management professional. Experienced

in developing, implementing underwriting, portfolio management policies & procedures.

email: vgjmoro@aol.com

Credit/Documentation: Fort Lee NJ

3 Years Experience. Looking in NJ/NY.

Email: angitravis@mail.com

Credit: Los Angeles, CA

Over 15 years experience in Credit/Operations with Small Ticket and transactions up to $500,000.00. CLP, with excellent relationships with most major lenders.

Email: jonbh123@earthlink.net

Credit: Mill Valley, CA

Senior corporate officer with financial services credit background. M and A, fund raising and workout expertise. Email: nywb@aol.com

Credit: New Jersey, NJ

Credit Analyst with 10+ years experience in small-ticket lending up to $500,000. Experience with both vendor-direct and with brokers.

Email: b.leavy@worldnet.att.net

Credit: New York, NY

3+ years of leasing credit / contracts experience. Currently in the leasing industry and moving to NY! Exp. working at both funding source and broker.

Email: lease4you@mail.com

Credit: New York, NY.

V.P. Credit & Collections w/23 years exp.looking for a situation where I can utilize my varied & extensive knowledge of credit/collections/risk-management & leasing.

Email: rcouzzi@yahoo.com

Credit: Phoenix, AZ.

Credit/Leasing Manager- 8 years underwriting. Proven performer, strong negotiator and sales support. Worked with the best- Randy Schiell, Chuck Brazier, Jim Lahti.

Contact: Elizabeth Rose (480)510-7434

Email: ravenfinance@aol.com

Credit: San Francisco, CA. 10+ years Credit Analyst experience underwriting for a direct lessor, regional bank and vendor leasing company. Have CLP and will make decisions ( won't rely on a FICO score for enlightenment.) Email: pmtorres1@yahoo.com

Credit Manager: Westlake, OH

7+ years Credit/Underwriting experience Comp lit. Please email me for copy of job description at mgallo@comfingrp.com

100 Classified Ads at: http://64.125.68.90/LeasingNews/JobPostings.htm

To post a free “job wanted ad,” please go here:

http://64.125.68.90/LeasingNews/PostingForm.asp

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SIC to NAICS

Reader requests conversion codes:

“Do you know the conversion codes from SIC to NAICS for the Leasing Industries?

“I'm guessing there should be two classifications. One just for Brokers and Discounters who sell for fees or spreads and one for those that not only broker but maintain their own credit lines. Heck, maybe there are three.

“Many Bank's are converting over from SIC to NAICS and the categories just don't quite fit. I think that 522310 for Brokers and 523910 for those also with lines but I'm not sure. I was hoping your reader's could help me pinpoint the correct NAICS codes we need to use in each case.”

Bob Robichaud,

PFF Bank & Trust

(If you have information, please send and I will relay to Mr. Robichaud.

kitmenkin@leasingnews.org )

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New Tax Bill Goes Easier On SILOs

Would Exempt 15 Transportation Deals

By Susanna Duff Barnett

www.bondbuyer.com

WASHINGTON - House Ways and Means chairman Bill Thomas, R-Calif., unveiled a new version of his corporate tax bill Friday that contains far less onerous curbs on certain tax- advantaged leasing deals known as sale-in, lease-out, or SILO, deals than tougher restrictions proposed by the Treasury Department and adopted by the Senate.

Unlike the Treasury and Senate versions, Thomas' bill would restrict SILO deals as of March 12 and would grandfather in 15 pending transportation deals. The bill also would allow states and localities to lease facilities that have been financed with tax-exempt bonds.

Thomas' bill also would extend the use of New York Liberty Zone bonds, qualified zone academy bonds, and a number of tax incentives for the District of Columbia. However, the bill contains none of the other municipal bond provisions that are in the version of the corporate tax bill approved by the Senate May 11.

The House Ways and Means Committee is scheduled to vote on the bill Thursday, and the House is expected to consider the bill next week. Jill Hershey, a vice president of legislative affairs at The Bond Market Association, said there is momentum to get the bill finalized despite a presidential election in five months, especially since both versions contain measures that would put an end to punitive tariffs that have been imposed by the European Union on some U.S. products since March 1.

"I think the bond provisions are in a very strong position," Hershey said.

Thomas' bill contains a number of changes to the SILO measure from the version he introduced on March 12, which originally had a Feb. 12 effective date. Unlike the earlier version, the new bill would exempt lease deals less than five years from the curbs and would allow a two-year renewal for qualified technological equipment leases.

The SILO restrictions also would not apply to transportation deals that were submitted to the Federal Transit Administration after June 30, 2003, and before March 12, 2004. Like the earlier versions, the provision gives the FTA until Jan. 1, 2005, to approve those deals. The grandfather clause would lift the current hold placed on the 15 pending transportation leasing deals by the Department of Transportation on Nov. 26.

Thomas' provision differs from the Treasury and Senate measures, which would curb domestic deals as of Jan. 1, 2004, and would not protect the pending municipal transportation deals. The Senate version also would eliminate the tax advantage of SILO deals that involve foreign property as of Jan. 1, 2005, regardless of when they were entered into.

The Treasury and Senate bills also would prevent the use of tax-exempt bonds to finance SILO deals and would give Treasury discretion in defining leases that should be curbed. As in his earlier version, Thomas' bill would exempt service contracts from the curbs. The Senate bill does not contain that provision.

Thomas' latest corporate tax bill contains several extensions of tax provisions that are similar to those in the Senate bill. It would extend the $8 billion New York Liberty Zone bond program, currently set to expire Dec. 31, 2004, for four years - one year less than the Senate bill. The Thomas bill also does not include a provision in the Senate bill that would extend the period in which one additional advance refunding is permitted for one year through Dec. 31, 2005.

Another measure would extend through 2005 the QZAB program, which allows the issuance of $400 million a year in taxable tax-credit bonds to renovate schools in poor neighborhoods and lapsed at the end of 2003. But the Senate bill would go a step further by allowing the program to be used for new construction and land acquisition.

Thomas' bill also includes tax incentives for investment in the District of Columbia that would extend economic development bonds and first-time homebuyer tax credits for another year through Dec. 31, 2005. The Senate bill would only extend those provisions through the end of 2004.

However, Thomas' new bill - which was sweetened to pick up votes from Republicans who opposed the Ways and Means panel's original bill that was never sent to the full House - does not contain a number of other municipal bond-related measures that were included in the Senate-passed bill.

One Senate measure would permanently repeal the 10-year rule for single-family mortgage revenue bonds issued after the date of enactment and provide a one-year exemption from the rule for outstanding bonds. However, it would still apply to currently existing bonds after the one-year exemption expires.

Another provision would double the aggregate capital expenditure limit on projects financed with qualified small issue bonds to $20 million but keep the bond issuance limit at its present level of $10 million.

The Senate bill also would temporarily expand the use of tax-exempt bonds for facilities based on Indian reservations, create a two-year project to allow nonprofit groups to use bonds to buy land and pay off the debt with funds from logging operations without violating the private-activity bond restrictions, and create a demonstration project for so-called green bonds.

The Senate bill also includes provisions from a slimmed down energy tax package introduced in February that would protect the ability of municipal utilities and state agencies to use tax-exempt bonds to prepay long-term contracts for natural gas by easing existing regulations to make clear that a utility may base the volume of a gas prepayment contract on gas usage over the previous five year. It would make renewable- energy production tax credits available to public power utilities and allow them to sell the credits to a private entity for cash.

The Senate provisions also would create an ethanol tax credit to ultimately generate $2 billion in highway construction funding and provide loan guarantees to help finance a natural pipeline from Alaska through Canada.

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**** announcement ***************************************

United Association of Equipment Leasing Oregon Region Presents:

“Cocktail Reception, Networking/Gathering”

When: Wednesday, June 23, 2004 @ 5:00 PM

Where: Sweetbrier Inn

7125 SW Nyberg St

Tualatin OR 97062

Tel: 503-692-5800

(review www.sweetbrier.com for directions,

we will be meeting in the lounge/bar)

Event: Cocktail Reception. Open for both members and non-members. Provides a forum to stay connected with Oregon Brokers, Lessors, Funding Sources and Vendors, to meet new members and establish new relationships. We will provide an update on all UAEL events, but this is a low key event that should be both beneficial and fun!!

Cost: No cost.

The purpose is to encourage active participation, and silicate new members, and renewal of previous members who may have not yet renewed.

There will be a no host bar, and light appetizers will be provided by sponsors.

Please R.S.V.P via email to: gparker@harbourcap.com

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****** announcement ************************************

Classified Ads---Help Wanted

Accounting

Accounting: PricewaterhouseCoopers seeks executives with experience in equipment leasing to help clients improve their leasing businesses by assessing "as is" conditions and designing and implementing solutions to operational issues. PwC also seeks CPA's with a broad based knowledge of FAS13 and familiarity with accounting for leases with simple and complex transaction structures.
Email: anthony.g.anderson@us.pwc.com

About the Company: PricewaterhouseCoopers, New York, NY.

Accounting: Broker/Lessor looking for CFO/Controller with a solid accounting background. Experience working in the Leasing industry a must.
LeasePlus knowledge is a plus.
Email: elang@nationwidefunding.com

About the Company: Nationwide Funding, Irvine, CA.

Equipment Sales Representative

Equip. Leasing Sales Rep: Strong sales and bus. dev. skills needed. Dev/manage portfolio, initiate bus. in upper Midwest . 3-4 yr leasing exp. www.associatedbank.com
or e-mail: abmil@associatedbank.com

About the Company: Associated Banc-Corp is a diversified multibank holding co., w/ $15.5 billion in total assets. Headquartered in Green Bay, WI . Associated has more than 200 banking locations across WI, IL and MN.

Marketing Indirect Originator

MARKETING INDIRECT ORIGINATION:
New York. One of the largest ind. equip.lessors needs motivated, self-starter to purchase single investor leases from institutional investors; min.transaction $1 million; portfolio of primarily investment grade lessees/good "story credits".
Min 3 yrs exp. sourcing/ originating leasing transactions, knowledge credit and pricing.
E-mail: jobposting1@leasingnews.org

Sales

Sales: Long Established West Coast Co., lessor/broker looking to expand. Top commission/salary/bonus. Organized with sales experience in small/mid size leases a necessity. Home office OK. Experienced back office support.
Contact john@odysseyequipfinance.com

About the Company: www.odysseyequipfinance.com

Sales: Established 20-year full service lessor seeks sales professional in small or mid ticket markets. Earn high commissions, with benefits. Russ@pacifica-capital.com

About the Company:
www.pacifica-capital.com

--- to post a "Help Wanted" ad, please go to:

http://64.125.68.90/LeasingNews/PostingFormWanted.asp

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Pasternak Starts Fairfield Capital Services

EFJ Pulse Online (efj.com)

Dana Pasternak recently left Fleet Capital Leasing to start his own company, Fairfield Capital Services (FCS).

Pasternak, a veteran of nearly 30 years in commercial and investment banking, and the equipment leasing and commercial finance industries, indicated FCS will have as its primary focus providing financial advice to, and raising capital for, middle market and highly leveraged companies.

In fulfilling this objective, FCS will not be limited to working solely within the equipment leasing and financing markets, but will also include in its capital raising strategies other major forms of secured financing including asset-based working capital loans, mezzanine financing, and real estate mortgages and leases. T

he appropriate mix will be determined by what best fits the client's business model and balance sheet. He also indicated the company will be working with smaller equipment leasing companies who do not have the internal resources for advice in selling portfolios and raising capital for non-standard equipment leases.

He can be reached at (203)652-0543, or E-Mail: danajpasternak@att.net

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### Press Release ###########################

Studebaker-Worthington Names Omar Diaz Broker Mgr.

STUDEBAKER-WORTHINGTON LEASING CORP.,located in Jericho,NY and a wholly owned subsidiary of State Bank of Long Island, is pleased to announce the appointment of Omar Diaz as their Broker

Relationship Manager.

Omar brings over 25 years of equipment lease funding experience to Studebaker-Worthington Leasing Corp., having formerly worked for The Bank Of The West as their east coast representative, as a Group Vice President for European American Bank (EAB) in their equipment lease finance division and for Tilden Financial.

He can be reached at 1-800-645-7242, Ext.401.

Fred Anderson

Address = Studebaker-Worthington

City = Jericho

State = NY

Zipcode = 11753

Phone = 516-938-5460

Fax = 516-938-5604

Email = fanderson@studebaker.com

World Leasing Yearbook 2004

The only annually-updated international reference book for the asset financing and leasing industry available. The new 25th edition includes the latest market trends , over 100 authoritative articles and reports on the leasing software and IT market, an exclusive ranking of the top 50 leasing markets by size worldwide with feature profiles from Africa to Venezuela PLUS a directory of over 4,400 contacts.

HOW TO ORDER - Simply call our Customer Hotline on +44 (0) 20 7779 8999 or toll free in the US +1 800 437 9997. Alternatively visit https://www.euromoneyplc.com/ to order online

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Adamski Joins Leasing Partners Capital

Wayne, NJ—Leasing Partners Capital, Inc., the fastest growing leasing company in the U.S., announces another addition to its staff.

Lea Adamski will be located in our main headquarters as a Lease Administrator. Lea transferred to LPC from our former sister company, RCI Communications in Wayne, NJ. Lea attended SUNY-Oneota while working on her Bachelor’s degree in marketing.

LPC is a nationwide equipment lessor in the small to lower-middle-market segment.

Bruce Larsen

National Sales Manager

Leasing Partners Capital, Inc.

Toll-free: 877-333-5864

E-mail: blarsen@leasingpartnerscapital.com

Web site: www.leasingpartnerscapital.com

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#### Press Release #########################

Financial Federal Corporation Announces the Addition of Michael J. Zimmerman to Its Board of Directors

NEW YORK----Financial Federal Corporation (NYSE:FIF)announced today that its Board of Directors has selected Michael J. Zimmerman as its seventh member. Mr. Zimmerman will serve as a director until the next annual meeting of shareholders in December 2004. The Company's Corporate Governance and Nominating Committee determined that Mr. Zimmerman qualifies as an independent director in accordance with New York Stock Exchange rules. Mr. Zimmerman will serve on the Company's Audit Committee. Paul R. Sinsheimer, CEO, commented: "We are privileged to have Mr. Zimmerman join our Board. His vast business and financial background will be a valuable asset to the Company."

Michael J. Zimmerman is Executive Vice President and Chief Financial Officer of ContiGroup Companies, Inc. (a major privately held agribusiness and investment firm formerly known as Continental Grain Company) and President of its ContiInvestments subsidiary. He is responsible for the financial and strategic initiatives in ContiGroup's existing operations as well as its investment activities in both new and related areas.

Prior to joining Continental Grain in 1996, Mr. Zimmerman was a Managing Director at Salomon Brothers, where he served over 20 years in a variety of senior positions in the investment banking and firm investment areas. He is a member of the Board of Directors of Overseas Shipholding Group, Inc., where he serves as non-executive Chairman, and is Chairman of Premium Standard Farms, a majority-owned affiliate of ContiGroup.

Mr. Zimmerman holds an MBA from the Harvard Business School and a Bachelors degree from Trinity College. He is active in several educational, religious and philanthropic organizations. A resident of Brooklyn, NY, he is married and has two sons.

Financial Federal Corporation specializes in financing industrial and commercial equipment through installment sales and leasing programs for manufacturers, dealers and end users nationwide. For additional information, please visit the Company's website at http://www.financialfederal.com.

CONTACT:Financial Federal Corporation Steven F. Groth, 212-599-8000

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SilverMark Capital names Associate Program Manager

HOUSTON, TEXAS ( —— SilverMark Capital, a division of Texas-based Sterling Bank, has named Dennis Williams to lead the development and operation of its Associate Program, which offers originators of equipment leasing programs a platform for managing vendor relationships that need a high level of support and funding capacity.

“We are pleased that Dennis has been able to join our team and apply his background at Citicorp and First Sierra Financial to leading this growing product segment,” said Fred Van Etten, CEO of SilverMark Capital. “He has the knowledge to ensure that our Associate Program remains fast, efficient and provides all the tools necessary for independent originators to provide their vendors with access to a state-of-the-art back office system and optimum funding.”

Williams was most recently associate vice president of performance metrics management for Citigroup Inc. in San Antonio. He previously served as senior syndication analyst for First Sierra Financial in Houston. Both Citigroup and First Sierra provide financial services to businesses. He has also held analyst and account executive positions at Frost & Sullivan, a consulting firm on emerging high technology and industrial markets, and Philip Services Corporation, a metals recovery and industrial service corporation.

SilverMark Capital is a division of Sterling Bank, which was named to FORTUNE Magazine’s 2004 list of 100 Best Companies to Work For. The bank operates 37 commercial banking offices in the greater metropolitan areas of Dallas, Houston and San Antonio and holds assets of $3.2 billion.

Sterling Bank is a subsidiary of Sterling Bancshares, Inc., whose common stock is traded through the Nasdaq National Market System under the symbol SBIB.

For more information on SilverMark Capital and its associate program, please visit the company's website at www.silvermarkcapital.com, or contact Williams at 713-507-7677.

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### Press Release ###########################

Donald C Slappey joins GMAC CF

SOUTHFIELD, Mich.— GMAC Commercial Finance (GMAC CF), part of General Motors Acceptance Corporation (GMAC) since 1999, announces that Donald C. Slappey has recently joined the company’s Equipment Finance Division’s (EFD) Commercial Asset Finance Group as vice president, senior account executive, based in the Atlanta, Ga. office. He will be covering the states of Florida, Alabama, Georgia and Mississippi.

Slappey brings with him many successful years of experience in the finance and leasing industry and will be a significant "impact" player for the group. He spent the last three years with the Bank of America Leasing & Capital Group, and previously spent 15 years with the Pitney Bowes Credit Corporation, performing in various capacities.

GMAC Commercial Finance, considered a leader in its segment of the financial services market, provides asset-based lending, equipment finance/leasing, structured finance and factoring services to a wide variety of middle-market clients in diverse industries. Loan facilities are in the $1 million to $200 million range. With locations in the United States, Canada, Hong Kong and the United Kingdom, the Company is positioned to provide lending services worldwide.

GMAC Commercial Finance is part of GMAC Financial Services. GMACFS has been a wholly owned subsidiary of General Motors Corporation since 1919. Located in Atlanta, Ga., the Equipment Finance Division can be reached at 678 553-2700.

Sites of Reference:

http://www.gmaccf.com

CONTACT:

Kim Rutherford

GMAC CF

Phone Number: (248) 358-8322

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### Press Release ###########################

Financial Federal's Third Quarter Net Earnings Increase 22%

NEW YORK----Financial Federal Corporation (NYSE:FIF) announced a 22% increase in net earnings in its third fiscal quarter ended April 30, 2004 primarily from the effects of fewer non-performing assets. Net earnings for the quarter was $8.0 million compared to $6.6 million in the third quarter of fiscal 2003. Diluted earnings per share increased by 22% to $0.44 from $0.36. Finance receivables originated during the quarter totaled $211.0 million and finance receivables outstanding increased by $26.0 million during the quarter to $1.43 billion at April 30, 2004.

Net earnings in the first nine months of fiscal 2004 and 2003 were $23.0 million and $23.2 million, respectively; decreasing by less than 1%. Diluted earnings per share decreased by 2% to $1.25 from $1.27. In fiscal 2003, a non-recurring loss from the redemption of convertible debt reduced net earnings by $1.1 million and reduced diluted earnings per share by $0.06. Without this loss, net earnings in the first nine months of fiscal 2003 was $24.3 million and diluted earnings per share was $1.33. These amounts are non- GAAP financial measures that management believes are useful to investors. Net earnings and diluted earnings per share in the first nine months of fiscal 2004 each decreased by 6% with this loss excluded from fiscal 2003.

Net charge-offs for the third quarter of fiscal 2004 were $1.9 million or 0.54% (annualized) of average finance receivables compared to 0.70% in the preceding quarter and 1.18% in the third quarter of fiscal 2003. For the first nine months of fiscal 2004 and 2003, net charge-offs were 0.76% and 0.79%, respectively. Non-performing assets were 2.9% of total finance receivables at April 30, 2004, compared to 3.1% at January 31, 2004 and 5.2% at April 30, 2003. Delinquent receivables (60 days or more past due) were 1.8% of total receivables at April 30, 2004 compared to 1.5% at January 31, 2004 and 2.1% at April 30, 2003.

Paul R. Sinsheimer, CEO, commented: "We are encouraged by the results of our third quarter notwithstanding the potential effects of rising oil prices and the prospect of rising short-term interest rates. Demand for equipment financing increased, and the outlook for new business appears to be better than it has been for some time. The recent $175 million convertible debt issuance has further positioned the Company to benefit from an improving economic environment."

Steven F. Groth, CFO, remarked: "Most of our operating statistics continue to trend positively, especially net charge-offs, repossessions and operating expenses. This is the second straight quarter of growth in finance receivables which has not occurred in a year and a half. Leverage remains at a level that allows for significant growth, even though the Company recently repurchased $50 million of its common stock."

The Company also announced an increase in the amount available under its common stock repurchase program from $13 million to $20 million. The program was also amended to include repurchases of the Company's convertible debentures.

CONTACT:Financial Federal Corporation Steven F. Groth, 212-599-8000

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S&P Announces: Summary Analysis-Westinghouse Air Brake Technologies Co.

NEW YORK--The ratings on Westinghouse Air Brake Technologies Co. (WABTEC) reflect the company's somewhat aggressive financial policy, and its strategy of pursuing acquisitions. These risk factors are partly offset by its leading market position in the mature and cyclical rail products and services sector.

Wilmerding, Pa.-based WABTEC is a leading North American supplier of rail equipment and related services for the freight (71% of sales) and transit (29%) sectors.

Although the freight and transit markets are both cyclical in nature, they generally move in independent directions. Transit generally lags the cyclical nature of the freight market, because of federal and state spending. Freight car fundamentals (car loadings and new orders) have improved substantially in the past year with renewed fleet reinvestment by the Class I railroads, utilities, and leasing companies; increased government spending; and the recovery of the U.S. economy. New freight car orders were 17,962 in the first quarter of 2004, the highest since the third quarter of 1998. The company estimates industry railcar deliveries will approach 41,000 in 2004, up from a prior estimate of 36,000.

Transit group revenues also benefited from a larger number of shipments and deliveries of rail door assemblies under existing contracts. However, transit demand is not expected to recover in a meaningful way until 2005, with the delivery of New York City subway car replacement orders. A recent R-160 New York City contract is expected to bring $250 million in future business over a four-year period beginning in 2005.

WABTEC's financial policy is considered somewhat aggressive because of its debt-financed acquisition strategy, although management has demonstrated discipline during the industry downturn. Significant improvements to operating efficiency through attention to cost controls have resulted in the generation of solid credit protection measures, which are currently above average for the rating. These include operating lease-adjusted EBITDA interest coverage ratio of 5.8x, debt to EBITDA of 2.8x, and funds from operations to total debt of 27.3% for the 12 months ended March 31, 2004.

The company's growth strategy includes some debt-financed acquisitions, and, as industry prospects continue to improve, WABTEC could use its debt capacity to pursue its business objectives. However, transactions are expected to add complementary product lines, enhance geographic distribution, and extend the customer list. As such, Standard & Poor's Ratings Services expects WABTEC to maintain an EBITDA interest coverage ratio of about 3x-4x over the cycle and total debt to EBITDA of around 3x-3.5x, which takes into account a moderate cushion for potential acquisitions without affecting the current ratings.

Liquidity.

WABTEC derives strength from its solid liquidity position. As of March 31, 2004, sources of liquidity included:

-- $29 million of free operating cash flow for the prior 12 months;

-- $58 million of cash and short-term investments; and

-- Unused borrowing capacity of $118.4 million under a new $175 million credit facility due January 2009 (net letters of credit).

Capital spending levels are expected to be about 2.5%-3% of sales. Steady, good margins and modest capital spending needs continue to translate into a good conversion of EBITDA to free operating cash flow, at roughly 173% of net income in 2003. Given an improved business climate and sustainable healthy cash flow generation, liquidity should be adequate to fund the company's business plan, including potential acquisitions. The company had under funded pension and postretirement plans of about $55.6 million at the end of 2003. However, cash contributions to the pension plan are expected to be manageable at about $6.4 million in 2004 and at similar levels of funding expected thereafter. The company does not have any material

\]debt maturities until after 2008.

Outlook

The stable outlook reflects Standard & Poor's expectations that WABTEC will continue to generate solid credit protection measures, supported by end-market improvement in both rail and transit. Standard & Poor's also expects WABTEC to maintain a balanced capital structure as it pursues its growth strategy.

CONTACT:Standard & Poor's, New York Linli Chee, 212-438-1688

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Wheels Introduces First-To-Market Application to Simplify Upfitting of Commercial Vehicles

DES PLAINES, Ill., -- Wheels, Inc., a leader in the multi-billion-dollar fleet-leasing industry, today announced the availability of its first-in-the-industry truck upfitting application, which allows commercial fleet managers to add a variety of equipment options and other special features when ordering vehicles online.

Offering maximum convenience and ease of use, the upfitting tool is a new component of FleetView(R), Wheels' online fleet management tool that allows fleet managers to quickly accomplish a variety of tasks online, ranging from analyzing expenses to reviewing maintenance records and examining driver profiles. The upfitting application allows fleet managers to customize their commercial vehicles by choosing a single equipment package or groups of packages unique to their fleet, including equipment such as decals, tool boxes, ladder racks, van interiors and service bodies. The application also allows fleet managers the flexibility to further modify the order, for example changing the phone number that appears on a decal.

Wheels' new upfitting application:

- Eliminates the need to create new templates for each

vehicle/equipment option combination.

- Includes new screens that list upfitting options for a particular

vehicle.

- Allows users to select stand-alone components or component groups

unique to them.

- Includes detailed information on equipment, such as component

costs and images.

- Helps ensure the accuracy of orders.

- Significantly decreases the order cycle.

"This latest enhancement to our FleetView system will provide much more convenience and flexibility for fleets with any number of upfit trucks by fully automating and accelerating upfit vehicle orders," said Stratford Dick, Wheels' director of e-commerce. "This gives both more flexibility and more control to those managing the ordering process, whether it be a central fleet group or decentralized service locations."

About Wheels, Inc.

Wheels, Inc. ( http://www.wheels.com ), which pioneered the concept of auto leasing in 1939, provides a full range of specialized services to help corporations manage their vehicle fleets. Wheels has 550 employees and manages more than 240,000 vehicles. Its holding company, Frank Consolidated Enterprises, currently ranks as one of the largest private companies in the United States, with nearly $2 billion in annual sales. For additional information, please contact info@wheels.com.

SOURCE Wheels, Inc.

Web site: http://www.wheels.com

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#### Press Release ###########################

Universal Express Announces Agreement with Transaction Management, LLC; Innovative New Bill Payment Services Platform to be offered through Universal Post Division

NEW YORK--Universal Express, Inc. (OTCBB:USXP), The electronic age has been bridged by a new electronic bill payment service now offered through Universal Post, a division of Universal Express, and is being offered throughout their association member stores, nationwide. The service developed and marketed for Security Bank, Ralls, TX is EmpaSys' "Pay All Bills Here" and provides "one-stop" convenience for anyone needing to pay any bill.

   An estimated 25 million U.S. wage earners who operate without checking accounts represent a market in need of a solution. Now, a bill payer can take that bill or statement to a participating store, become an established "Pay All Bills Here" customer and pay any bill. The entire process is completed at one convenient location. The "Pay All Bills Here" system is a nationwide, Internet based solution. "Pay All Bills Here" facilitates the transfer of funds from a cash-paying customer to a biller or creditor conveniently and securely. The system utilizes relationships with thousands of commercial billers in various industries that have agreed to accept payments electronically.

   "We are pleased to be able to now offer those customers without bank accounts a convenient bill payment alternative while further increasing our products and services to our association of private postal stores," said Richard A. Altomare, President & CEO of Universal Express, Inc.

   "Working with Universal Express is an exiting proposition for us. It will extend Transaction Management's mission of providing those without checking accounts access to secure and dependable financial solutions." said Ron Phillips, Transaction Management co-founder and President.

   About Transaction Management, LLC - Founded in February 2003, the entire team at TMLLC operates with nearly sixty years of combined experience in the technology and electronic payments industries. EmpaSys "Pay All Bills Here", developed by and marketed for Security Bank, Ralls, Texas has become the industry's choice for collecting electronic bill payments. At present, TMLLC markets services through its channel partners and referral agents for electronic commercial banking and bill payment solutions. These services, along with the many other electronic payment processes that the company provides, enhance merchant's ability to increase their walk-in traffic, increase their revenues, and accept payments anytime, anywhere and in any fashion. On the Net: Transaction Management's site: http://www.transactionmgmt.com/

   About Universal Express

   Universal Express, Inc. owns and operates several subsidiaries including Universal Express Capital Corp. (USXP Cash Express & Leasing Division), and Universal Express Logistics (Luggage Express and the Virtual Bellhop). These subsidiaries and divisions provide the private postal industry, (Universal Post) customers, and couriers with value-added services and products, logistical services, equipment leasing, and cost-effective delivery of goods and luggage worldwide. For more information visit www.usxp.com.

CONTACT:Media: TransMedia Group Glen Calder, 561-750-9800

[headlines]

#### Press Release #############################

NorVergence Delivers Dramatic Cost Savings to Financing Company

Commercial First Leasing Increased Services and Reduced

Technology Costs with NorVergence

NEWARK, N.J., / -- NorVergence, Inc., a Newark-based managed systems and engineering firm, recently announced it was able to provide Commercial Leasing First of Rochester Hills, MI with zero-cents per minute, unlimited 800 and cell calling and unlimited high-speed Internet access, all for less than what the financial lender was spending with its previous provider.

Commercial First Leasing President, David Kowalski, stated that NorVergence's MATRIX(TM) Solution left him with a very favorable impression. "Our cost reductions and increased services have been exactly as promised by the representatives." Mr. Kowalski added that although he was doubtful he could achieve drastic reductions on his telecommunications costs when he was first approached about the NorVergence solution, the savings were too much to ignore. "I was skeptical at first. But it was true -- there were no per-minute charges on our cellular calls and we got unlimited long distance and 800 calls.

"I appreciate the honesty that was shown toward me and the helpfulness I received in the transition," Mr. Kowalski stated.

The NorVergence MATRIX(TM) Solution provides free and unlimited local and long distance calling, unlimited cellular and 800 calling and unlimited high- speed Internet access at a drastic cost reduction for customers.

About NorVergence:

NorVergence is a technology company providing advanced telecommunication and information technology solutions for growing businesses nationwide. NorVergence has current offerings that will drastically reduce customers' total telecommunication and information technology monthly expenditures. Founded in 2001, NorVergence currently has 38 offices nationwide.

About Commercial First Leasing:

Commercial First Leasing is an independent financing company, securing funds for medical practices and health and beauty establishments. They provide financing to new and established businesses with "A" credit to bankruptcy. The company was established in 1990 and is located in Rochester Hills, MI.

For more information on all of the NorVergence MATRIX(TM) Solutions, please visit us at: http://www.NorVergence.com/.

For information on Commercial First Leasing, please go to: http://www.commercialfirstleasing.com/.

NorVergence MATRIX(TM) CCS, MATRIX(TM) SOHO and MATRIX(TM) ATM Voice Gateway are all registered trademarks of NorVergence, Inc. in the United States and other countries. The names of actual companies and products mentioned herein may be trademarks of their respective owners.

SOURCE NorVergence, Inc.

CO: NorVergence, Inc.; Commercial Leasing First