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California
Wins!!!! Cardinals, Braves, Twins Great
Games, Thank you It may be corny, but California wins
whether the Giants or Angels win the World Series!!!! www.leasingnews.org Tuesday, October 15, 2002 Accurate, fair and unbiased news for the equipment
Leasing Industry Monday’s Leasing News posted www.leasingnews.org
at 10:53am PDT ---------------------------------------------------------------------------------- Headlines--- Pictures from the Past---Ron
Wagner, 1986 ELA Conference Report--Jeff
Taylor, correspondent Fitch Still Negative on
Commercial Finance and Leasing "Not us," says
GSC Capital/Vanguard Capital Partners Venture capital losses are
worsening Fisher says "Boom
Boom" was a "Compliment" International Decision
Systems New Speed ePlus Named One of Virginia's
Fastest Growing Technology First American Finance
Makes Inc. 500 List Second Time Opera Software announces
full-screen browser for mobile phones Machine Tool Demand
Down 24.7 Percent From near and far, Cardinals
fans turned out to give support
---------------------------------------------------------------------------------------------------------- Equipment
Leasing Association First Day Conference Report from our correspondent, Jeffrey Taylor It
is now Monday morning and every one is patiently awaiting the arrival
of Rudy
Guiliani. He walks on stage to a tremendous standing ovation before
uttering
a single word. He is confident, assured and mentions the need for leadership
and vision many times in his speech. He focuses on being prepared for
all possible events so that when the unforeseen happens he can still
rely on
his instincts to get through the fear of the unknown. We all listen
to every
word as he carefully identifies his beliefs. He avoids answering which
office
he will run for but says he prefers the Yankees over the Mets. For role
models he likes Ronald Reagan, Martin Luther King, Jr. and his mother
who
recently passed away at 93. The
first break out sessions run from 10:30 - 12:00. I lectured to 100 of
the 1100
attendees. I competed against Laird Boulden, Ken Greene, John Deane,
and Jon
Haas, to name a few. I wish I could have been in two places at once.
I would
have loved to hear what they had to say. For
lunch, Duane Knapp, a branding guru, tried to convince the audience
that leasing
could be branded like Tiffany or Starbucks. I did not agree with him.
Leasing
is an intangible and you cannot brand a document. You can achieve superior
results with superior selling talent and put in extraordinary features
in a T&C, but I do not think, you can convince a lessee that leasing
is
like buying a Mercedes. In
the afternoon I attended a Credit-enhanced Section 42 Tax Credit lecture
and
learned a lot. I found out that leasing companies can still by tax credits
and shelter their income. Basically, Section 42 provides a large tax
credit
for investment in affordable (note: not public) housing which vests
over
ten years. The mathematics looked good (after-tax yields of 5% to 7.5%.
But,
the concept of buying a tax shelter stream through an investment bank
bothered
me. It didn't seem right in today's market. I
saw my good friend, David G. Mayer, author of Leasing for Dummies, Bill
Bosco
and Richard Jones talk about upcoming accounting changes which will
affect
operating leasing as we know it. If you listen to the experts you get
the
impression that leasing may be an outdated, antiquated product. I refuse
to
accept that and know that it is just a period of hyper McCarthyism . Again,
I wish I could have attended more lectures but, like others, I had to
make
choices. In
the evening, people went out on their own or with new friends, or attended
one
or more private parties. Last year I tried to go to at least 4 parties.
This
year, I made it to three, Monitor (best looking people), Lombard (best
Scotch)
and GE (best views). As I get older, I enjoy slowing down and realize
that
I have more fun standing in one place than running around to see as
many people
as possible. I
may not get to see everyone I want to. But, I tend to enjoy the moments
better
and look forward to the annual ELA meeting as a way of measuring my
own
change in attitude and the great leasing relationships that started
out as
business and became friends. Reporting
from the ELA Annual Convention in San Francisco, I'm Jeffrey Taylor. ExecutiveCaliber@aol.com --------------------------------------------------------------------------------------------------- Fitch
Still Negative on Commercial Finance and Leasing Fitch
Ratings-New York-2: The Rating Outlook for the U.S. commercial finance
and leasing sector remains Negative, according to Fitch Ratings. Since
Jan. 1, 2001, Fitch has taken 31 rating actions, including lowering
ratings 27 times for 16 issuers. During this period, four issuers had
their ratings raised with only the iStar Financial Corp. action based
on improved company fundamentals. The
last 30 months, beginning with the problems announced by FINOVA Capital
Corp., have been one of the most tumultuous periods ever for the commercial
finance and leasing sector. During this period, not only did some of
the largest issuer bankruptcies in the sector occur, FINOVA and Comdisco,
Inc., but many industry constituents pondered the viability of the publicly
owned independent finance company business model. 'Despite
concerns about trends in equipment deflation, there is some good news.
Some of the key credit metrics used by Fitch in its analysis bottomed
out at Dec. 31, 2001 and appear to have stabilized or improved at June
30, 2002,' said analyst Philip Walker. 'In addition to leverage improving,
issuers are increasingly turning to the asset-backed securities market
to help minimize commercial paper rollover risk and further diversify
funding and improve liquidity.' These
changes are consistent with Fitch's view that finance company management
will strive to operate in a more conservative manner during a weak economic
environment. Although one period does not make a trend, the stabilization
is important given the general weakness in the economy. Even
with the improvement in some of the credit metrics, Fitch remains Negative
on the sector as overall economic weakness may limit improvement in
company fundamentals and ultimately debt ratings. Also, the economy
remains fragile, with deflationary pressures existing as well as potential
military action in the Mideast, both of which could push the economy
back into recession. At this point, the captive finance companies and
operating lessors appear to be the most exposed due to equipment deflation
issues. Contact:
Philip Walker S. Walker, Jr., CFA 1-212-908-0624, New York. -------------------------------------------------------------------------------------------------------------- “Not
us,” says GSC Capital/Vanguard Capital Partners, Orange, California It
is true the two Bulletin Board complaints were satisfied and advance
rental checks returned, after the office of GSC Capital were closed. It also appears a recent complaint, received
about the same time and being investigated, will also be resolved, as
a check is to be sent Federal Express to the applicant, according to
the applicant. Here
is a letter received by Chad Lee and Mark Johnston of Vanguard Capital
Partners, printed in entirety: “We
would like to “clear the air” in response to the announcement in the
Friday, October 11,2002 Leasing News. Although we feel we have no responsibility
to the Leasing News, I wanted to make sure that all gossip that is being
generated by your newsletter is properly addressed. While we respect
your opinions and applaud your efforts in attempting to “cleanse” the
leasing world of improprieties., I wanted to present our side of the
story. We were actually conflicted about responding to the posting in
your newsletter. Half of our
debt sources thought it would be a good idea to respond and the other
half thought it was a complete waste of time. Still, we have built a
solid reputation and we wanted to make sure that any doubts concerning
our credibility were laid to rest. We re-incorporated and restructured
our business following the departure of one of our partners. Our name is Vanguard Capital Partners, LLC. We do not have any dba’s. Vanguard Capital Partners, LLC is up and running,
and all relevant parties have been notified of the change. For several
days we did not have proper internet and phone service and I believe
that is where all the confusion concerning the changeover occurred. As
for the US Marshall being “at our door”, they came to serve us additional
paperwork for a lawsuit that is currently being negotiated. We expect
resolution within the next two months. The issue surrounding the Santa
Ana Police has also been resolved.
I would like to state that the only reason why the lessee even
called the Santa Ana Police Department was on YOUR recommendation.
As in any business transaction, refunds are issued following
that certain conditions being met.
In this case, the lessee was not happy with the conditions we
set, and decided to take the matter into his own hands. For the record, we
returned all deposit monies in full BEFORE your newsletter was printed.
As your latest posting indicates, all monies have been
received and has “cleared the bank.” In
closing, I would like to point out that we made several attempts to
call you, but found it nearly impossible to negotiate your voicemail/phone
system. the only contact you made was through one fax
and one voicemail to Mark. I
do not recall “numerous” attempts on your end as posted on your newsletter.
Let’s be “fair and accurate,” Kit., we make it a point to return calls
and do not appreciate allegations that we are avoiding anyone or conducting
business in an unethical manner. Please
post our rebuttal in its entirety since it looks like it has been a
slow news month and since you have decided to make a mountain out of
a molehill with our little company.” Regards,
Chat Lee Mark Johnston ((It
has not been a slow news month. The
Bulletin Board complaints were not made up, but the three we received
outlined repeated attempts, over a period of time, to obtain “advance
rentals” back. Go here to read the original complaint (we have two others
not posted http://www.leasingnews.org/bulletin_board.htm#GSC
) . Leasing News made no allegations. We report the facts, such
as the current Better Business Bureau Report:)) Vanguard
Capital Partners LLC who
also does business under the name GSC
Capital L.L.C ------------ This
Report was developed from various sources, including the business, governmental
agencies, and the experience of the company's customers. For
further information contact the Better Business Bureau of the Southland
315
N. La Cadena, Colton, CA, 92324 (909)
825-7280 -- Vanguard Capital Partners LLC 601
North Park Center Suite 212 Santa
Ana CA 92705 Business Started: 03/01/99 File
Open Date: 06/06/01 Last
Report Date: 08/23/02 Principal
Contact: Chad Lee Phone:
(714) 479-0334 Fax:
(714) 479-0494 EMail:
Not Available Web
Address: http://www.gsccapital.com Bureau
ID: 13154251 Nature of Business This
company's business is a leasing company providing operating leases,
capital leases, direct finance leases, used equipment leases, and lease
buy backs. Bureau File Experience We
rate this company as having an unsatisfactory business performance based
on the failure to provide refunds and failing to respond to some complaints
brought to their attention. This company has a pattern of complaints
alleging failure to provide refunds for equipment leases not funded.
Some complainants state that the terms of the financing were changed
or the lease was denied and requested refunds. The company generally
responded to complaints by denying refunds requests, offering credit
lines for approved loans, or issuing partial refunds from deposits given.
One complaint remains unresolved, meaning the customer was not satisfied
with the company's response. Many other complaints are unanswered. The
Better Business Bureau does not endorse, recommend or disapprove of
any company, product or service. Additional Phone Numbers (800) 956 - 1886
Additional Trade names G
S C Capital LLC GSC
Capital L.L.C Additional Addresses There
are no additional addresses for this company on file. --- . Here
is a letter from Chad C. Lee, the agent of service for GSC Capital
and the agent of service for the new company, too, Vanguard Capital
Partners: : “
As a company we strive to provide the best that an equipment leasing
company can
offer. We focus on providing the best customer service, and as a result,
have made a solid name for ourselves in this rapidly changing business. Still, as all companies do, we too have gone
through a few changes within the last year. We went from having three
members down to two. Our original
group consisted of Mark Johnson, Brian Callahan and myself. Brian left
our company last year to pursue other interests.
Mark and I took the vision that the three of us created and are
continually expanding it to accommodate the changes in the economy and
the needs of our customers. One
of the other changes is our company name.
Our new name is Vanguard Capital Partners, LLC. While we were
very happy as GSC Capital, LLC, we needed to remove our association
with Brian and felt that a name change would be the best way to accomplish
tat goal. Our company structure, with the exception of Brian, will remain
the same. Joanna Kim, our credit and operations manager
will continue in the same manner as she has always done. Our original sales force will also function
in the exact same manner.
We do, however, intend to increase the number of sales people so that
we can generate even more business. We are hoping to increase our existing
volume tenfold in the next year and continued to grow exponentially
in the years to come. The
last change is an address change. We have move into a more spacious
office, which will accommodate the increase in staff and also provide
more amenities to our existing staff. the new address is: 333 S.Anita
Drive, Suite 475, Orange, CA 92868 As
a final note, I would like to say that, we, as a company, have enjoyed
our relationship with ********. immensely, and look forward to forging
an even greater bond in the future. Sincerely Chad
C. Lee Vanguard
Capital Partners (As
Roseanne
Roseannadanna would say, “
It just goes to show you....Never mind!” Editor ) --------------------------------------------------------------------------------------------------- Venture
capital losses are worsening By
Associated Press SAN
FRANCISCO (AP) Venture capital losses are deepening as the high-tech
slump drags on, according to a research report released Monday. Venture
capital funds plunged by an average of 27 percent for the year ending
June 30, according to the study by Thomson Venture Economics for the
National Venture Capital Association. That performance eroded from an
average loss of 23.8 percent for the year ending March 31, the study
said. After
reveling in triple-digit investment returns during the dot-com boom
of the late 1990s, venture capitalists have been staggering in the tech
meltdown. The industry has suffered losses in seven consecutive quarters.
The
gains from the boom years are bolstering venture capitalists' long-term
returns, although those have been shrinking rapidly in recent quarters.
As
of June 30, the venture capital industry's average three-year return
stood at 5.5 percent and the average five-year return was 10.9 percent.
On
the Net: http://www.ventureeconomics.com ------------------------------------------------------------------------------------- Fisher
says “Boom Boom” was a “Compliment” In
the story “United Association of Equipment Leasing (UAEL) Elects First
Female President,” the salutation of the president-elect Bette Kerhoulas
was not addressed. http://www.leasingnews.org/Conscious-Top%20Stories/UAEL_president.htm Several
readers, who were at the UAEL noon business meeting, took umbrage with
the “many” references to Ms. Kerhoulas as “Boom Boom.” While there were
several connotations, readers who were there wrote their displeasure at
the many times the males on the podium kept using this nickname. It was
flashed on the screen, too. “I
was somewhat taken back by the comments of Ms. Monosson and Young concerning
our 2003 President Elect Bette Kerhoulas, CLP, “ UAEL President Bob
Fisher, CLP wrote Leasing News. “ The
reference to “boom boom” was made in light of Bette’s wining of the
Longest Drive Contest at Thursdays outing.
It was not made with any other reference or connotation in mind.” Deborah
Monosson, president of Boston
Financial & Equity and Ginny Young, president of Brava Capital,
were not the only readers who objected to the “nickname” and the manner
and frequency in which it was said. http://www.leasingnews.org/Conscious-Top%20Stories/femalePRES_stories.htm The
inference seemed to go further, such as mentioned by Debra Powers, Director
of Sales, for Quiktrak: “As
I read Debbie & Ginny's comments this morning, I felt that I needed I
mean no disrespect to Debbie or Ginny, and in some ways agree with There
were others, too, not just female, such as: “I
would like to add my congrats to Bette. Even though it may
not be politically correct to say Bette IS one of the "Good
Ole Boys" and can hold her own. I don't think her Being
a woman, at least in my opinion, is even a consideration. She
simply is the best person for the job She will have a tough
year due to the current leasing environment. I am sure
the UAEL will be stronger this time next year because of her
efforts. I look forward to working with her on the board. I
would imagine that her response to "Boom Boom" is a couple of
folks better watch their six. “ Best of Luck! Bob
Baker CLP baker@wildwoodfinancial.com President
`
Wildwood Financial Group UAEL
President Bob Fisher, CLP, says the “nick name” was a “compliment.” “Anyone
with any knowledge of the game is well aware that the term was a name
given to Fred “Boom Boom” Couples when he earned major kudos on the
PGA Tour, “ He said., “ Fred
Couples has 14 Tour victories and 5 International victories to his career,
including being a Masters Tournament winner and the only Masters winner
to never have missed a cut at the Masters!
“Boom Boom” refers to Fred’s ability to drive the ball consistently
over 300 yards off the tee! The
comment was meant in fun and I believe that Bette took in that context!
“ Here
are sites that refer to Fred “Boom Boom” Couples: http://www.americabilia.com/ShopSite/product746.html http://seattlepi.nwsource.com/golf/65864_fred10.shtml “As
this years UAEL President I am genuinely excited about the entire 2003
Board and its composition, “ Mr. Fisher concludes. “. Bette heads into 2003 with a solid board with a broad cross section
of UAEL member’s interests represented. I have know Bette since the mid 1980’s and have found her to be
a true leader within our industry and a successful business owner with
a pulse on the industry as well as a solid, professional reputation “
I cannot think of a better person to represent our Association and the
Industry! Bette is highly qualified
to meet the industry and economic issues that face us all. That she is the first woman president of UAEL
is to me more of an honor that she richly deserves as well as one being
long overdue in UAEL. “Personal
agenda’s considered, lets also keep our sense of humor!” (I
think that is what the readers were trying to say, Bob. They think the
way it was handled was not humorous. The writers perceived the
action differently than you state it was intended. Editor )
--------------------------------------------------------------------------------------------------- ###########
################################################# International
Decision Systems Demonstrates Industry Leadership with Solutions that
Leverage the Speed and Flexibility of the Internet Leading
Leasing Software Provider Delivers on Its Web Services Strategy with New Product, Rapport. MINNEAPOLIS,
Minn., USA, -International Decision Systems, Inc. (IDS) - the global
leader in lease accounting and portfolio management software systems
-announced yesterday at the Equipment Leasing Association's (ELA) Annual
Convention a new web-based product that streamlines the entire contract
origination process (booking, including the underwriting process, reporting,
documentation generation). The product, Rapport, uses XML Web services
technologies to originate transactions, to track the entire lease origination
process and seamlessly transfer approved transaction data in real-time
into InfoLease. According
to Charles Lyles, IDS chief operating officer, "IDS' Web services
strategy involves two components: web-enabled front-end access and an
open back-end lease accounting engine.
Rapport is the first in a line of products that deliver on our
Web services product roadmap."
ELA
attendees in San Francisco were among the first to witness the welcome
reality of leasing solutions that leverage the Web while maintaining
the stability and reliability of time-proven technologies.
Rapport allows lessors to streamline their processes by utilizing
user-configurable screens and workflows from front-end credit decisioning-through-booking
processes. Rapport provides the ability to allow dealers and vendors
to also use the web interfaces to interact with the transaction flow
based on the lessors' preferences. Also,
the Quoting Engine from IDS' popular lease pricing software, InfoAnalysis,
is being integrated into Rapport, allowing for flexible server-based
pricing based on specific product and program needs that can be rolled
out to dealers and vendors. In
addition, Rapport uses XML Web services technology to accept a new application
from the Windows version of InfoAnalysis
Web
services are expected to deliver revolutionary benefits to the leasing
industry: Interoperability.
Any Web service can interact with any other Web service. SOAP, the new
standard protocol supported by all of the major vendors, eliminates
the need for protocol conversion. In
addition, because Web services can be written in any language, developers
do not need to change their development environments in order to produce
or consume Web services. Ubiquity.
Web services communicate using HTTP and XML. Therefore, any device that
supports these technologies can both host and access Web services, providing
optimal user access. Low
barrier to entry. Without the massive investments in capital and time
required for custom system designs, the concepts behind Web services
are affordable to implement. Free
toolkits from vendors like IBM and Microsoft allow developers to quickly
create and deploy Web services. Industry
support. All major vendors are supporting SOAP and surrounding Web services
technologies. For example, the Microsoft .NET platform is based on Web
services, thereby making it very easy for components written in Visual
Basic to be deployed as Web services and consumed by Web services written
using IBM VisualAge and vice versa.
"International Decision Systems' InfoLease
software is a heavy-duty back-end system that can handle large numbers
of transactions, ranging from easy to complex, with high availability
and reliability," said Lyles.
"Because of these two performance characteristics, it promises
to remain as important as ever to a wide variety of leasing businesses.
However, what's changing is InfoLease's ability to easily interact with
the other applications on which lessors rely-and many on which they
will come to rely in the future." About
Rapport Rapport
is for lessors who require a high degree of flexibility and workflow
automation in their businesses. It streamlines their front-end process,
enhances their competitive position, and provides exceptional workflow
and worklist functionality, reporting and document generation capabilities. With Rapport, lessors' customers will be able
to complete standardized or customized applications and submit the approved
contract directly into Infolease. >From
credit application to booking, underwriting, credit scoring, reporting
and documentation, Rapport manages credit applications more efficiently,
enhances customer communications, eliminates redundant data entry, lengthy
phone conversations and paper shuffling, and improves staff productivity.
Rapport
can make automated requests for information to third-party providers
and accumulate results to make a decision to approve, reject or defer
credit. The automatic decision-making tool contains specific criteria
that support approval or rejection without human intervention but with
enough validation to be secure. For
applications containing selection criteria outside defined guidelines,
Rapport can automatically direct the applicaion to the appropriate credit
analyst for processing. And, while an application is pending approval,
the collection of information for contract setup and booking begins,
a process that is defined to meet lease-type and back-end accounting
system requirements. About
International Decision Systems With
nearly three decades of leasing industry-specific expertise, International
Decision Systems (IDS) is the global market leader in developing lease
accounting and portfolio management software and services. Hundreds
of independent, bank-related, captive leasing and financial services
companies worldwide use IDS products and services, which include anchor
products InfoLease, LeaseEnterprise and FleetWare. InfoLease
is the world's most stable, scalable and robust end-to-end equipment
lease accounting software, and LeaseEnterprise is designed for small
to mid size lessors who want an easy-to-use, Windows-based lease accounting
and portfolio management solution that will accommodate their growing
businesses. FleetWare is a comprehensive full-service vehicle-leasing
and contract-management system. Companies use IDS' software to streamline,
manage and automate the entire leasing life cycle, as well as to leverage
the Internet's speed and flexibility for improved customer service,
achieving greater internal efficiencies and closing deals faster. In
addition to its product lines, IDS also has the leasing industry's largest
global consulting, implementation and technical support organizations
that provide incomparable service from offices located in the United
Kingdom, North America (Minneapolis), Australia (Sydney) and Southeast
Asia (Singapore). IDS'
parent company, IDS Group plc, is publicly traded on the London Stock
Exchange (IDGL). For additional information about International Decision
Systems and IDS Group plc, visit www.idsgrp.com. #
# # IDS
and InfoLease are registered trademarks of International Decision Systems. Other
company and product names are the trademarks of their respective companies. ##########
################################################ ePlus
Named One of Virginia's Fastest Growing Technology Companies in Deloitte
& Touche Technology Fast 50 Program HERNDON,
Va.----ePlus (Nasdaq:PLUS) has been named to Deloitte & Touche's
prestigious "Technology Fast 50" Program for the Virginia
area, a ranking of the 50 fastest growing technology companies in the
area. Rankings are based on the percentage of growth in fiscal year
revenues from 1997-2001. ePlus'
CEO Phillip G. Norton credits ePlus' unique blend of technology and
services for the company's revenue growth from 1997-2001. He said, "I
am proud of the accomplishments and growth of ePlus over the past five
years, and the fact that ePlus has been profitable for more than 10
years. We look forward to bringing the benefits of Enterprise Cost Management
to more customers across the country in the future." ePlus
ranked 31st in the Virginia Technology Fast 50. To qualify for the Technology
Fast 50, companies must have had operating revenues of at least $50,000
in 1997 and $1,000,000 in 2001, must be public or private companies
headquartered in Virginia, and be "technology companies" defined
as companies that own proprietary technology which contributes to a
significant portion of the company's operating revenues or devotes a
high percentage of effort to research and development of technology. Winners
of the 20 regional Technology Fast 50 programs in the United States
and Canada are automatically entered in the Deloitte & Touche Technology
Fast 500 program, which ranks North America's top 500 fastest growing
technology companies. For more information on the Deloitte & Touche
Technology Fast 50 or Technology Fast 500 programs, visit http://www.fast500.com/. About
ePlus inc. A
leading provider of Enterprise Cost Management, ePlus provides a comprehensive
solution to reduce the costs of purchasing, owning, and financing goods
and services. ePlus Enterprise Cost Management (eECM) packages business
process outsourcing, eProcurement, asset management, supplier enablement,
strategic sourcing, and financial services into a single integrated
solution, all based on ePlus' leading business application software.
Profitable since inception in 1990, the company is headquartered in
Herndon, VA and has more than 30 locations in the U.S. For more information,
visit our website at www.eplus.com, call 800-827-5711 or email to info@eplus.com. ePlus(TM),
ePlusSuite(TM), Procure+(TM), Manage+(TM), Service+(TM), and MarketBuilder(TM)
are trademarks of ePlus Inc. ePlus Enterprise Cost Management, eECM,
Pay+ and ePlus Leasing are trademarks applied for of ePlus Inc. Finance+(SM)
is a registered service mark of ePlus inc. ePlus Content Framework(SM)
is a service mark applied for of ePlus. Other marks referenced herein
are property of their respective owners. About
Deloitte & Touche Deloitte
& Touche, one of the nation's leading professional services firms,
provides assurance and advisory, tax, and management consulting services
through nearly 30,000 people in more than 100 U.S. cities. The firm
is dedicated to helping its clients and its people excel. Known as an
employer of choice for innovative human resources programs, Deloitte
& Touche has been recognized as one of the "100 Best Companies
to Work For in America" by Fortune magazine for five consecutive
years. Deloitte & Touche refers to Deloitte & Touche LLP and
related entities. Deloitte & Touche is the US national practice
of Deloitte Touche Tohmatsu. Deloitte Touche Tohmatsu is a Swiss Verein,
and each of its national practices is a separate and independent legal
entity. For more information, please visit Deloitte & Touche's web
site at www.deloitte.com/us. For more information on the Technology
Fast 50 and Technology Fast 500 programs, please visit www.fast50.com. "Safe
Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: Statements in this press release, which are not historical
facts, may be deemed to be "forward-looking statements". Actual
and anticipated future results may vary due to certain risks and uncertainties,
including, without limitation, general economic conditions; the possibility
of defects in our products or catalog content data; our ability to hire
and retain sufficient personnel; our ability to protect our intellectual
property; the creditworthiness of our customers; our ability to raise
capital and obtain non-recourse financing for our transactions; our
ability to realize our investment in leased equipment; our ability to
reserve adequately for credit losses; fluctuations in our operating
results; our reliance on our management team; and other risks or uncertainties
detailed in our Securities and Exchange Commission filings. CONTACT:
ePlus
inc. Kley
Parkhurst, SVP, 703/709-1924 SOURCE:
ePlus inc. ###
########################################################## FIRST
AMERICAN EQUIPMENT FINANCE achieves second consecutive ranking on the
“Inc 500” FIRST AMERICAN COMMERCIAL BANCORP, INC., d/b/a
FIRST AMERICAN EQUIPMENT FINANCE was recognized by INC Magazine for
the second consecutive year as the one of the 500 fastest growing privately
held companies in the United States. For
over twenty years, INC Magazine has published a list of the 500 fastest
growing privately held companies in the United States -- known as the
INC 500. FIRST AMERICAN was recognized as the #3 fastest growing company
on INC Magazine’s 2001 INC 500 list, and the #104 fastest growing company
on INC Magazine’s 2002 INC 500 list. First American’s recognition was
based upon its growth over the five-year periods from 1996 – 2000, and
1997 – 2001, respectively. FIRST
AMERICAN is an independent, privately held leasing company, providing
middle-market leasing and financing services. The recognition is particularly
special at a time when, according to many leasing industry experts,
many independent, middle-market leasing companies are struggling with
sales and funding difficulties. FIRST
AMERICAN’s success is largely attributable to its intense focus on customer
service. First American’s volume of repeat business is far above the
industry average. “I believe we are the only national leasing company
to commission an independent, written survey of lessee satisfaction
across our entire customer base and publish the results,” said William
Verhelle, First American’s CEO. “Our staff works very hard to provide
outstanding customer service -- and customer loyalty is an important
factor in our continued success.” FIRST
AMERICAN has offices in New York, Illinois and California and provides
service to customers in 48 states. Further
information about FIRST AMERICAN EQUIPMENT FINANCE may be obtained by
contacting: Tracey
A. Sherwood, Vice President 255
Woodcliff Drive, Fairport, NY 14450 Phone:
585-598-0900, ext. 262 Email:
tracey.sherwood@faef.com Or
visit FIRST AMERICAN on the Worldwide Web at http://www.faef.com. ################
########################################## ------------------------------------------------------------------------------------------------------ Please
send to a colleague as we are trying to build our readership ------------------------------------------------------------------------------------------------------------
AOL Version 8.0---Crashes Be
careful. The new download has
crashed my Windows 2000 Professional operating
system home computer three times. I
have not tried to open the new version again. If
you are on a T1 or fast cable
or DSL, the download and installation is
a long one. If you are on a
regular dial-up, be prepared to go out for
lunch or dinner while the new software is down loaded. AOL
still dominates the online market with 35 million subscribers. The nearest competitor
is Microsoft's MSN with 9 million users.
MSN has been adding customers at a faster rate, according to
the Washington Post, growing at a clip of about 30 percent a year. Opera
Software announces full-screen browser for mobile phones (Opera is the browser I used 85% of the time,
the fastest on the internet.editor) By
Doug Mellgren, Associated Press OSLO,
Norway (AP) Opera Software has developed an Internet browser for cell
phones and other wireless devices that it claims is a breakthrough because
it allows entire pages to be displayed at once. ''We
think this is a revolution,'' Haakon Wium Lie, Opera's chief technology
officer, said Monday. Although
many Internet sites can already be read on some mobile phones, screens
often have been too small and narrow to display pages designed for larger
computer monitors. Users often have to scroll from side to side as well
as up and down to see a page. Oslo-based
Opera compared that to reading a newspaper through a piece of paper
with a small hole punched in it and moving it along lines of type. The
new Opera browser automatically reshuffles a page to stack it vertically
so it fits on the screen and can be read by scrolling down only. ''It
won't be perfect for all pages, but it will be good for most,'' Lie
said. Michael
Gartenberg, an analyst with Jupiter Research in New York, said most
people would still prefer the good graphics and speed of their home
computers but often want access to the same information when they're
away. ''This
could help jump-start the mobile Internet,'' Gartenberg said. However,
Richard Windsor, a Nomura International analyst based in London, said
he thought the Opera development would make no difference, although
he could see special markets for devices that use the browser for functions
such as downloading maps. ''I
am highly skeptical of this whole Internet on mobile phones,'' Windsor
said, adding that such services are too expensive for most users. Other
attempts to make the Internet user-friendly for mobile phones have included
the disappointing wireless application protocol, or WAP. The problem
with that approach was that every Internet page had to be reworked into
the WAP format, which most site operators could not afford to do, leaving
little content to access. Opera's
new browser uses existing pages. Lie
could show only demonstration pages downloaded into a mobile phone,
not live surfing on the Net. Some images, such as wide logos, were scaled
down and virtually unreadable, although photographs were clearly visible.
Lie
said Opera expects to release the new browser during the first quarter
of 2003. He said the privately owned company is working with major mobile
phone makers, including Finland's giant Nokia, in hopes of getting the
browser installed in upcoming phone models. Opera,
the world's third-largest browser company, considers wireless Internet
essential to its future, partly because the field is not dominated by
Microsoft Corp. Opera is in a partnership with Symbian, a joint venture
between Psion, Ericsson, Nokia, Motorola and Matsushita, set up to challenge
Microsoft. On
the Net: ----------------------------------------------------------------------------------------------------------- Machine
Tool Demand Down 24.7 Percent Reuters U.S.
machine tool demand in the first eight months of 2002 fell 24.7 percent
from the same period in 2001, two industry groups said in a joint report. The
American Machine Tool Distributors' Association (AMTDA) and the Association
for Manufacturing Technology (AMT) said U.S. machine tool demand stood
at about $1.429 billion in the first eight months of this year, down
24.7 percent from $1.897 billion in the same 2001 period. But
demand in August rose 4.0 percent to $139.17 million from $133.78 million
in July. August demand fell 33.6 percent from $209.45 million a year
earlier in August 2001, the data showed. July
machine tool demand was revised downward from $143.34 million reported
a month ago. "Consistent
with prevailing economic reports, manufacturing continues to slump in
the U.S.," AMTDA President Ralph Nappi said in a statement. "Despite
low interest rates and the tax incentives passed by Congress earlier
this year, manufacturers' lack of near-term confidence is evident in
the year-to-date decline in metalworking investment from 2001 levels,"
he said. "Further,
more favorable manufacturing environments and cheaper labor markets
abroad will continue to be a factor in domestic investment decisions,"
Nappi added. In
the West, August machine tool demand rose 47.3 percent to $17.93 million
from $12.17 million the previous month. It was also up 14.7 percent
in the Midwest to $47.43 million from July's $41.37 million. In
the Central region, August demand also increased by 9.2 percent to $39.86
million from $36.48 million. But
demand fell 37.9 percent in the Northeast last month to $13.61 million
from $21.93 million in July. It was also down 6.8 percent in the South
to $20.34 million from $21.83 million. Machine
tools are used to shape metal for such products as car engines, refrigerators
and television sets. Demand for these tools can provide a leading indicator
of the pace of manufacturing. Last
week the Commerce Department revised U.S. August durable goods orders
to a 0.4 percent drop from a previously reported 0.6 percent decline. Next
week the Federal Reserve will issue U.S. September industrial production
and capacity utilization data. The
machine tools report is generally based on a survey of about 200 manufacturers,
distributors and importers of machine tools that represent 76 percent
of the machine tool market. ------------------------------------------------------------------------------------------------ Poll
suggests most currently have little enthusiasm for investing stock market WASHINGTON
(AP) The public's faith in stock market investing has plunged sharply
in the last few years, with two-thirds now saying it's a bad idea to
make a substantial investment in the market, says an Associated Press
poll taken at a time the market has dropped to its lowest levels in
years. --- Port
settlement won't be easy If
history is any guide, a court order to open the West Coast's 29 ports
for the next two months will do little to solve the problems between
dockworkers and the shippers who had blocked them from working. --- Knight
Ridder earns $56.5 million in third quarter NEW
YORK (AP) Knight Ridder, the second largest newspaper publisher in the
country, reported a small increase in third-quarter earnings and reaffirmed
its fourth- quarter forecast Monday, despite continued sluggish revenues
and advertising. ------------------------------------------------------------------------------------------------------------ From
near and far, Cardinals fans turned out to give support BY
JOE HOLLEMAN Of
the St. Louis Post-Dispatch SAN
FRANCISCO — With the Cardinals' baseball season hanging by a slender
thread Monday, Matt Morris pitched valiantly but ended up losing the
deciding game of the National League Championship Series. But
even though the Cardinals fell short of going to the World Series, Redbird
rooters Monday at Pacific Bell Park agreed that the season was one for
the history books. "It's
been an amazing season," said Jason Hoffman, a 24- year- old Fairview
Heights native. "I keep track of the Cardinals wherever I go, and
they've been playing great baseball ever since the All-Star break." As
far as their struggle against the Giants, Hoffman thought the Redbirds
had played too conservatively and left too many runners on base. "And
not having Scott Rolen probably hasn't helped," he said. Hoffman,
a U.S. Air Force military policeman, proudly wore a red J.D. Drew jersey. "You
would not believe the heckling I've had to put up with today,"
said Hoffman, who is stationed at Beale Air Force Base near Sacramento.
"Even though most everyone I know at Beale is a Giants fan, I've
never got any trouble
about it until now." Which
can't help but make one wonder about the intelligence of the average
Giants fan, heckling a 6-foot-4, buzz-cut, low-body-fat military policeman. "But
that's all right," he said. "I can take it." One
of his fellow MPs, Jeff Ammon, 21, of Sacramento, is an Oakland A's
fan and had a Cardinal T-shirt to wear Monday. "But when I heard
the grief they were giving Jason, I decided to leave it in the car.
Let the big man take it," said Ammon, who said that on the drive
down from Beale, he acted as a peacemaker between Hoffman
and a third MP, Don Nelson of Concord, a lifelong Giants fan. "As
soon as we knew that the Cardinals and Giants were playing, we decided
we just had to come down,' said Nelson, who entered into a $20 wager
with Hoffman on the outcome of Monday's game. Another group with divided
loyalties was Kent McWherter, 31, of Fresno, who grew up in Creve Coeur,
and his friend, 23-year-old Dale Kiely, a Fresno native and a lifelong
Giants fan. Before
the game, the two sat munching sandwiches near the Willie Mays statue
— McWherter wearing a St. Louis Blues cap and Kiely sporting a Giants
visor. McWherter
said he wore his Blues cap for Saturday's win and wore a Cardinals cap
for Sunday's loss. "So I'm back to the Blues hat," he said. Even
though the Giants have a farm team in Fresno, McWherter kept the faith
until the end. "Hey,
you root for the team of your childhood, plain and simple," McWherter
said, adding that pal Kiely was a lifelong fan — and he could appreciate
that. "What
bothers me are these people who don't follow it all year until the team
makes the playoffs. McWherter
added that his brother, Todd, is a teacher in Los Angeles and had wanted
to come to the games in San Francisco. "But
he had to attend some teachers' convention. He was bummed." With the deaths of Darryl Kile and Jack Buck weighing on their minds, McWherter said the Redbirds could have folded. "But they just kept going, through a tough, horrible year." McWherter
said the Redbirds should be successful next year as well. "That's
a solid team we've put together. We're going to be just fine." Before
Monday's game, Giants fans asked 5-year-old Kannon Kyle, son of the
deceased Cardinal pitcher, for autographs. Kannon
studiously signed gloves belonging to Dan Geraldi and his son, Ken. "I'm
still hoping the Giants win, of course," Dan Geraldi said. "It's
heartbreaking that his dad isn't here, but his being here seems to be
an inspiration to the team." John
Marshall, a Florissant native who lives in St. Louis, hoped that he
could bring some inspiration to the Cards. Undaunted that the Redbirds
had fallen behind 3-1 in the series, Marshall left St. Louis at 9 a.m.
Monday, flew into Denver for a connecting flight and landed in San Francisco
two hours before game time. "I
wanted to come out here earlier, but I have season tickets for the Rams
and I had to stay in town Sunday and help them beat the Raiders,"
he said, laughing. But
the baseball season is over in St. Louis. And sorry, Jason, you owe
Don $20. Reporter
Joe Holleman E-mail:
jholleman@post-dispatch.com Phone:
314-340-8254
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