Another press release on FSFH:
First Sierra Announces E-Commerce Product for Accounts Receivable
Financing
HOUSTON (April 9) BUSINESS WIRE -April 9, 1999--First Sierra Financial, Inc. (Nasdaq: FSFH) today announced that in response to increasing customer demand, it will offer accounts receivable financing to its business customers via e-commerce channels. The Company expects to offer the product beginning in the second half of 1999.
"This initiative is part of our ongoing strategy to expand our e-commerce product offerings to our growing electronic community of business customers. Accounts receivable financing is an excellent cash management tool for our customers and will provide additional fee income for First Sierra," said Thomas Depping, President and Chief Executive Officer.
The Company also announced that it has hired Robert Henchey to manage the accounts receivable group. During his 21 year career at JP Morgan and Company, Mr. Henchey held several positions, including management of the asset based lending and commercial paper conduit businesses.
First Sierra Financial, Inc., headquartered in Houston, Texas, customizes lease financing products and offers servicing, consulting and technology solutions via on-line connections to its state-of-the art computer system. The Company acquires, originates, sells and services equipment leases on a wide range of computers and peripherals, software, telecommunications, and diagnostic equipment as well as other specialized equipment for the health care, automotive, food and hospitality industries. First Sierra operates 28 offices in 14 states in the US and three locations in the UK. This release contains forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Readers should not place undue reliance on forward-looking statements, which reflect the management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. Readers should also carefully review the risk factors described in documents the Company files from time to time with the Securities and Exchange Commission, including the Form 10-K for the year ended December 31, 1998.
-0- cf/ny*
CONTACT: First Sierra Financial, Inc.
Thomas Depping,
CEO Sandy Ho, CFO
Peter Tallas, SVP
(713) 221-8822
or
Morgen-Walke Associates,Inc.
Michele Katz/Ian Hirsch
Press: Brian Maddox
(212) 850-5600 |
