FSFH = First Sierra Financial
has 28 offices in 14 states and 3 UK locations
Does small equipment leasing financing on
a national basis and on the i-net .. will be
changing symbol to BTOB .. has 14.2 mm shs/8.50 mm shs
in the float .. 60 million in revenues and a
MCAP of +200 million ..
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Monday April 12, 11:38 am Eastern Time
Company Press Release
First Sierra Announces Exclusive
Agreement with En Pointe
Technologies, Inc. and Strong Demand
for FirstLink Internet Browser Product
HOUSTON--(BUSINESS WIRE)--April 12, 1999-
Company Processed $245 Million of Small Business Applications in March
Changing Ticker Symbol to BTOB
First Sierra Financial, Inc. (Nasdaq: FSFH - news) today announced details of its continued e-
commerce growth. The Company processed approximately 6700 applications in March that, if
approved, would generate $245 million in business. In addition, First Sierra is seeing strong demand
for its FirstLink internet browser product and has signed an exclusive financing agreement with En
Pointe Technologies Inc.
Strong Demand for FirstLink Internet Browser Product
First Sierra announced that it is receiving increased demand for its FirstLink Internet browser
product, which provides Internet connections to First Sierra's technology for approved vendors,
brokers and customers. FirstLink not only enables vendors and customers to submit lease
applications on-line, but also provides application status reporting, document generation, portfolio
and customer performance data and other on-line data mining capabilities. The Company currently is
adding FirstLink new vendors at a rate of approximately five per week.
Exclusive Agreement with En Pointe Technologies, Inc.
First Sierra has signed an exclusive agreement with En Pointe Technologies, Inc., an on-line
computer reseller that operates through an e-commerce platform. En Pointe selected First Sierra to
design and build its customer finance program and to work with its Firstsource.com division, an
on-line seller of computer equipment for small and medium businesses.
''The agreement with En Pointe Technologies and the strong demand for our FirstLink product
validate the power of our technology and the added value associated with it,'' said Thomas Depping,
President and Chief Executive Officer. ''Technology has played a major role in our business since
we established on-line extranet connections with our Private Label partners 4 years ago. Today it is
enhancing our ability to win business and greatly improving the efficiencies of our business
operations.''
''Our purchase in March 1998 of Nexsoft Inc., the premier developer of automated e-commerce
lease system software, continues to pay big dividends,'' said Michael Sabel, Executive Vice
President. ''Nexsoft, which developed all of First Sierra's systems, now operates solely as the
software and systems division of First Sierra. With our combination of technological, financing and
e-commerce expertise, we are uniquely qualified to develop En Pointe's automated customer finance
programs.''
Changing Ticker Symbol to BTOB
First Sierra also announced that it plans to change its ticker symbol to BTOB effective at the opening
of the market on Monday, April 19, 1999. The change is being made to better reflect the
Company's success in the area of business- to-business e-commerce and its business strategy of
developing an electronic community of business customers.
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 e-commerce
software 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.
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
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Jim in CT .. I bought some here ..
one more to go .. |
