RESTRUCTURING OF MANAGEMENT TEAM

SAN DIEGO, Calif. February 18, 2003 - - Security Asset Capital Corporation (OTCBB: SCYA) Correction to release of February 13. The Company is going through a restructuring and assembling a new management team including additions and changes to the board of directors

SAN DIEGO, Calif. February 18, 2003 - - Security Asset Capital Corporation (OTCBB: SCYA) The Company is going through a restructuring and assembling a new management team including additions and changes to the board of directors . In this regard Security Asset apologizes for announcing Mr. Daniel J. Hill to become its new CEO. This was inadvertently reported and Mr. Hills credentials were incorrectly reported and not endorsed by Mr. Hill in any way. A new board of directors and management team will be announced shortly.
A corrected version of Mr. Hills background is as follows:

Hill has been a Director of Security Asset Capital Corporation since 1998. He has over 25 years management experience in the electronics industry, where his focus has been high growth companies, startups and turnarounds. From 1999 to 2001, Hill was Executive Vice president and Chief Operating Officer of Cerprobe Corporation (CRPB on NASDAQ). Hill played a significant role in returning the company to profitability and selling it to Kulicke & Soffa in 2001. From 1998 to 1999 Hill was executive director for Price Waterhouse Coopers responsible for the firms focus on the semiconductor industry. From 1995 to 1998 Hill was the Founder and Chief Executive Officer of InterConnect Technology, a private semiconductor wafer foundry, located in Sunnyvale, California & Kuching, Malaysia. Hill structured funding agreements to finance construction of a $180 million R&D center in California, and a $1.4 billion foundry in Malaysia. From 1991 to 1995 Hill was Chairman President, Chief Executive Officer of Micro Component Technology (MCTI on NASDAQ) in St. Paul, Minn. MCT had operations in the U.K., France, Germany, Italy, Malaysia, Singapore and Japan. From 1980 to 1991 Hill held various positions with National Semiconductor, Santa Clara, Calif. including, Division Vice President, General Manager, and Managing Director of Malaysian operations where he was responsible for over 6,000 employees. Recently he was a participant in an industry roundtable held by The Conference Board" to create a blueprint for best corporate governance practices and early warning systems. Mr. Hill is an electronics industry speaker and publisher. He holds a Bachelors of Science degree in Industrial Engineering from New Mexico State University.

About Security Asset Capital Corporation
Security Asset Capital Corporation is a technological leader in the financial services industry. The Companys products and services provide increased efficiency and performance in the consumer debt settlement segment of the financial services marketplace. Through its debt resolution systems, the Company assists account owners and consumers with negotiating and settling their accounts. Integrated with the Debt Registry, the only patented registration system for tracking of debt, the company expects to be a leader in the $1.7 trillion charged off consumer debt marketplace. The Companys innovative, patented protected technology solutions (including its licensing agreements with Debt Resolve) will allow financial institutions such as banks, credit card issuers, debt collectors and consumers to increase the efficiency and speed of settling outstanding credit card debt. The Debt Registry is a national account registration and tracking system, which allows debt owners, debt collectors and consumers with credit card debt to locate, track and verify their debt portfolios. The company plans to offer debt owners title and liability insurance with a system designed to bring conformity and efficiency to a previously informal environment. The system provides protection to both sides of a loan portfolio sales transaction and offers an on-line account location feature for the benefit of the consumer.
For further information, please call Dennis Busch at 858-578-9192 or 800-954-8700 or visit the Company website at: http://www.securityasset.com. Or email: mailto: mail@securityasset.com

This news release includes forward-looking statements" that include risk and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including without limitation the Companys ability to produce and market products and/or services and other risks detailed from time to time in their Companys reports filed with the Securities Exchange Commission.