VENGROFF, WILLIAMS & ASSOCIATES, INC. ANNOUNCES COMPLETION OF EUROPEAN EXPANSION

VWA completes expansion with the opening of four European operation centers

IRVINE, Calif., May, 27th, 2003 -- Vengroff, Williams & Associates, Inc. (VWA), the global leader in the receivable management industry, today announced its new European hub, which will be based in Dublin, Ireland. Dublin will manage current operations in Milan, Amsterdam, and London.

Hugh Ward and Declan Heaney, who have extensive backgrounds in Receivables Management with Fortune 500 Companies, will head the new operation. Hugh and Declan bring 33 years of experience to the business.

Our completed build out of the four centers increases our abilities to extensively compete for global business. The expansion has already added 57 new positions and is just the launch of our long term strategy for the European market," said Mark Vengroff, Chief Executive Officer for VWA.

We see a major opportunity in Europe to bring added value to customers overheads in Receivables Management while letting our clients concentrate on their core goals. This can be done with VWAs state of the art web-based system," said Declan Heaney, President-Managing Partner of VWA International.

The introduction of VWAs systems and processes will bring a new dynamic to the accounts receivable business in Europe which has not been achieved to date. These systems and processes have led to a transparency which allows the customer to view and control the status of their receivable in real time," said Hugh Ward, President-Managing Partner of VWA International.

With these new operational components, VWA will be able to build on our foundation of world wide accounts receivable solutions and leverage our competitive advancement for future European contracts," said Robert Sherman, Vice President of Sales and Marketing.

With these dynamic business backgrounds coupled with VWAs newly promoted Director of European Operations, Stefan Pofahl, the future looks bright for VWA International.

About Vengroff Williams & Associates, Inc.
Vengroff Williams & Associates, Inc. is a global leader and innovator for the receivables management industry. With more than 39 years of experience in asset management, the company is able to implement more sophisticated strategies to meet customer needs. The company offers a myriad of services such as third party collections, credit investigations, liquidations, factoring, billing, outsourcing and other financial services. To learn more, visit us at www.vwainc.com.