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BELL ATLANTIC CAPITAL, PACIFICORP FINANCIAL SERVICES TO COMBINE COMPUTER LEASING UNITS IN NEW COMPANY

 BELL ATLANTIC CAPITAL, PACIFICORP FINANCIAL SERVICES
 TO COMBINE COMPUTER LEASING UNITS IN NEW COMPANY
 PARAMUS, N.J., and PORTLAND, Ore., Oct. 30 /PRNewswire/ -- Bell Atlantic Capital Corp. and PacifiCorp Financial Services Inc. announced today an agreement to form a jointly owned corporation effective Jan. 1, 1993, to manage their existing domestic computer leasing businesses, Bell Atlantic Systems Leasing International Inc. (BASLI) and PacifiCorp Capital Corp. (PCC). The new company, Pacific Atlantic Systems Leasing Inc. (PASL), will emerge as one of the five largest computer leasing companies in the country. The new company will be headquartered in Phoenix, with sales and marketing offices nationwide. The agreement is subject to certain approvals and consents.
 BASLI and PCC will each transfer their existing sales, marketing, remarketing and asset management capabilities to PASL. The combined lease portfolios for BASLI and PCC number over 1,500 accounts. In addition to the active management of the separate, existing portfolios, PASL will be the focus for all future operating computer leasing activities for both Bell Atlantic Capital and PacifiCorp Capital Corp., although the other respective leasing and financial services activities of the parties will remain unaffected. PASL will be owned equally by BASLI and PCC.
 BASLI is the former Greyhound Capital Corp., whose stock was acquired by Bell Atlantic Capital in 1986. PCC was formed in 1987 as a successor organization of Systems Leasing Corp., Thomas Nationwide Computer Leasing and Ceres Capital Corp.
 Named to the top senior management posts for PASL were Olie Swanky, president; James Hooker, executive vice president -- Sales and Marketing; and Thomas Ryan, executive vice president -- Brokerage, Syndication and Operations. Swanky and Ryan are currently president and executive vice president, respectively, of BASLI, while Hooker is currently president of PCC.
 "The consolidation should allow Pacific Atlantic Systems Leasing to better serve each company's installed customer base while establishing what we believe to be the lowest operating and administrative cost structure in the industry. The strategic position of the new company is attractive, and we will be better positioned to take advantage of new opportunities in the future. We believe the new business combination makes a great deal of sense given the current state of the industry," said Robert W. Stubbs and William J. Glasgow, the respective chairmen of Bell Atlantic Capital and PacifiCorp Capital.
 With both PCC and BASLI leasing and market professionals on staff, PASL will be in a position to provide improved support and services to existing customers as well as new customers. PASL will benefit from the experience of both companies' sales management teams. Combining the strengths of both shareholders, PASL will offer creative, value-added financing packages for both mainframe and mid-range products, specializing in leasing solutions for the rapidly growing Multiplatform Processing Environment (MPPE) market, in addition to current offerings of leasing programs for IBM Enterprise Systems and IBM Applications Systems, DEC, Amdahl, STK, Hitachi and other major manufacturers of computer and peripheral products.
 For sales office locations or leasing information, call the Pacific Atlantic Systems Leasing Customer Service hot line at 800-528-0358, ext. 8348.
 Bell Atlantic Capital Corp. is a subsidiary of Philadelphia-based Bell Atlantic Corp. (NYSE: BEL), which also owns telephone companies in the mid-Atlantic states and is one of the largest cellular carriers in the nation. Bell Atlantic Corp. is also the parent of companies that provide services in addition to financing, for customer-based information technology and support, including software and hardware, and software services.
 PacifiCorp Capital is an indirect subsidiary of Portland, Ore.-based PacifiCorp (NYSE: PPW), a diversified electric utility company. Its other major non-electric businesses include mining and natural resource development and telecommunications.
 -0- 10/30/92 P
 /CONTACT: Mike Nelson of PacifiCorp, 503-731-2125; or Bob Neagle, Bell Atlantic TriCon Leasing, 201-712-3354/
 (BEL PPW) CO: PacifiCorp; PacifiCorp Capital; Bell Atlantic Capital Corp.;
 Bell Atlantic Corp.; Pacific Atlantic Systems Leasing Inc. ST: Oregon, New Jersey, Arizona IN: CPR SU:


SW-LM -- SE003 -- 6934 10/30/92 07:51 EST
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Publication:PR Newswire
Date:Oct 30, 1992
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