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Newtek Capital, Inc.'s Partner Company Direct Creations, LLC Signs Jesper Parnevik to Endorse Its New Golf Product.

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NEW YORK--(BUSINESS WIRE)--Feb. 5, 2001

Newtek Capital, Inc. (NKC: AMEX) partner company Direct Creations, LLC, announced today that it had signed Jesper Parnevik, one of the PGA Tour's elite players, to endorse a revolutionary new golf product that the company has developed. During his career, Mr. Parnevik has won four PGA tournaments and in the 2000 season, he won two tournaments, had nine top-10 finishes, and finished in eighth place on the Tour money list with more than $2.4 million in earnings. The launch date for the new product will be the first week of April to coincide with the prestigious Masters Golf Tournament. During that week, Direct Creations will begin marketing the product via a television infomercial starring Mr. Parnevik.

Direct Creations, LLC develops and markets innovative products via short and long form television infomercial programs, traditional retail distribution channels, and the Internet. The founders, Robert Hanington, Jeffrey Freedman and David Augustine, have developed and marketed a number of successful direct response products, including the well-known "AB Roller" category of abdominal exercisers. Through its network of experienced inventors, the company seeks products which are unique in solving a common need of a large target market and which have the potential to create an on-going brand for multiple follow-on offerings. Direct Creations is headquartered in New York City.

Newtek Capital, Inc. (AMEX: NKC) is a holding company that acquires, develops and operates technology-oriented early stage businesses. Since 1998, NKC has raised more than $119 million of certified capital and has made investments in 19 companies, 9 of which are controlled by NKC. Newtek Capital owns 25% of Direct Creations and has one of four board seats. As a Newtek Capital partner company, Direct Creations has the benefit of the financial, technological and other support services that Newtek brings to the partnership.

For further information, please contact Robert Hanington of Direct Creations at 212-829-9626 or Barry Sloane, Chairman and CEO, of Newtek Capital at 212-826-9022.

The statements in this release may contain forward-looking statements relating to such matters as anticipated future financial performance, business prospect and similar matters. The Private Securities Reform Act of 1995 provides a safe harbor for forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause the Company's actual results to differ materially from the anticipated results expressed in the Company's forward looking statements such as intensified competition and/or operating problems on its operating business projects and their impact on revenues and profit margins or additional factors as described in Newtek Capital's previously filed registration statement.
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Publication:Business Wire
Date:Feb 5, 2001
Words:438
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