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JERRY SHERMAN TO BECOME PRESIDENT AND CHIEF OPERATING OFFICER OF NETWORK FINANCIAL SERVICES

 SAN JOSE, Calif., June 3 /PRNewswire/ -- Network Financial Services Inc. (NASDAQ: NETW) announced today that Jerry Sherman has been appointed president and chief operating officer. "Jerry has served on our board of directors since 1989," said Lee Danna, Network's chairman and chief executive officer. "His extensive knowledge and advice have proven invaluable on numerous occasions, and we are delighted that he has accepted our offer to take a more active role in the firm. Jerry has over 30 years of experience in all aspects of operations and a proven track record in growing a company. The diversity of Jerry's experience in marketing, operations and finance will be crucial to the successful implementation of Network's aggressive growth plans," Danna continued.
 Sherman began his career as an operations and marketing executive for a number of cosmetics and personal care products companies including Revlon and Clairol. In 1972, with several partners, he established a cargo airline for international shipping where he played a key role in securing start-up financing and then spearheaded international marketing efforts. Returning to the corporate world in 1975, Sherman was executive vice president for an $11 million manufacturing and distribution company based in San Francisco. Most recently, Sherman owned and operated a regional travel firm which grew from $11 million to $26 million in annual revenues under his guidance before he sold the firm to nationwide Rosenbluth Travel.
 On a personal note, Sherman, 64, resides in Mill Valley with his wife, Linda Moss, and their Great Dane, Sam. He graduated from Temple University in Philadelphia in 1950 with a degree in business administration.
 "Jerry will be taking over from Erwin Lenowitz who will remain on our board of directors and as a consultant to the firm," Danna said. "Erwin joined our board in 1991. In 1992, he took over the duties of president and chief financial officer to develop and implement a comprehensive financial management system to support Network's expansion. His efforts have been very successful, and we announced in December the introduction of our state-of-the-art real estate office management system. We are very pleased that Erwin will remain on Network's board of directors, so that we can continue to draw on his insightful counsel," Danna concluded.
 Network Financial Services is a uniquely integrated provider of "one-stop shopping" for real estate, mortgage, insurance and other related services to home buyers and sellers throughout Northern California. The company operates three divisions: Network Real Estate, an Electronic Realty Associates (ERA) franchisee, one of the largest real estate brokerage firms in Northern California; Network Capital Group, a 25-year old mortgage banking operation; and Network Home Services, a provider of insurance brokerage and property care services. The company has grown rapidly over the last several years and currently operates more than 38 offices with more than 375 agents and employees. Network's common shares are traded on the NASDAQ under the symbol NETW.
 For additional information on Network Financial Services Inc. via FAX at no cost, dial 1-800-PRO-INFO, Code 008.
 -0- 6/3/93
 /CONTACT: Lee J. Danna of Network Financial Services, 408-475-1000; or Lise Needham of the Financial Relations Board, 415-986-1591, for Network Financial Services/
 (NETW)


CO: Network Financial Services Inc. ST: California IN: FIN SU: PER

TM -- SF008 -- 4998 06/03/93 12:50 EDT
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Publication:PR Newswire
Date:Jun 3, 1993
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