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 SOQUEL, Aug. 6 /PRNewswire/ -- Lee J. Danna, chairman/CEO of Network

Financial Services Inc. (NASDAQ: NETW), announced today the appointment of Erwin N. Lenowitz as president and chief financial officer of the company.
 Danna said, "We are excited to have an executive of Mr. Lenowitz's background and expertise joining our organization. He brings to Network over 18 years of experience in all aspects of finances, strategic business planning and management."
 Lenowitz, 42, was formerly vice president of planning and development for Sun Microsystems after starting with the firm as controller some five years earlier. During the time he spent with the company, Sun's revenues rose from $200 million to approximately $3 billion.
 Prior to that time he spent two years as vice president of finance of Telko Systems and was with the company when it grew to over $100 million in revenue, serving the Bell operating companies. He provided the financial leadership required to take the company through its initial public offering and subsequent second round of financing.
 The prior three years Lenowitz served as vice president of finance at Atari Inc. During this time the electronic games manufacturer grew to over $2 billion in revenues. He was instrumental in setting up over $500 million in
credit lines. He started his career with Revlon Inc. where he held a number of senior financial roles over a seven-year period in which the company grew from $90 million to over $2 billion in revenue.
 His educational background includes a BS from the University of New York and MBA from St. John's University, as well as completing extensive post-graduate work in computer science and international banking.
 "The appointment of Mr. Lenowitz to the position of President now completes the executive management team," Danna announced. "The executive management team will consist of Erwin Lenowitz specializing in finance, accounting and administration; Vice Chairman Robert Podesta specializing in investment banking and finance; and myself specializing in marketing and management. I am truly excited to be able to work with Bob Podesta and Erwin Lenowitz. This now sets the stage for Network Financial Services to grow in revenue and profitability."
 The executive management team has just completed its business plan and is negotiating a financial package that will provide the cornerstone to dramatically expand the company over the next several years. Danna pointed out that the management team has also selected Ernst & Young to be its auditors.
 Network is a uniquely integrated provider of financial and related services to home buyers and sellers throughout California. The company operates four divisions: ERA Network Real Estate, a real estate division; Network Capital Group, a mortgage banking operation; Network Home Insurance Services, an insurance brokerage; and Network Home Services, a provider of property care and property management. Network Financial Services is traded on NASDAQ under the symbol NETW.
 -0- 8/6/92
 /CONTACT: Lee J. Danna of Network Financial Services, 408-462-6200; or Kathy Phelan, 212-661-8030, Nick Farina, 312-266-7800, or Lise Needham, 415-986-1591, all of Financial Relations Board for Network Financial Services/
 (NETW) CO: Network Financial Services Inc. ST: California IN: SU: PER

MM -- SF001 -- 7521 08/06/92 10:43 EDT
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Publication:PR Newswire
Date:Aug 6, 1992

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