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NETWORK REAL ESTATE OF CALIFORNIA CHANGES NAME TO NETWORK FINANCIAL SERVICES, INC., REFLECTING NEW STRATEGIC DIRECTION

NETWORK REAL ESTATE OF CALIFORNIA CHANGES NAME TO NETWORK FINANCIAL
 SERVICES, INC., REFLECTING NEW STRATEGIC DIRECTION
 SOQUEL, Calif., June 29 /PRNewswire/ -- Network Real Estate of California, Inc., today announced that it changed its name to Network Financial Services, Inc. (NASDAQ: NETW) effective June 23, 1992. The company's NASDAQ symbol (NETW) will remain the same.
 "Network has changed dramatically over the last several years as we have expanded into mortgage banking, insurance and home services. Our new name reflects that development," stated Lee J. Danna, Network's chairman and chief executive officer. "We began operations in 1985 with a single residential real estate brokerage office with five agents in Santa Cruz. Today Network is a uniquely integrated provider of financial and related services to home buyers and sellers throughout northern California. More than 415 agents in 41 offices offer our clients all of the products and services necessary to successfully complete a real estate transaction, including traditional brokerage services, mortgage financing, homeowners' insurance and a variety of home services. By bundling services together, Network provides its clients with superior convenience and service.
 "Financial services will continue to grow as a key component of our strategic plan. In fact, the company is currently negotiating for a multi-million dollar financial package to further invest in our mortgage banking operations. By consolidating brokerage services and mortgage banking, Network will be able to meet all of the needs of today's demanding homebuyer. In addition, we believe by leveraging our current marketing and distribution efforts, i.e, using the same channel for a variety of related products, we have the potential to achieve significant operating economies and synergies and ultimately superior returns on investment."
 Network Financial Services, Inc. operates three divisions: Network Real Estate, one of the largest and fastest growing real estate brokerage firms in northern California; Winchester Mortgage Company, a 25-year-old mortgage banking operation; and Network Home Services, a provider of property care, insurance brokerage and mortgage brokerage services. The company has grown rapidly over the last several years and currently operates more than 41 offices with more than 415 agents in northern California.
 -0- 6/29/92
 /CONTACT: Lee J. Danna, chairman of Network Financial, 408-462-6200; or Lise Needham, 415-986-1591, or Kathy Phelan 212-661-8030, both of Financial Relations Board, for Network Financial/
 (NETW) CO: Network Financial Services Inc. ST: California IN: SU:


CH -- LA012 -- 4632 06/29/92 10:37 EDT
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Publication:PR Newswire
Date:Jun 29, 1992
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