News

El Camino Resources Appoints New Members to Board of Directors for Mexico

Cites Business Growth, Anticipated Opportunities As Need for Wider Insights

Woodland Hills, Calif. – August 30, 2004 – Anticipating a continuation of asset growth, increasing demand for capital goods, and an expanding acceptance of lease financing in the Mexican marketplace, El Camino Resources, Ltd. has announced the addition of three experienced Mexican business leaders to the Board of Directors of its El Camino Resources Mexico (ECRM) operations.

David E. Harmon, president and chief executive officer of California-based El Camino Resources, Ltd., and Chairman of the Board of ECRM, said that business opportunities in Mexico have accented a need for senior level expertise and broad market insights.

"We are pleased with the progress we have made in Mexico over the last year," Harmon noted. "To reach the next level in our business strategy, however, it is our consensus that we must add a level of expertise that has heretofore not been available on our Board of Directors. As a result, we are augmenting our strong internal staff with outside individuals who have successful track records in establishing realistic business targets, attaining such targets, overseeing broad corporate control procedures, and developing strong banking and client relationships beyond our current abilities."

The three new members of the ECRM board are Eduardo J. Gallastegui, Edmundo Perez-de Cobos and Sam Podolsky.

Eduardo J. Gallastegui studied law at the Universidad Iberoamericana in Mexico City and was admitted to the Mexican Bar in November 1978. He is a founding partner of the Gallastegui y Lozano, S.C. law firm, which has had a professional liaison with the U.S. law firm of Holland & Knight since 1998. Mr.Gallastegui has served as legal counsel for Mexican and foreign financial institutions, and has extensive experience in corporate issues, mergers and acquisitions, international trade, intellectual property, foreign investment, real estate, telecommunications law and regulations, computer law and environmental law. He has provided legal counsel to several factoring and financial leasing companies.

Mr. Gallastegui’s firm currently represents several multinational companies in Mexico, including Amway Corporation, BMW Financing, Hitachi Data Systems, Inc., Lego Systems, Inc., Nextel Communications, SAP America, Inc., Textron Financial Corp., and Tyco Electronics, Inc., to name just a few.

Edmundo Perez-de Cobos is a naturalized citizen of Mexico and the United States. He has had a successful career in financial and travel services in Latin America and the Iberian Peninsula for over 31 years – 27 of which were spent with American Express in positions of increasing responsibility. In 1993 he was named President of American Express Mexico and Chairman of the Board of Directors of American Express Bank. He also held the position of President of American Express Corporate and Travel Services for Latin America and the Caribbean. He retired from American Express in October 2002.

Mr. Perez-de Cobos’ current activities include membership on the Board of Directors of Grupo Plan, a hotel and tourism related company specializing in boutique hotels. He is also a corporate advisor to TeleTech, a recognized leader in providing end-to-end customer services to Fortune500 companies in Mexico.

Sam Podolsky, a Fullbright Scholar and recipient of an MBA from The Wharton School, is Chief Executive Officer of Leaders and Boards, a Mexican consulting firm focused on board services and executive search. He is founder and Chief Executive Officer of the Mexican Institute of Corporate Governance, Vice Chairman of the Latin American Institute for Corporate Governance and President of the Technical Committee on Corporate Governance of the Mexican Institute of Financial Executives. He also served as Chief Operating Officer for one of the largest publishing groups in Mexico, and as a board member for various Mexican and United States corporations.

As Managing Director of Booz Allen and Hamilton; President of Podolsky and Associates; Vice President of A.T. Kearney; and President of Spencer Stuart, Mexico, he has been involved in banking, industrial, consumer goods, airports and financial management consulting practices, with an emphasis on board services, M&As and turnarounds, organizational development and general management.

According to Harmon, the three new board members "will enhance our relationships with the Mexican banking and financial segments, provide a broader understanding of the legal and accounting standards affecting our business, and offer advice on the systems and internal controls involved in managing a financing business enterprise in Mexico."

El Camino Resources Ltd. provides technology equipment leasing/financing and computer trade-in opportunities for businesses and organizations. ECR specializes in mainframes, workstations, client/servers, storage devices and peripheral equipment from such industry leaders as IBM, Sun, and other selected manufacturers. El Camino Resources is qualified and prepared to offer quotations for the sale, purchase or lease of new and used information technology equipment. The Company is headquartered at 6233 Variel Avenue, Woodland Hills CA 91367, and can be reached by telephone at 818.226.6600.

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Peter E. McGuirk
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