TACOMA, Wash. and SEATTLE, July 28, 2004 (PRIMEZONE) -- The United States Bankruptcy Court for the Western District of Washington has approved the Plan of Liquidation for Westar Financial Services, Inc. (Pink Sheets:WSFIQ), Chapter 11 debtor in possession. Should the 10-day appeal period end without further action, trading in the shares of Westar shall be suspended as of the morning of August 9 and shares of WSFIQ will be deemed cancelled as of Saturday, August 7, 2004. All trades executed through the effective date will carry the right to receive subsequent liquidation distributions, if any, regardless of the settlement date.
Shareholders of record on the date of cancellation will be entitled to receive future distributions, if any, following payments to superior claimants pursuant to the terms of the Plan of Liquidation. A complete copy of the Debtor's proposed Plan of Liquidation can be requested from Bush Strout & Kornfeld by calling 206-292-2110 or by visiting www.stockvalues.com/clients/westar.htm.
If you hold certificates and the name on the certificate is the correct owner, you do not need to take any action. In order to correct the record list, the following applies only if you have transferred your shares to a private party. If you have a need to formalize a private transfer with another individual (one not processed through open market transactions with your brokerage firm or bank), it must be completed immediately through the transfer agent. For information on transferring certificates, please visit http://www.stockvalues.com/clients/westar.htm.
Questions regarding the Plan of Liquidation may be directed to Plan Administrator, Richard Hooper at 425-255-1348, Fax: 425-255-1368 or email: dick@pivotalsolutionsinc.com.