Richmond, Virginia and Tustin, California, November 26, 2001 - Tranzon, L.L.C. announced that Walters and Associates Inc. has joined Tranzon as one of its member companies. Walters and Associates, which will begin to trade under the name Tranzon Walters, operates throughout California from its office in Tustin. Tranzon Walters represents Tranzon’s initial entry to the West Coast.

Tranzon’s member companies cover the United States from coast-to-coast and specialize in selling real estate and significant business assets at auction. The Tranzon companies have successful auction experience in all types of real estate, combining the market savvy and expertise of regional companies with the resources of a national organization. Member companies may join by invitation only, and are selected based on stringent criteria focusing on service excellence, reputation, and expertise.

Walters and Associates was founded in 1963 and currently operates throughout California. The company specializes in both real estate auctions and business equipment with a particular specialty in telecommunications equipment.

In connection with this announcement, Mike Walters has been named Regional President of Tranzon and has been elected to Tranzon's Executive Committee. Jeff Levin, President of Richmond, Virginia-based Tranzon, L.L.C., remarked, "We are excited to welcome Mike and his team to the Tranzon family. We believe that there is tremendous growth potential for Tranzon and Tranzon Walters in California. Tranzon Walters is our first West Coast member and provides Tranzon with a coast-to-coast footprint."

Mike Walters has been active in the auction and appraisal businesses since 1973 throughout the West and Southwest. Mike has a Bachelor of Business Administration degree in Real Estate and Finance from the University of North Texas and completed graduate studies in Real Estate Appraisal and Finance at Southern Methodist University. He holds an Accredited Senior Appraiser designation with the American Society of Appraisers and is a graduate of the Certified Auctioneers Institute (CAI). Mr. Walters holds real estate broker licenses in California and Texas and is a member of such organizations as the National Auctioneers Association, Auction Marketing Institute, American Bankruptcy Institute, California Bankruptcy Forum, National Association of Realtors, and the California Receivers Forum.

Explaining why Walters and Associates chose to join Tranzon, Mike Walters explains, "Strategically, we see two major advantages to our growth through our membership in Tranzon. First, by providing Tranzon a California auction company, Tranzon’s existing clients now have the ability to dispose of their California-based assets through Tranzon. Second, the entire Tranzon team believes that there is great growth potential for selling real estate via auction in California. By combining Tranzon Walter’s knowledge of the California market and Tranzon’s resources and track record of success, I believe we can maximize our growth opportunity in California."

Tranzon currently consists of nine member companies with 19 offices throughout the United States stretching from Maine to California. Last year, the Tranzon companies conducted approximately 1,000 auctions in 28 states. The Tranzon companies specialize in providing real estate and significant business asset auction services to corporations, institutions, insolvency professionals, fiduciaries and individuals throughout the US.

For more information, contact:
Mike Walters, 714.508.9211
or email: mwalters@tranzon.com