Security Asset Capital Corp. Mourns the Loss of Its CEO

Business Wire, March 14, 2003

Business Editors

SAN DIEGO--(BUSINESS WIRE)--March 14, 2003

Security Asset Capital Corp. (OTCBB:SCYA) has announced today the sudden passing of its CEO, David Walton, Jr.

Walton spread his management skills, humor and unselfish attitude among his employees, business associates, clientele and friends since the founding of the company 10 years ago. Security Asset Capital Corp. is striving to be a technology leader in the financial services industry and under Walton's leadership has positioned itself to be in the forefront of the debt buying and selling industry. Just prior to his death, negotiations were taking place for Walton to step aside as the company CEO, and a new chief executive assume his duties. Because of the tragic death of Walton, this process has been accelerated. The company grieves the loss of its cofounder and CEO. Thoughts and prayers go out to his family.

Daniel J. Hill has been appointed by the board of directors to become the new chairman and interim chief executive. He has been a director of the company since 2000. Hill has over 25 years of management experience in the high technology electronics business where his focus has been high-growth companies, startups and turnarounds. Most recently he has been a consultant to industry with, D.J. Hill & Associates, Inc. From 1999 to 2001, he was executive vice president and chief operating officer of Cerprobe Corp. (NASDAQ), a $130 million Semiconductor Equipment Company. From 1998 to 1999 Hill was executive director for PricewaterhouseCoopers, responsible for the firms focus on the Semiconductor Industry. From 1995 to 1998 Hill was the founder and chief executive officer of InterConnect Technology, a private semiconductor wafer foundry, located in Sunnyvale, Calif. & Kuching, Malaysia. From 1991 to 1995, Hill was chairman president, chief executive officer of Micro Component Technology (NASDAQ), St. Paul, Minn., with operations in the U.K., France, Germany, Italy, Malaysia, Singapore and Japan. From 1980 to 1991 Hill held various positions with National Semiconductor, Santa Clara, Calif., including division vice president & general manager, and managing director of Malaysian operations. Hill holds a Bachelors of Science degree from New Mexico State University.

At Security Asset Capital Corp., Hill will serve to introduce and implement the company's innovative, debt registry and debt resolution products to the $1.7 trillion, debt portfolio industry, allowing banks, credit card issuers, debt collectors and consumers to increase the efficiency and speed of settling outstanding credit card debt. According to the company, the new debt resolution product, when integrated with the company's The Debt Registry product (patent pending), will assist account owners and consumers with negotiating and settling their accounts without intrusion and with relative ease via the internet. Hill will be announcing additional board members and officers in the coming weeks as the company rolls out new internet-based debt resolution technology.

Darrell Musick, one of the original founders of Security Asset Capital Corp. with Walton, said, "After 10 years of hard work bringing this company to the brink of what we feel will be a phenomenal success, it is a shame that Mr. Walton didn't live to see his dreams turn into reality. He will be sorely missed."

This news release includes "forward-looking statements" that include risk and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including without limitation the company's ability to produce and market products and/or services and other risks detailed from time to time in their company's reports filed with the Securities Exchange Commission.