BALBOA CAPITAL COMPLETES CHANGE IN OWNERSHIP

(Irvine, CA)   Balboa Capital Corporation announces that Patrick Byrne has completed the acquisition of 100% of the company's stock and is now the sole shareholder of Balboa Capital.  Mr. Byrne acquired the shares owned by Shawn Giffin.  Mr. Giffin is retiring after 16 years of dedicated service to Balboa Capital.  "There is no question in my mind as to Patrick's commitment to the success of the company.  I firmly believe the company is better off with a single principal leading the charge." said Shawn Giffin.

    The acquisition marks the next step in the evolution of Balboa Capital.  The Company emerged from the recent industry downturn with a number of new initiatives designed to accelerate growth in the coming years.  In addition to its core small-ticket direct business, the company has developed an emerging Commercial Products Division, growing Vendor Channel, and has recently established a Capital Markets Division.  "This is a people business and I am convinced that we have the most dynamic and talented group of people in the business.  I am convinced that we have the right team in place, we have a company that is well positioned in the market, we have positive momentum, and we have excellent prospects for growth", said Patrick Byrne, Balboa Capital's Chairman.

    The acquisition is the culmination of a successful partnership between Mr. Byrne and Mr. Giffin that resulted in the tremendous growth of Balboa Capital Corporation.  Balboa was founded in by Byrne and Giffin.  With limited capital, the entrepeneurs established Balboa as the fastest growing privately leasing company in the United States.  Balboa targeted small businesses in emerging industries not typically served by the major banks. Balboa was twice listed on the Inc. 500

List of Fastest Growing Private U.S. Companies and Patrick and Shawn were named Entrepreneurs of the Year in Orange County, CA by a group composed of USA Today, Ernst and Young, and NASDAQ.  

    Balboa Capital remains one of the largest privately held leasing companies in the United States with regional hubs in Irvine and San Francisco, CA and Phoenix, AZ and facilities throughout the United States. The company offers a variety of leasing and financing options to small and mid-sized companies through direct, vendor, and broker channels.

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About Balboa Capital
Balboa Capital provides equipment leasing and financing to small and mid-sized business in the United States.  The company markets its products through its direct sales force, broker channel, and vendor partnerships.  The company offers leases in the range of $ 5,000 to $5,000,000.  Balboa Capital is privately held and based in Irvine, CA.