ARIZONA CORPORATION COMMISSION
1200 W. WASHINGTON
PHOENIX, AZ. 85007

Michael G. Burton, Sr. today was named as Director of Securities of the Arizona Corporation Commission announced Carl J. Kunasek, Commission Chairman.

" This appointment is the result of a national search which included almost two dozen candidates," said Chairman Kunasek. " The interview process told us Mike Burton was the person for the job."

Burton joined the Commission as an assistant General Counsel in January 1991. In November of 1995, he was named Assistant Director - Corporate Finance. He is a member of both the Arizona and Illinois Bar associations. Burton holds both a B.A. and an M.B.A. from the University of Notre Dame. He earned his Juris Doctor degree from IIT-Kent College of Law.

Currently Burton is also a Faculty Associate, the School of Management, Arizona State University West. Courses taught include Business Law and Income Tax Accounting. He also served as Adjunct Professor of Accounting at DePaul University, Chicago, Illinois.

Commissioner Jim Irvin said,

" I encouraged Mike to apply for the position. He has the skills to encourage an active securities marketplace and protect the consumer investor."

The Securities Division of the Corporation Commission is responsible for monitoring the conduct of investment advisers, dealers, and salespersons. Securities dealers and salespersons are required to register with the Division. The Securities Division conducts investigations and has the authority to bring administrative, civil or criminal enforcement actions. The Division works closely with the Arizona Attorney General's office.

Commissioner Renz Jennings said,

"The Commission's process for selecting the new Securities Division Director, and the selection of Mike Burton, assures that the Securities Division will continue to be highly respected throughout the country".

Burton, 36, is married with 5 children. He will assume his new duties immediately. Burton and his family live in Phoenix.

Burton said,

" I want to thank the Commissioners for this opportunity. I believe in, and will work to achieve, an Arizona that can help local business raise capital and provide protection for the local consumer investor."

Twenty-two candidates applied for the Director position following a national search. An evaluation panel recommended Burton to the Commissioners. The panel included: James Adler, attorney, Squire, Sanders & Dempsey; The Honorable J. Thomas Brooks, retired justice, Arizona Courts of Appeals; C. Webb Crockett, attorney, Fennemore Craig; Wendell Garrett, NASD District Conduct Committee & J.W. Garret & Co.; Professor Elliott Weiss, University of Arizona College of Law; Ruth Zemek, Director of Trade Practices, Better Business Bureau; and Jack Rose, Executive Secretary of the Commission.