VISION CAPITAL ACQUIRES ASSETS OF IMPERIAL BUSINESS CREDIT, INC.
Full-Service Direct Underwriting and Vendor-Finance Programs Now Available

San Diego, CA – June 1, 2004 – VISION CAPITAL Corporation, a San Diego-based commercial finance company, today announced that it had recently acquired the equipment lease portfolios and other assets of Imperial Business Credit, Inc.(IBC), a subsidiary of Imperial Credit Industries, Inc. (ICI) for $4.0 million. In addition to the assets, VISION CAPITAL also acquired an integrated portfolio servicing infrastructure, along with a seasoned and talented back-office team. The acquisition enables VISION CAPITAL to now provide turnkey equipment leasing and financing solutions to its clients and vendors with complete, internal portfolio servicing support.

“We have long had a vision of becoming a full-service, direct-underwriting equipment finance and leasing enterprise,” stated Larry Turner, Chairman and CEO of Vision Capital. “By acquiring the remaining portfolio of IBC and the talented back-office support personnel which were such an important part of IBC, we are now positioned to launch the vendor-finance programs which we have envisioned over recent years – and to internally underwrite and better service our clients.”

According to Manny Montanez, President, the acquisition was a strategic move forward for VISION CAPITAL. “We acquired a quality, well-performing portfolio of seasoned leases, an existing client base which exceeds 25,000 customers and, most importantly, were able to hire the entire staff of IBC. Having an experienced team which has successfully serviced a securitized portfolio, in excess of $300 million at one time, with a proven platform and infrastructure, will enable VISION CAPITAL to perform as a full-service lessor, providing exemplary service, reliability and responsiveness to both clients and vendors,” Montanez concluded.

About VISION CAPITAL CORPORATION

VISION CAPITAL CORPORATION is a privately-owned commercial finance company headquartered in San Diego, California. Since 1989, VISION CAPITAL has served many small-to-middle-market clients in both the public and private sector with an emphasis on equipment leasing and equipment financing, but also offering other asset-based financial services and capital markets advisory support. The Company can be reached at 888-999-4224 (toll free).