ACE Cash Express Commences Integration of 107-Store Acquisition

ACE Cash Express, Inc., the nation's largest check-cashing chain and a significant provider of related retail financial services, announced it has started integration of the previously announced 107-store acquisition in California, Texas, and Oklahoma from a group of five privately held companies, which is majority owned by MS Management of Illinois.

ACE signed an asset purchase agreement and related documents to purchase the stores from the selling companies on November 10, 2000. In accordance with the purchase agreement, ACE deposited the total purchase price for all of the stores, approximately $30 million, into escrow for release to the selling companies as ACE takes over operation of the stores. In order for ACE to assume operation, each store will require installation of its equipment and its proprietary point-of-sale system. ACE anticipates that it will take approximately four to six weeks to complete the transition and take over operation of the purchased stores.

Of the total 107 stores to be acquired under the purchase agreement, 60 stores are in California, 41 stores are in Texas, and six stores are in Oklahoma. When the acquisition of all of the stores is completed, the ACE network of owned and franchised stores will have nearly tripled in California, will have increased by approximately 13% i Texas, and will have increased by approximately 24% i Oklahoma.

ACE Cash Express, Inc. is headquartered in Irving, Texas and is the largest owner, operator and franchiser of check-cashing stores in the United States. Founded in 1968, the company has, with this acquisition, a network of 1,208 stores, consisting of 1,045 company-owned stores and 163 franchised stores in 33 states and the District of Columbia. ACE also maintains automatic check-cashing machines, which provide Financial Services without the need for a service associate, at 21 locations. ACE offers a broad range of financial and check-cashing services and is one of the largest providers of MoneyGram wire transfer transactions. In addition, ACE offers money orders, bill payment services, and prepaid local and long distance telecommunication services.