CardReady Launches Spanish Language Application.

Business Editors

LOS ANGELES--(BUSINESS WIRE)--May 21, 2002

Single Source Financial Services Corporation (OTCBB:SSFL), a financial services provider, announced today that CardReady, its "third-party" credit card processor, has released its Spanish Language Application and Agreement for merchant processing.

The Application and Agreement have been certified by the Mexican consulate as an exact copy of CardReady's English language merchant application and agreement. This Spanish language version will be used to recruit Spanish speaking merchants throughout the United States. A special marketing program has been developed, and it will be marketed by Spanish speaking sales representatives, and backed by bi-lingual 24x7 support technicians.

According to the U.S. Census Bureau, Hispanics owned almost 1.2 million of all U.S. nonfarm businesses in 1997, generating $186.3 billion in business revenues and accounting for 5.8 percent of the 20.8 million nonfarm businesses in the United States. The number of Hispanic-owned businesses increased more rapidly in the period of 1987-97 than any other group of minority-owned businesses, growing at a rate of 232 percent. In the traditionally heavily Hispanic-populated Southwest, Hispanic-owned businesses represented more than 10% of all firms in California, Texas & New Mexico. Now these merchants will have an application that they can understand presented to them by Spanish speaking sales representatives.

Arnold F. Sock, Chief Executive Officer of Single Source Financial Services Corporation, stated, "Following on our strategy to target niche and underserved markets, we have identified Spanish speaking businesses as a market that is being largely overlooked by some of the major players in our industry. We believe that focusing on the Spanish market will give us a competitive advantage, and we further believe that if served well the Spanish market will be a loyal market, allowing our revenues to increases as the Spanish businesses grow and prosper. CardReady anticipates that merchant recruitment will be boosted by 10-20%. This should result in additional portfolio growth of $400,000 per month beginning in July of 2002."

Single Source Financial Services Corporation

Single Source Financial Services Corporation provides financial products and services to small and mid-sized businesses. The Company's focus is the marketing and sale of credit and debit card processing services to "brick and mortar" and web-based merchants. Single Source places its merchant clients with CardReady International, Inc. for credit and debit card processing services. Single Source has just exercised its option to purchase CardReady with the closing to occur by September 1, 2002.

CardReady International, Inc.

CardReady International Inc., (www.cardready.com) a bankcard processor, currently provides merchant credit card processing services to small and mid-size businesses. As such, CardReady is responsible for the acquisition of merchant processing relationships on behalf of banking institutions. In addition to its core credit card processing services, CardReady recently began offering debit card processing for its merchant clients.

For more information, please visit www.ssfl.info or www.magnumfinancial.com.

The matters set forth in this news release may contain forward-looking statements. Forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from expectations. Contributive factors to such differences include those identified in the company's filings with the Securities and Exchange Commission ("SEC").