Cash America Announces Letter of Intent for the Expansion of Mr. Payroll Joint Venture.

FORT WORTH, Texas--(BUSINESS WIRE)--Oct. 21, 1998--Cash America International, Inc. (NYSE:PWN) announced today that its wholly owned subsidiary, Mr. Payroll Corporation, intends to significantly expand its relationship with innoVisions, LLC., a joint venture with Wells Fargo Bank, N.A. originally formed in May 1998 to develop a new generation of financial services vending machines incorporating Mr. Payroll technology for deployment in the gaming industry.

The letter of intent signed today provides for Mr. Payroll to contribute its tangible assets and intellectual property associated with its automated check cashing business to innoVisions, and for Wells Fargo to contribute cash to innoVisions to further the development and distribution of this innovative new technology. The ownership interests in the venture will continue to be held evenly by Mr. Payroll and Wells Fargo, subject to a minority interest reserved for the management of innoVisions.

The specific details of the new business arrangement have been withheld pending completion of a due diligence review and negotiation of an amendment to the existing joint venture agreement. The parties expect to have an amendment finalized before the end of the year.

The parties contemplate expanding the scope of innoVisions business activities beyond the gaming industry to include a variety of retail, banking, employer, and other markets currently being pursued by Mr. Payroll. In essence, the automated check cashing business of Mr. Payroll would be merged with the existing business of innoVisions, and all future development, marketing and deployment activity for the automated check cashing business will be conducted through innoVisions. The current business of innoVisions consists of approximately 200 ATM machines deployed in certain gaming establishments and convenience stores. The Mr. Payroll network currently includes 79 automated check cashing machines deployed in convenience stores, supermarkets and banks in 15 states.

"We are delighted with the opportunity to expand our relationship with innoVisions," said Daniel R. Feehan, Chairman and Co-CEO of Mr. Payroll Corporation. "The combination of our technology and retail relationships with Wells Fargo's capital and broad market presence would provide a strong platform for bringing innovative new products to the automated financial services arena."

"After working closely with Mr. Payroll over the past few months, we have recognized the expansive opportunity available for further development and distribution of its check cashing technology," said Paul M. Watson, Wells Fargo's Vice Chairman for commercial banking. "We are pleased to consider joining Mr. Payroll in positioning innoVisions as a new competitive force bringing automated financial services to markets currently under-served by other providers."

"The opportunity to coordinate our business strategies and work together as a single management team can be a major leap forward in our efforts to capture a first movers advantage," said Frank Petro, Chairman and CEO of innoVisions and Michael C. Stinson, President and Co-CEO of Mr. Payroll. Petro and Stinson added, "each organization brings a unique set of skills complemented by a strong entrepreneurial spirit."

Consummation of the transaction is subject to negotiation of a definitive agreement acceptable to the parties, satisfactory completion of the parties' due diligence investigation, regulatory approval and other customary conditions.

Cash America International, Inc. is a diversified provider of specialty finance services to individuals in the United States, United Kingdom and Sweden. Cash America is the largest provider of secured non-recourse loans to individuals commonly referred to as pawn loans, through 460 locations in 16 states and two foreign countries. In addition, the Company provides check cashing services through its wholly owned subsidiary, Mr. Payroll Corporation, and rental services through its wholly owned subsidiary, Rent A Tire, Inc.

This release contains forward-looking statements about the business, financial condition and prospects of Cash America International, Inc. and Mr. Payroll Corporation ("the Company"). The actual results of the Company could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including, without limitation, changes in demand for the Company's services, changes in competition, the ability of the Company to open new operating units in accordance with its plans, economic conditions, real estate market fluctuations, interest rate fluctuations, changes in the capital markets, changes in tax and other laws and governmental rules and regulations applicable to the Company's business, and other risks indicated in the Company's filings with the Securities and Exchange Commission. These risks and uncertainties are beyond the ability of the Company to control, and, in many cases, the Company cannot predict all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements.