Chex Services Signs New Contracts.

Business Editors

ENGLEWOOD, Colo. & PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--July 9, 2003

Equitex, Inc. (NASDAQ: EQTX) said that its subsidiary, Chex Services, Inc. ("Chex"), has executed two new contracts for full booth Cash Access Services, re-signed two contracts upon their expiration, extended two existing contracts, added the ATM contracts at two existing locations and transitioned a full booth operation to a processing contract.

Chex was awarded the contracts for full booth Cash Access Services at the Casino Apache Travel Center in Mescalero, New Mexico, and the Cliff Castle Casino in Camp Verde, Arizona. In addition, Chex signed new contracts with current customers at Inn of the Mountain Gods Casino in Mescalero, New Mexico, and Rosebud Casino in Valentine, Nebraska. Chex also extended contracts with the Potawatomi Bingo and Casino in Milwaukee, Wisconsin, as well as the Sunland Park & Slots in Sunland Park, New Mexico. Chex also added the ATM contracts at Black Bear Casino in Carlton, Minnesota, and the Fond-du-Luth Location in Duluth, Minnesota. With these contracts, Chex's decision not to renew one contract, as well as the decision by two customers to cancel four contracts which the Company believes are in violation of their agreements, Chex now provides varying levels of cash access services to 46 casinos and other entertainment facilities in the United States.

Chex also announced today that its collection agency subsidiary, Collection Solutions, has signed an agreement to perform third-party collections for Sand's Real Estate of St. Cloud, Minnesota, a multi-family housing property management company.

Equitex, Inc. is a holding company operating through its wholly owned subsidiary Chex Services of Minnetonka, Minnesota, as well as its majority owned subsidiary Denaris Corporation. Chex Services provides comprehensive cash access services to casinos and other gaming facilities. Denaris was formed to provide stored value card services.

The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, factors detailed in Equitex's Securities and Exchange Commission filings; completion of due diligence, shareholder approval, regulatory approvals and certain other pre-closing conditions for all incomplete merger or acquisition transactions; economic downturns affecting the operations of Equitex, its subsidiaries or companies proposed for merger or acquisition; the termination of previously announced acquisitions; delays or the inability to obtain regulatory approvals for previously announced acquisitions; the inability to initiate or complete any contemplated restructuring, offering, acquisition, disposition or other transaction; adverse financial performance by Equitex or any of its subsidiaries; failure to obtain or maintain regulatory approval for products and services offered by Equitex or its subsidiaries; the inability to obtain a new issuing bank for the "Pay As You Go" credit card or to obtain such a bank on a timely basis; the inability to collect amounts due to Equitex from Net First National Bank; adverse equity market conditions and declines in the value of Equitex common stock; and the unavailability of financing to complete management's plans and objectives. The forward-looking statements contained in this press release speak only as of the date hereof and Equitex disclaims any intent or obligation to update these forward-looking statements.