Chex Services Signs New Contracts.

Business Editors

ENGLEWOOD, Colo. & PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--June 17, 2002

Equitex, Inc. (Nasdaq:EQTX) said that its subsidiary, Chex Services, Inc. of Minnetonka, Minnesota ("Chex"), has executed one new contract for full-service booth operations, one renewal contract, two new contracts for Automated Teller Machine ("ATM") placements, and three new multi-year management contracts with existing customers.

Chex was awarded contracts for two full-service locations at the 4Bears Casino in New Town, North Dakota, as well as the Ruidosa Downs Racetrack/Billy the Kid Casino in Ruidosa, New Mexico. Chex was also awarded contracts for ATM placements in the Chip-in Convenience Store in Harris, Michigan, and Isle Vista Casino in Bayfield, Wisconsin. In addition to the new contracts, Chex signed multi-year management agreements for its contracts with the St. Croix Casino in Turtle Lake, Wisconsin, the Hole-In-Wall Casino in Danbury, Wisconsin, and the Little Turtle Hertel Express in Hertel, Wisconsin. With the addition of the new contracts, Chex now provides varying levels of cash access services to 53 casinos and other gaming facilities in the United States.

Chex's Financial Service Centers allow casino patrons to access cash through check cashing, credit/debit card cash advances, ATMs and wire transfers, depending on the location. Chex's check and credit card advance systems allow the company to compile detailed demographic data about patrons using these services that can be used by the casino operators in their marketing efforts.

Equitex, Inc. is a holding company operating through its wholly owned subsidiaries Nova Financial Systems and Key Financial Systems of Clearwater, Florida, and Chex Services of Minnetonka, Minnesota. Nova and Key design, market and service credit card products. Chex Services provides comprehensive cash access services to casinos and other gaming facilities.

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.