Credit Store Form 10 Filing Declared Effective by SEC.

Business Editors

SIOUX FALLS, S.D.--(BUSINESS WIRE)--April 11, 2000

The Credit Store, Inc. (symbol: PLCR) said that its Form 10 filing has been declared effective by the Securities and Exchange Commission (SEC). The Company is now a fully reporting public company under the Securities Exchange Act of 1934 and will begin filing all reports as required under the Act including Forms 10-K and 10-Q. The Company's next filing will be its Annual Report on Form 10-K for the fiscal year ending May 31, 2000. The Form 10, as well as the Company's reports filed in the future, is available at the Edgar database maintained at the SEC's website.

The Credit Store also said that, as a result of the SEC's review, the Company has modified its accounting policy regarding the recognition of "scrubbing costs" (which are costs incurred to prepare acquired portfolios of non-performing consumer debt for marketing by the Company). Previously, the Company included scrubbing costs as a cost of the acquired portfolio and recovered these costs over time according to the cost recovery method of accounting. The Company has revised its financials to expense these scrubbing costs as incurred. The effect in previously reported financial data is to increase net income for fiscal year 1999 and increase the losses for fiscal years 1997 and 1998. Results for fiscal 1997, 1998, 1999 and the first six months fiscal 2000 are as follows:

                                   6 months ended
                              11/30/99       11/30/98
                              -----------------------

Net Income (Loss)
 Prior to Adjustment          $493,625       $418,864

Net Adjustment                $32,916        $254,377

Net Income (Loss)
 As Adjusted                  $526,541       $673,241

Net Income (Loss)
 Applicable to Common
 Shareholders, as
 Adjusted                     $(473,459)     $(126,758)

Comprehensive Income
 (Loss)as Adjusted            $(1,970,607)   $1,457,589


                                  Fiscal year ended May 31
                         1999           1998           1997
                         -------------------------------------------


Net Income (Loss)

 Prior to Adjustment     $3,633,697     $(29,151,330)  $(14,246,259)


Net Adjustment           $241,983       $(293,701)     $(159,296)



Net Income (Loss)

 As Adjusted             $3,875,680     $(29,445,031)  $(14,405,555)


Net Income (Loss)

 Applicable to Common

 Shareholders, as

 Adjusted                $2,075,681     $(29,845,027)  $(14,412,952)


Comprehensive Income

 (Loss)as Adjusted       $6,372,828     $(29,445,031)  $(14,405,555)

The Company said that the change will primarily affect periods of increased portfolio acquisitions, during which scrubbing costs will be expensed in the quarter in which they occur, rather than being recognized over time through cost recovery.

Martin J. Burke III, Chairman and Chief Executive Officer, said: "We are happy to have successfully completed the registration of our common stock on Form 10 and to be a fully reporting public company. This is great news for our shareholders who will benefit from the detailed information on The Credit Store that will now be publicly available. It also paves the way for re-listing the Company's common stock on the OTC Electronic Bulletin Board. We encourage shareholders to read the Form 10 in detail, which describes our business, our industry, and our financial results."

The Credit Store, Inc. is a technology based, financial services company that provides credit card products to consumers who may otherwise fail to qualify for a traditional unsecured bank credit card. The Company reaches these consumers by acquiring portfolios of non-performing consumer receivables and offering a new credit card to those consumers who agree to pay all or a portion of the outstanding amount due on their debt. The new card is issued with an initial balance and credit line equal to the agreed repayment amount. After appropriate seasoning, the Company seeks to sell or securitize the credit card receivables generated by this business strategy.

This press release contains certain forward-looking statements related to re-listing of the Company's common stock on the OTC Electronic Bulletin Board and other matters that involve risk and uncertainties. Listing on the OTC Electronic Bulletin Board is dependent upon market makers applying for such re-listing and upon the NASD approving such re-listing, which events are beyond the Company's control. If the Company's market makers were to stop making a market, or were to not apply for re-listing, the liquidity in the market for the Company's common stock would be substantially affected. In addition, future trends or results may differ materially from those discussed in this press release. Factors that could cause or contribute to such differences include, but are not limited to, risk and uncertainties related to the need for additional funds, the rapid growth of operations, the ability of the Company to operate profitably after the initial growth period is complete, historic and future default and delinquency rates and losses, the market for and market value of the Company's credit card receivables, the competitive environment and other risks. Investors are encouraged to review the factors described from time to time in the Company's reports on file with the Securities and Exchange Commission, including but not limited to the Company's Amended Registration Statement on Form 10 filed April 5, 2000.