Leisure Industries Corporation Launched As New Corporate Identity For Mego Financial Corp.; Stock Ticker Symbol Changes to LESR.

Business Editors

LAS VEGAS--(BUSINESS WIRE)--April 12, 2002

Mego Financial Corporation (Nasdaq: MEGO) today announced plans to launch a new corporate identity, including changing its name to Leisure Industries Corporation.

Effective April 15, 2002, the Company will change its stock ticker symbol to LESR (Nasdaq). The change of the Company's name from Mego Financial to Leisure Industries is subject to shareholder approval. The vote will take place at the Company's annual meeting.

As part of the new corporate identity, the Company also announced a new name, Leisure Homes Corporation, for its wholly owned subsidiary formerly known as Preferred Equities Corporation, that will focus on the Company's U.S. based vacation ownership operations and second home property sales. In addition, the Company also created Leisure Services Corporation, a wholly owned subsidiary dedicated to ensuring the highest industry standards in customer care and to providing travel services to its members.

"The new Leisure Industries identity supports our ongoing efforts to position the Company as a leader in the leisure and resort markets," said Floyd W. Kephart, Chairman and Chief Executive Officer of Leisure Industries. "Our new name is more demonstrative of our business and strategy and, along with the formation of Leisure Services, illustrates our focus on becoming a leading provider of resort and vacation solutions."

Leisure Industries is a developer and operator of vacation ownership resorts, developed and undeveloped real estate properties, and a provider of consumer financing to purchasers of leisure ownership interests and land parcels through its wholly owned subsidiary, Leisure Homes Corporation. Established in 1969, Leisure Industries is headquartered in Las Vegas, Nevada and has properties in Nevada, New Jersey, Colorado, Florida and Hawaii. On March 21, 2002, the Company announced that it had entered into a letter of intent to acquire Raintree Resorts International, a leading developer, marketer and operator of luxury, upscale vacation ownership resorts in North America with resorts in popular beachfront, mountain and golf destinations in the United States, Mexico and Canada. Raintree features upscale resort properties in Cancun, Los Cabos, Puerto Vallarta, Ixtapa and Acapulco, Mexico; Palm Springs, California; Las Vegas, Nevada; Kona, Hawaii; Jackson Hole, Wyoming and Whistler, British Columbia, Canada.

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward- looking statements involve known and unknown risks, uncertainties or other factors which may cause actual results, performance or achievements of Leisure Industries (Mego Financial) to be materially different from any future results, performance or achievements express or implied by such forward-looking statements. Factors that might cause such a difference, include, but are not limited to those discussed in the Management's Discussion and Analysis of Financial Condition and Results of Operations in Mego Financial's Annual Report on Form 10-K for the year ended August 31, 2001, and in the form 10-Q for the quarter ended November 30, 2001, and subsequent documents filed by Mego Financial Corp. with the Securities and Exchange Commission.