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CHECK EXPRESS REACHES AGREEMENT IN PRINCIPLE WITH CHECK-X-CHANGE CORPORATION

 TAMPA, Fla., July 29 /PRNewswire/ -- Check Express, Inc. (NASDAQ: CHXS) announced today that it has reached an agreement in principle with Check-X-Change Corporation to acquire all of that company's issued and outstanding shares of common stock in exchange for 350,000 shares of Check Express common stock.
 Consummation of the transaction, expected to be completed by Sept. 1, is subject to certain conditions, including the negotiation and execution of a definitive acquisition agreement and due diligence matters.
 The combination of the two companies will create the nation's second largest check cashing network.
 Privately held Check-X-Change, headquartered in Portland, Ore., is the nation's largest franchisor of retail check cashing locations with 92 centers in 17 states.
 Tampa-based Check Express currently operates 62 company-owned and franchised retail money centers in 14 states. The acquisition expands the company's locations into eight additional states.
 "We will realize a number of strategic benefits as a result of this acquisition," said Larry Lang, chief executive of Check Express. "In addition to providing us with a far greater national presence, certain economies of scale will allow us to reduce expenses while at the same time provide better support to franchisees and their customers."
 Senior management of Check-X-Change will remain in similar capacities upon completion of the acquisition.
 Check Express stores provide a range of services with primary emphasis on cashing checks for a fee. The company has developed a proprietary computerized check cashing system which allows it to cash most types of checks with minimal identification requirements and minimal bad check losses.
 Unlike many of its competitors, Check Express cashes personal checks, two-party checks, out-of-state checks, and checks for individuals with little or no identification. The system has historically enabled the company to keep bad check losses in company- operated stores to less than 0.15 percent (0.0015) of the face amount of checks cashed.
 On an unrelated matter, the company announced that recent increases in trading volume of its common stock is a result of the sale of approximately 435,000 shares by a former founder of the company who sold the stock to raise cash for other business interests.
 -0- 7/29/93
 /CONTACT: Larry Lang, CEO of Check Express, 813-289-2888/
 (CHXS)


CO: Check Express, Inc.; Check-X-Change Corporation ST: Florida, Oregon IN: REA SU: TNM

BN-BR -- AT005 -- 7186 07/29/93 10:01 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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