AACE Ace Cash Express

ACE Cash Express Increases Bank Credit Facility, Improves Pricing and Extends the Maturity Date DALLAS, Aug. 2 /PRNewswire-FirstCall/ -- ACE Cash Express, Inc. (NASDAQ:AACE) today announced that it has amended its existing bank facility to, among other things, extend the maturity date, increase the facility size and improve pricing. The new facility became effective on July 30, 2004. Under the amended bank facility the new commitments increase total availability from $175 million to $200 million, including a $140 million working capital facility and a $60 million seasonal facility available during each tax season, and the maturity date is extended from March 31, 2006 to June 30, 2008. The increased capacity will provide additional capital and enhance ACE's ability to execute its growth strategy of opening new stores and opportunistically pursuing acquisitions. The pricing on the facility, based upon the company's leverage ratio, was also reduced to LIBOR plus 225 basis points from LIBOR plus 300 basis points. William S. McCalmont, executive vice president & chief financial officer commented, "We are pleased to complete this amendment of our bank facility and we believe the additional capacity and improved pricing reflects the confidence that our bank group has in ACE. In addition to our recently completed equity offering this represents another key step that we have taken to strengthen our capital structure and increase our financial flexibility as we expand the ACE network and our service offerings." Wells Fargo Bank is the Administrative Agent and Co-Lead Arranger, JPMorgan Chase Bank is the Syndication Agent and Co-Lead Arranger, US Bank, Bank of America, and Union Bank of California are the Co-Documentation Agents and KeyBank is the Senior Managing Agent. Other lenders in the facility include First American Bank, Southwest Bank of Texas, The Bank of Nova Scotia, National City Bank, Texas Capital Bank and RZB Finance. About the Company ACE Cash Express, Inc. is a leading retailer of financial services, including check cashing, short-term consumer loan and bill payment services, and the largest owner, operator and franchisor of check cashing stores in the United States. As of March 31, 2004, the Company had a network of 1,203 stores in 36 states and the District of Columbia, consisting of 988 company- owned stores and 215 franchised stores. The Company focuses on serving unbanked and underbanked consumers, many of whom seek alternatives to traditional banking relationships in order to gain convenient and immediate access to check cashing services and short-term consumer loans. The Company's website is found at http://www.acecashexpress.com/ . Forward Looking Statements This release contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are generally identified by the use of words such as "expect," "anticipate," "estimate," "believe," "intend," "plan," "target," "goal," "should," "would," and terms with similar meanings. Although the Company believes that the current views and expectations reflected in these forward-looking statements are reasonable, these views and expectations, and the related statements, are inherently subject to risks, uncertainties, and other factors, many of which are not under the Company's control and may not even be predictable. Any inaccuracy in the assumptions, as well as those risks, uncertainties and other factors, could cause the actual results to differ materially from these in the forward-looking statements. These risks, uncertainties, and factors include, but are not limited to, matters described in the Company's reports filed with the Securities and Exchange Commission, such as: -- the Company's relationships with Republic Bank & Trust Company, with Travelers Express and its affiliates, with its bank lenders, and with H&R Block; -- the Company's relationships with providers of services or products offered by the Company or property used in its operations; -- federal and state governmental regulation of check cashing, short- term consumer lending and related financial services businesses; -- any litigation regarding the Company's short-term consumer lending activities; -- theft and employee errors; -- the availability of adequate financing, suitable locations, acquisition opportunities and experienced management employees to implement the Company's growth strategy; -- increases in interest rates, which would increase the Company's borrowing costs; -- the fragmentation of the check cashing industry and competition from various other sources, such as banks, savings and loans, short-term consumer lenders, and other similar financial services entities, as well as retail businesses that offer services offered by the Company; -- the terms and performance of third-party services offered at the Company's stores; and -- customer demand and response to services offered at the Company's stores. The Company expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in the Company's views or expectations, or otherwise. The Company makes no prediction or statement about the performance of its Common Stock. DATASOURCE: ACE Cash Express, Inc. CONTACT: William S. McCalmont, Executive Vice President & CFO, +1-972-753-2314, or , or Michael J. Briskey, Senior Vice President & Treasurer, +1-972-753-2342, or , both of ACE Cash Express, Inc. Web site: http://www.acecashexpress.com/

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