Credit Depot Acquires Residential Mortgage Broker/Lender; Expands Credit Depot's Retail Base

Business Wire, April 23, 1997

GAINESVILLE, Ga.--(BUSINESS WIRE)--April 23, 1997--Credit Depot Corporation (Nasdaq: LEND) today announced that it has completed the acquisition of privately-held Cash Back Mortgage Company ("Cash Back"), a subprime residential mortgage broker and lender located in Cleveland, Ohio and licensed to operate in several states.

Gerald F. Sullivan Sr., President and Chief Executive Officer, stated: "The acquisition of Cash Back, represents a unique opportunity to execute our strategy to acquire companies that are both synergistic with our core business and will help expand our business base. The operations of Credit Depot and Cash Back are highly complementary. With the addition of Cash Back's technology-based retail marketing operations, we will be able to leverage the strengths of our combined companies."

Alan Schiff and Alan Solomon, principals of Cash Back Mortgage Company, will continue to manage the company as a wholly owned subsidiary of Credit Depot. Messrs. Schiff and Solomon, stated: "We are pleased to join the Credit Depot team. This acquisition, which combines Credit Depot's underwriting strengths with Cash Back's sophisticated retail telemarketing capabilities, will enhance the already superior level of service that our combined companies provide to the mortgage broker community."

Credit Depot Corporation is a multi-state financial services Company that provides residential real estate financing to individuals unable to secure loans through conventional sources. The Company operates in 14 states. These loans are collateralized by mortgages, primarily on owner-occupied residential properties.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements in this press release regarding matters that are not statements of historical fact, including statements relating to plans, strategies, expectations and future economic results, are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Actual results may differ materially from the statements made, as a result of various factors, including risks associated with the Company's mortgage loan investments, such as the risks of defaults on mortgage loans, economic and other factors which impact real estate values and prevailing interest rates, the Company's ability to originate a sufficient volume of mortgage loans, the Company's ability to resell the mortgage loans in the secondary market, and other factors which are listed from time to time in the Company's Securities and Exchange Commission filings.

CONTACT: Gerald F. Sullivan/Charles Farrahar

Credit Depot Corporation

770/531-9927

or

Kehoe, White, Savage & Company, Inc.

John P. Kehoe/Van Negris

212/888-1616