The Credit Store Completes Its First Asset Sale; Sale Marks Milestone in Company's Business Plan

Business Wire, July 8, 1998

SIOUX FALLS, S.D.--(BUSINESS WIRE)--July 8, 1998--

Company Also Signs Credit-Card Issuing Agreement with BestBank of Colorado

The Credit Store, Inc. (EBB: PLCR) announced today that it had completed a $5 million sale of seasoned, performing consumer credit-card receivables to BestBank of Boulder, Colorado.

The performing credit-card receivables sold were generated by The Credit Store's principal business activity, which is acquiring charged-off consumer debt and converting into new unsecured credit-card receivables. The sale of receivables to BestBank marks The Credit Store's first asset sale since the Company began current business operations in Oct., 1996. The Credit Store said it will continue to service the portfolio purchased by BestBank. In addition, The Credit Store said it signed a three-year agreement through which BestBank will issue MasterCard and VISA credit cards for The Credit Store.

The Credit Store Inc. is a nationwide financial services company that markets credit cards to consumer who previously had an interruption in repayment of their debts and may be excluded from the more traditional sources of consumer finance. The Company uses sophisticated methods to analyze, value and purchase portfolios of non-performing consumer debt from major financial institutional lenders at substantial discounts. The Company then uses its direct marketing expertise to contact and negotiate settlements with the consumer, most of the time placing settlement on the new unsecured credit cards. The Company offers an innovative and practical way for the consumer to rebuild their creditworthiness and gain access to an unsecured credit card.

Credit Store Inc.'s stock trades on the Electronic Bulletin Board under the symbol "PLCR."

This press release contains forward-looking statements that involve uncertainties, including, but not limited to, risks and uncertainties related to financing, timing and management of growth, historic and future default and delinquency rates and losses, the market for and the market value of the Company's credit card receivables, the competitive environment and other risks. Future trends and results may differ materially from disclosures contained in this release.

    CONTACT: Clark & Weinstock
              Gary Ginsberg or Gene Donati, 212/953-2550