Equitex Subsidiary Denaris Corp. Signs Stored Value Card Internet Marketing Agreement

Business Wire, Oct 4, 2004

ENGLEWOOD, Colo. & WEST PALM BEACH, Fla. -- Equitex, Inc. (NASDAQ:EQTX) announced today that its majority owned subsidiary, Denaris Corporation, has signed a marketing agreement with AmeriTech Advertising, Inc. ("AmeriTech") of Clearwater, Florida, to market Denaris' stored value card products via the internet. AmeriTech is an internet marketing company that maintains various databases and has relationships with other internet marketing companies to which it markets products via the internet. Under the terms of the agreement, AmeriTech will make Denaris' stored value products available to its customers through a hotlinked URL connection to a designated Denaris product website.

Denaris is a provider of branded and unbranded stored value card and payroll card services. Unbranded stored value cards, which can be used by anyone without a credit check or intrusive personal information, allow the customer to place funds on the card, without the use of a traditional bank account, that can be accessed at any ATM or through point-of-sale transactions wherever debit cards are accepted. Branded stored value cards allows the cardholder to place funds on the cards in a variety of methods whereby those funds can be accessed at ATMs and point-of-sale transactions wherever debit and credit cards are accepted throughout the world. They also provide a fast, easy and cost effective means of transferring funds to anyone, anywhere in the world where ATM's are available. Payroll cards are Branded stored value cards used by companies as a cost-effective way to pay employee wages eliminating the need for employee bank accounts or expensive paper check cashing fees.

Equitex, Inc. is a holding company operating through its majority owned publicly-traded subsidiary FastFunds Financial Corporation (OTC/BB:FFFC) of Minnetonka, Minnesota, as well as its majority owned subsidiary Denaris Corporation. FastFunds, through its operating subsidiary Chex Services, Inc., provides comprehensive cash access services to Native American and traditional casinos, other gaming facilities and retail establishments. Denaris was formed to provide stored value card services.

The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward- looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, factors detailed in Equitex's Securities and Exchange Commission filings; completion of due diligence, shareholder approval, regulatory approvals and certain other pre-closing conditions for all incomplete merger or acquisition transactions; financial results of potential merger candidates; economic downturns affecting the operations of Equitex its subsidiaries or companies proposed for merger or acquisition; the loss of contracts or failure to acquire new contracts; success of any legal actions; failure to successfully implement newly developed product lines including projected increases in revenues or earnings; the termination of previously announced acquisitions; delays or the inability to obtain regulatory approvals for previously announced acquisitions; the inability to initiate or complete any contemplated restructuring, offering, acquisition, disposition or other transaction; adverse financial performance by Equitex or any of its subsidiaries; failure to obtain or maintain regulatory approval for products and services offered by Equitex or its subsidiaries; adverse equity market conditions and declines in the value of Equitex common stock; and the unavailability of financing to complete management's plans and objectives. The forward-looking statements contained in this press release speak only as of the date hereof and Equitex disclaims any intent or obligation to update these forward-looking statements.