AUSTIN, TX (July 8, 2008) — NetSpend Corporation, one of the leading providers of prepaid debit cards in the United States, and ACE Cash Express, Inc., the largest owner, operator and franchisor of check cashing stores in the United States, today announced the extension of their agreement for ACE's distribution of NetSpend prepaid debit cards for an additional seven years. Under the terms of the agreement, Irving, Texas-based ACE Cash Express will continue to be an exclusive distributor of general purpose reloadable and gift cards developed, marketed and processed by NetSpend as an agent of Meta Bank, the issuer of the cards.
The new contract builds on a six-year relationship between the two companies. Since early 2002, ACE Cash Express has sold over 1.6 million NetSpend general purpose reloadable debit cards.
"ACE Cash Express has proven to be of tremendous value to us over the years," said Daniel R. Henry, chief executive officer of NetSpend. "They have played a key role in helping us expand our suite of services and innovate new products. We look forward to continuing our long-standing partnership with ACE and providing the best quality financial services and choices to the underbanked community."
"The alliance between ACE Cash Express and NetSpend combines the strengths of both of our companies," said Jay Shipowitz, chief executive officer of ACE Cash Express. "By committing to seven more years with a leading prepaid provider like NetSpend, ACE will continue distributing this high-quality financial product through our store network to meet the evolving financial needs of our customers."
About NetSpend Corporation
NetSpend Corporation is one of the leading providers of prepaid debit cards in the United States. A pioneer in the industry since its inception in 1999, NetSpend prepaid debit cards give financial freedom and convenience to the more than 100 million underbanked consumers in the United States. NetSpend is the only company in the prepaid debit industry to offer an end-to-end solution for consumers and merchants with a proprietary processing platform, card fulfillment, customer service and risk management capabilities. More information about the company can be found at http://www.netspend.com or by following the company on Facebook or Twitter.
About Ace Cash Express, Inc.
ACE Cash Express, Inc. is a leading retailer of financial services, including short-term consumer loans, check cashing, and bill payment and prepaid debit card services, and the largest owner and operator of check cashing stores in the United States and the second largest owner and operator of short-term consumer loan stores in the United States. As of May 1, 2008, ACE had a network of 1,792 stores in 38 states and the District of Columbia, consisting of 1694 company-owned stores and 98 franchised stores. ACE focuses on serving consumers, many of whom seek alternatives to traditional banking relationships in order to gain convenient and immediate access to financial services. For more information, visit www.acecashexpress.com.
About Meta Bank
MetaBank is a federally-chartered savings bank headquartered in Storm Lake, Iowa. Meta Financial Group, Inc.® is the bank holding company for MetaBank, MetaBank West Central, Meta Payment Systems®, and Meta Trust Company®. The Meta Payment Systems division of MetaBank based in Sioux Falls, South Dakota, serves banks, processors, and third party marketers by providing prepaid cards, credit cards, ACH origination, merchant acquiring, ATM sponsorship, and money transfer. Meta Financial Group is traded on the NASDAQ - Global Market: CASH. For more information, visit www.metacash.com.
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