AACE Ace Cash Express

ACE Cash Express Announces Approval By Court of Settlement of Short-Term Loan Lawsuit DALLAS, Dec. 15 /PRNewswire-FirstCall/ -- ACE Cash Express, Inc. announced today that the U. S. District Court in Dallas, Texas has approved the settlement agreement ACE signed on May 13, 2003, regarding the nationwide class-action lawsuit Purdie v. ACE Cash Express, Inc. and Goleta National Bank. The settlement agreement provides for the release of substantially all of the claims that were asserted or could have been asserted in the Purdie lawsuit and/or in other pending lawsuits against ACE regarding the former offering of Goleta National Bank (GNB) short-term loans at ACE stores. The settlement agreement provides that within 60 days of the lapse of the period for filing an appeal of the court's approval order, ACE must pay certain amounts and must begin to comply with other, continuing obligations under the settlement agreement, the terms of which have most recently been described in ACE's Form 10-K filed with the Securities and Exchange Commission on September 26, 2003. ACE established a reserve in the third quarter of fiscal 2003 and most of the expected payments have been funded by $4.7 million paid by two insurers. 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 ACE believes that the current views and expectations reflected in these forward-looking statements are reasonable, those views and expectations, and the related statements, are based on the assumptions of ACE's management and are inherently subject to risks, uncertainties, and other factors, many of which are not under ACE'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 those projected in the forward-looking statements. There is a risk that the order approving the Purdie settlement agreement will be appealed and that, if appealed, the approval order will be reversed. Other risks, uncertainties, and factors bearing upon ACE, its financial condition and its financial results include, but are not limited to, matters described in ACE's reports filed with the Securities and Exchange Commission, such as: -- Competition within the check-cashing industry as well as from banks, saving and loans, short-term consumer lenders, and other similar financial services entities and from other retail businesses that offer products and services offered by ACE; -- Maintenance of relationships with providers of financing for ACE and with key providers of products and services either offered by ACE to its customers or used by ACE in its business; -- Changes in laws, regulations or accounting standards and decisions or actions taken by courts, regulators and governmental authorities; -- Availability of financing, suitable locations, acquisition opportunities and experienced management to implement ACE's growth strategy; -- Increases in interest rates, which would increase ACE's borrowing costs; -- Lawsuits and regulatory proceedings and their respective results, including settlements. ACE does not assume, but expressly disclaims, any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in ACE's views or expectations, or otherwise. ACE makes no prediction or statement about the performance of ACE's Common Stock. About the Company ACE Cash Express, Inc. is headquartered in Irving, Texas and is the largest owner, operator and franchiser of check-cashing stores in the United States. Founded in 1968, the Company had a total network of 1,174 stores, consisting of 968 company-owned stores and 206 franchised stores in 36 states and the District of Columbia as of September 30, 2003. ACE also operates self-service machines, which provide check-cashing or other financial services without the need for a service associate, at 20 company-owned store locations, 22 third-party bill-payment locations, and, during the tax season, ACE plans to place approximately 220 machines at H&R Block retail offices. ACE offers a broad range of check-cashing and other consumer financial services. ACE is one of the largest providers of MoneyGram wire transfer transactions, and it offers money orders, bill payment services, and prepaid local and long distance telecommunication services. Small, short-term consumer loans are also available to customers at various ACE company-owned stores. The Company's website is found at http://www.acecashexpress.com/ . DATASOURCE: ACE Cash Express, Inc. CONTACT: Eric Norrington, Vice President of Communications, +1-972-550-5032, or , or Darla Ashby, Director of Public Affairs, +1-972-550-5037, or , both of ACE Cash Express, Inc. Web site: http://www.acecashexpress.com/

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