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Equitex Receives Extension Meet Nasdaq Requirement

As previously reported, the Company was notified in July 2002 that it had until January 14, 2003, to achieve compliance with the rule.

Also as previously reported, while a proposal to effect a one share for six shares reverse stock split was approved by the Company's stockholders at its annual meeting held December 27, 2002, the Company has not set a record date and has placed the proposed split on hold until further notice.

Specifically, the Company qualifies for the extension because it meets the initial listing requirements for The Nasdaq SmallCap Market under Marketplace Rule 4310(c)(2)(A) with stockholders equity of at least $5,000,000. As reported in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2002, the Company had stockholders equity of $10,707,796. Accordingly, the Company now has until July 14, 2003, to achieve compliance with the minimum bid price requirement by maintaining a closing bid price of $1.00 per share for a minimum of 10 consecutive trading days prior to that date.

Equitex, Inc. is a holding company operating through its wholly owned subsidiaries Nova Financial Systems and Key Financial Systems of Clearwater, Florida, and Chex Services of Minnetonka, Minnesota, as well as its majority owned subsidiary Denaris Corporation. Nova and Key service credit card products. Chex Services provides comprehensive cash access services to casinos and other gaming facilities. Denaris Corporation was recently formed to provide stored value card services.

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