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Equitex Regains Compliance With Nasdaq Marketplace Rule

As previously reported in the Company's Quarterly Report on Form 10-Q, in November 2002, the Company was notified by The Nasdaq Stock Market that the issuance in March 2002 of 300,000 warrants to purchase common stock at $.50 per share to a director of the Company who is also an officer of a Company subsidiary, required stockholder approval. The warrants were exercised in March and April 2002. The Company has rescinded the transaction and approved the implementation of a new corporate policy for similar future transactions.

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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