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CREDIT STORE CLARIFIES PRIOR ANNOUNCEMENT REGARDING BURKE RESIGNATION
Sioux Falls, SD, September 27, 2000 - The Credit Store, Inc. (AMEX:CDS)
previously announced the resignation of Martin J. Burke, III as its Chairman and
CEO. Mr. Burke's resignation was the result of differences between Mr. Burke and
the Board of Directors. This announcement is intended to clarify a press release
of September 22, 2000.
The Credit Store, Inc. is a technology based financial services company that
provides unsecured credit card products to consumers who may otherwise fail to
qualify for a traditional unsecured bank credit card. The company reaches
consumers by acquiring portfolios of non-performing consumer receivables and
offering a new credit card to those consumers who agree to pay all or a portion
of the outstanding amount due on their debt. The new card is issued with an
initial balance and credit line equal to the agreed repayment amount. After
appropriate seasoning, the company seeks to sell or securitize the credit card
receivables generated by this business strategy.
For further information contact:
Steven Bruce
The Abernathy MacGregor Group
212.371.5999
