|Equitex, Inc. has announced that its board of directors has given final authorization for the acquisition of Chex Services, Inc. Closing of the transaction is expected to take place on or before November 30, 2001.|
Chex Services is based in Minnetonka, Minnesota. The company provides comprehensive cash access services to casinos and other gaming facilities. The company’s total system allows casino patrons to access cash through check cashing, credit/debit card cash advances and automated teller machines and wire transfers.
President of Equitex, Henry Fong, commented, “Chex Services has built a solid business during the past ten years and currently has their operation in over 40 casinos and other gaming establishments across the United States. Not only does this acquisition further diversify our offerings as a financial services organization, but it also offers exciting synergies with our operations at Key Financial systems.”
President of Chex Services, James Welbourn, added, “Joining a financial services organization like Equitex provides an exciting new realm of opportunity for Chex Services to further implement our short-term and long-term goals. We intend to take full advantage of the experience and resources of Equitex and its principals which we think will prove invaluable as we work to expand our business.”