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<ACCESSION-NUMBER>0000950134-03-007791
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20030513
<ITEMS>7
<ITEMS>9
<FILING-DATE>20030514
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ACE CASH EXPRESS INC/TX
<CIK>0000849116
<ASSIGNED-SIC>6099
<IRS-NUMBER>752142963
<STATE-OF-INCORPORATION>TX
<FISCAL-YEAR-END>0630
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-20774
<FILM-NUMBER>03696683
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1231 GREENWAY DR STE 800
<CITY>IRVING
<STATE>TX
<ZIP>75038
<PHONE>2145505000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1231 GREENWAY DR #800
<CITY>IRVING
<STATE>TX
<ZIP>75038
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ACE CASH EXPRESS INC
<DATE-CHANGED>19921016
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
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<FILENAME>d05913e8vk.htm
<DESCRIPTION>FORM 8-K
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<P align="center"><FONT size="4"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</FONT>

<br><FONT size="3">Washington, D.C. 20549
</FONT>
<P align="center"><FONT size="5"><B>FORM 8-K</B>
</FONT>

<P align="center"><FONT size="2"><B>CURRENT REPORT</B><BR>
Pursuant to Section&nbsp;13 or 15(d) of the Securities<BR>
Exchange Act of 1934
</FONT>
<P align="center"><FONT size="2"><B>May&nbsp;13, 2003</B><BR>
(Date of earliest event reported)
</FONT>
<P align="center"><FONT size="6"><B>ACE CASH EXPRESS, INC.</B>
</FONT>

<br><FONT size="2">(Exact name of registrant as specified in its charter)
</FONT>
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    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>Texas</B><BR>
(State or other jurisdiction of<BR>
incorporation)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>0-20774</B><BR>
(Commission file number)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><B>75-2142963</B><BR>
(I.R.S. employer<BR>
identification no.)</FONT></TD>
</TR>
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<P align="center"><FONT size="2"><B>1231 Greenway Drive, Suite&nbsp;600<BR>
Irving, Texas 75038</B><BR>
(Address of principal executive offices)
</FONT>
<P align="center"><FONT size="2"><B>(972)&nbsp;550-5000</B><BR>
(Registrant&#146;s telephone number,<BR>
including area code)
</FONT>
<P align="center"><FONT size="2"><B>Not Applicable</B><BR>
(Former Name or Former Address,<BR>
if Changed Since Last Report)
</FONT>
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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;7. Financial Statements and Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;9. Regulation&nbsp;FD Disclosure</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="d05913exv99w1.htm">EX-99.1 Press Release</A></TD></TR>
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<!-- link2 "Item&nbsp;7. Financial Statements and Exhibits." -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;7. Financial Statements and Exhibits.</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; Exhibits.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit&nbsp;99.1 Press release dated May&nbsp;13, 2003.
</FONT>

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<P><FONT size="2"><B>Item&nbsp;9. Regulation&nbsp;FD Disclosure (Information provided pursuant to Item&nbsp;12,
&#147;Results of Operations and Financial Condition&#148; in accordance with SEC Release
No.&nbsp;34-47583).</B>
</FONT>
<P><FONT size="2">On May&nbsp;13, 2003, Ace Cash Express, Inc. issued a press release announcing that it has:
</FONT>
<P>
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    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">entered into a settlement agreement to resolve claims asserted against it regarding
the former offering of Goleta National Bank short-term loans at its stores; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">established a $5&nbsp;million reserve in its financial statements for its third fiscal
quarter ended March&nbsp;31, 2003 and, accordingly, incurred a one-time charge, net of
tax, of $3&nbsp;million for that quarter.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">A copy of the press release is Exhibit&nbsp;99.1 to this report.
</FONT>
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<DIV align="left"><A NAME="002"></A></DIV>
<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P><FONT size="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
</FONT>
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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="2"><B>ACE CASH EXPRESS, INC</B></FONT></TD>
</TR>

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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom">
    <TD valign="top"><FONT size="2">Dated: May&nbsp;13, 2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">/s/ MICHAEL J. BRISKEY</FONT></TD>
</TR>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Michael J. Briskey</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Vice President of Finance and</FONT></TD>
</TR>

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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Interim Chief Financial Officer</FONT></TD>
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<P align="center"><FONT size="2">2</FONT>
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<P align="center"><FONT size="2"><B>EXHIBIT INDEX</B>
</FONT>

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    <TD nowrap align="center"><FONT size="1"><B>Exhibit No.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Press release dated May&nbsp;13, 2003.</FONT></TD>
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<P align="right"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
EXHIBIT 99.1
</FONT>
<P align="left"><FONT size="2"><B>FOR IMMEDIATE RELEASE</B>
</FONT>

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    <TD valign="top"><FONT size="2"><B><I>Contacts:</I></B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Eric Norrington, 972/550-5032</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"><B>Darla Ashby, 972/550-5037</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<I>Vice President of Communications</I>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"><I>Director of Public Affairs</I></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
enorrington@acecashexpress.com
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">dashby@acecashexpress.com</FONT></TD>
</TR>
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<P align="center"><FONT size="2"><B>ACE CASH EXPRESS AGREES TO SETTLE<BR>
SHORT-TERM LOAN LAWSUIT<BR>
Settlement Will Resolve Pending Goleta National Bank Loan-Related Lawsuits<BR>
Reserve Established for Settlement in Third-Quarter Financial Statements</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DALLAS, May&nbsp;13, 2003&#151;ACE Cash Express, Inc. (NASDAQ:AACE), the nation&#146;s
largest check-cashing chain and a significant provider of related retail
financial services, announced today that it has entered into a settlement
agreement to resolve, on a nationwide basis, claims asserted against it
regarding the former offering of the Goleta National Bank (GNB)&nbsp;short-term
loans at its stores. The agreement was entered into regarding the purported
nationwide class-action lawsuit, <I>Purdie v. ACE Cash Express, Inc. and Goleta
National Bank, </I>pending in the U.S. District Court in Dallas, Texas, and is
subject to that court&#146;s approval. If approved, the settlement will result in
the release of substantially all of the claims of former borrowers of the
GNB-loan-related lawsuits pending against the Company.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Resolving these issues is critical for ACE to remain focused on its
customers and the growth of the company,&#148; stated Donald Neustadt, chief
executive officer of ACE. &#147;We weighed the alternatives and believe the
settlement is the right decision for ACE and our shareholders to significantly
reduce the future distractions and costs of the settled lawsuits. This
settlement will enable us to operate with less risk and more stability.&#148;
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The settlement addresses substantially all of the short-term, or &#147;payday,&#148;
loans made by GNB nationwide through its relationship with ACE. Under the
settlement, all persons who obtained those loans and do not affirmatively act
to exclude themselves from the settlement will release ACE and Goleta from all
liability in connection with those loans. In exchange, ACE will discontinue
further collection efforts on all unpaid GNB loans; will refund to any borrower
who
</FONT>
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<P><FONT size="2"> has paid all of his or her loans in full and who timely submits a claim,
an amount in cash equal to a percentage of the finance charges paid by such
borrower, but not less than $7.50 or more than $45.00; and will abide by
certain restrictions on its short-term lending activities for up to two years
after final court approval of the settlement. If the total payments to former
borrowers and certain other costs relating to the settlement are less than $2.5
million, ACE will pay the difference to certain consumer advocacy
organizations. In addition, ACE will pay up to $2.1&nbsp;million to attorneys
representing the plaintiffs in <I>Purdie </I>and certain other GNB-loan-related
lawsuits and will bear all notice and administrative costs in connection with
the settlement.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Over the past 18&nbsp;months, we have been working to resolve all of our
GNB-loan-related legal and regulatory matters in the most expeditious manner
possible,&#148; stated Jay B. Shipowitz, president and chief operating officer of
ACE. &#147;We are pleased with the settlement terms. We just finished up a strong
third quarter, with our operations continuing to improve. Upon approval of this
settlement, most of these legal and regulatory issues will be behind us, and we
will be able to more fully concentrate on growing our business and continuing
to meet the needs of our customers.&#148;
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on its estimate of anticipated claims from borrowers and
administrative and related costs, ACE has established a $5&nbsp;million reserve in
the financial statements for the third fiscal quarter. In establishing this
reserve, ACE has incurred a one-time charge, net of tax, of $3&nbsp;million, or 29
cents per share, for the third quarter.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms of the settlement and the settlement agreement are subject to
the <I>Purdie </I>court&#146;s approval, which the parties to the settlement have agreed to
seek as soon as practicable.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Though ACE is reserving $5&nbsp;million, it is also pursuing a lawsuit filed
against two insurers that issued errors and omissions policies in favor of ACE,
one effective during the 2000 calendar year and the other effective during the
2001 calendar year. ACE claims in this lawsuit that these policies provided
coverage for the defense costs and any settlement payments in connection with
the GNB-loan-related lawsuits. Though ACE intends to continue to pursue its
claims against the
</FONT>
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<P><FONT size="2"> insurers, ACE&#146;s third-quarter financial statements do not reflect any
potential recovery from this lawsuit.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company previously announced diluted earnings per share of 55 cents
for its third fiscal quarter ended March&nbsp;31, 2003 and diluted estimated
earnings per share of between $1.19 and $1.21 for fiscal 2003, in each case
excluding the potential impact of any settlement of litigation. The settlement
and litigation-related expenses will require the Company to reduce its diluted
earnings per share to 26 cents for its third fiscal quarter and its estimate of
diluted earnings per share to between 90 cents and 92 cents for its 2003 fiscal
year.
</FONT>
<P align="left"><FONT size="2"><B>Forward-looking Statements</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The statements made above in this release contain certain &#147;forward-looking
statements&#148; within the meaning of Section&nbsp;27A of the Securities Act of 1933, as
amended, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended.
These statements are generally identified by the use of words such as &#147;expect,&#148;
&#147;anticipate,&#148; &#147;estimate,&#148; &#147;believe,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;should,&#148; &#147;would,&#148; and
terms with similar meanings.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#146;s management
and are inherently subject to risks, uncertainties, and other factors, many of
which are not under ACE&#146;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. Those risks, uncertainties, and
factors include, but are not limited to: the possibility that the <I>Purdie </I>court
will disapprove the settlement or that the settlement will not be implemented;
the matters described in ACE&#146;s Annual Report on Form&nbsp;10-K for its fiscal year
ended June&nbsp;30, 2002, and its other public filings; ACE&#146;s relationships with
Travelers Express Company, Inc. and its affiliates, with H&#038;R Block, with ACE&#146;s
bank lenders, and with American Capital Strategies, Ltd.; ACE&#146;s relationships
with third-party providers of products and services offered by ACE or property
used in ACE&#146;s operations; federal and state governmental regulation of
check-cashing, short-term consumer lending, and related financial
</FONT>
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<P><FONT size="2"> services businesses; the results of litigation regarding short-term
consumer lending activities; theft and employee errors; the availability of
adequate financing, suitable locations, acquisition opportunities and
experienced management employees to implement the ACE&#146;s growth strategy;
increases in interest rates, which would increase ACE&#146;s borrowing costs; the
fragmentation of the check-cashing industry and competition from various other
sources, such as banks, savings and loans, short-term consumer lenders, and
other similar financial services entities, as well as retail businesses that
offer products and services offered by ACE; the terms and performance of
third-party products and services offered at ACE locations; and customer demand
and response to products and services offered at ACE locations.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#146;s views or expectations, or otherwise.
ACE makes no prediction or statement about the performance of ACE&#146;s Common
Stock.
</FONT>
<P align="left"><FONT size="2">About ACE Cash Express, Inc.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 has a total network of 1,170 stores,
consisting of 974 company-owned stores and 196 franchised stores in 35 states
and the District of Columbia. ACE also maintains automatic check-cashing
machines, which provide financial services without the need for a service
associate, at 22 company-owned stores and, during the tax season, at more than
200 H&#038;R Block retail offices. ACE offers a broad range of check-cashing and
other consumer financial services and is one of the largest providers of
MoneyGram wire transfer transactions. In addition, ACE 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&#146;s website is found at
www.acecashexpress.com.
</FONT>
<P align="center"><FONT size="2">####
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