Rentcash Inc. (RCS.V) announces that it closed today a non-brokered private placement of 1,585,000 Common Shares at a price of $1.00 per share for aggregate gross proceeds of $1,585,000.

Proceeds from the proposed private placement will be used for new store expansion and working capital. The Common Shares issued pursuant to the private placement are subject to a four-month hold period that expires September 3, 2003.

Rentcash Inc. operates under two store banners: Insta-rent and The Cash Store.

Insta-rent rents brand name furniture, appliances, electronics and computers, with or without an option to purchase. The Cash Store acts as broker to facilitate short-term payday and title loans to income earning consumers. The Company's overall store count stands at 60 stores, comprised of 47 Cash Stores and 13 Insta-rent outlets.