Western Capital Resources Inc. Announces Progress on Title Loan Rollout

COUNCIL BLUFFS, Iowa--(BUSINESS WIRE)--Western Capital Resources, Inc. (OTC: WCRS), today announced further progress on its product expansion strategy. Following the acquisition of five National Cash & Credit stores at the end of February, the Company has successfully extended National Cash’s title loan product to an additional ten stores. The Company believes it has the opportunity to offer title loans in approximately 30 of its existing 66 stores.

Chris Larson, President and Chief Executive Officer of Western Capital Resources, Inc. stated, “We are making steady progress on our expansion strategy by not only growing our store footprint through strategic acquisitions in key markets, but also expanding our product portfolio to include title loans in approximately half of our addressable store base. Title loans are an attractive addition to our product offering for both our Company and our customers as they offer lower collection risk, low loan to value and face fewer regulatory headwinds than payday loans. We will continue to seek to enhance our growth profile and diversify our sources of revenue by both expanding our product offerings and looking for attractive acquisition opportunities in key markets that we expect to provide strong cash flows and increase shareholder value.”

Title loans generally range from $500 to $20,000, and are secured by a clear title on a customer’s vehicle. Service charges on title loans per advance are typically 15% for 30 days, with terms ranging from 5 to 31 days on average, similar to payday loans.

As previously announced, Western Capital has completed several acquisitions in 2008 which have grown the Company’s store base by a total of fourteen stores. Most recently, the Company purchased four payday loan and check cashing stores and an online lending website from STEN Credit Corporation, effective July 31, 2008. Three of these stores acquired are located in Salt Lake City, Utah and one store is located in Tempe, Arizona.

On February 26, 2008, the Company closed the acquisition of National Cash & Credit, which operates five payday and title consumer loan stores in Phoenix, Arizona. Prior to the acquisition of National Cash & Credit, the Company completed the acquisition of five stores previously operating under the Americash name, which offer payday advance loans in Fargo, Grand Forks, Bismarck and Minot, North Dakota.

As of August 25, Western Capital Resources now operates 66 stores in eleven states.

About Western Capital Resources, Inc.

Headquartered in Council Bluffs, Iowa, Western Capital Resources, Inc. operates 62 Wyoming Financial Lenders and National Cash & Credit stores in eleven states, including Nebraska, Iowa, North Dakota, South Dakota, Wyoming, Montana, Kansas, Colorado, Wisconsin, Utah and Arizona as of June 30, 2008. The Company provides retail financial services to customers including non-recourse cash advance loans, typically ranging from $100 to $500, in addition to ancillary consumer financial products and services that are complementary to the payday-lending business, such as check-cashing services, money transfers and money orders. Western Capital Resources is an over-the-counter bulletin board-listed company.

Forward-Looking Statements

This press release may contain forward-looking statements, including the Company’s beliefs about its business prospects and future results of operations. These statements involve risks and uncertainties. Among the important additional factors that could cause actual results to differ materially from those forward-looking statements are risks associated with the overall economic environment, the successful execution of the Company’s plan of operation, changes in the Company’s anticipated earnings, continuation of current contracts, gaming and other applicable regulations, and other factors detailed in the Company’s filings with the Securities and Exchange Commission, including its most recent Forms 10K and 10Q. In addition, the factors underlying Company forecasts are dynamic and subject to change and therefore those forecasts speak only as of the date they are given. The Company does not undertake to update any forecasts that it may make available to the investing public.