New Contract Accelerates Expansion of Hertford's UK Cheque-Cashing Network

4 juni 2009 New Contract Accelerates Expansion of Hertford's UK Cheque-Cashing Network Key Points: * Contract with Money Transfer International Limited ("MTI") to expand Hertford's existing third-party cheque-cashing network by up to 25% * Cheque Exchange Limited ("CEL") to initially provide cheque-cashing services throughout circa twenty pre-selected UK locations Hertford International Group Plc (AIM: HIG), a provider of personal financial products and services, is pleased to announce it has entered into a contract with Money Transfer International Limited ("MTI") to offer Hertford's third-party cheque-cashing services in the United Kingdom across their retail network, with the potential to expand Hertford's existing cheque-cashing network by up to 25%. This contract is for a minimum period of three years and then subject to twelve months notice, and will see Hertford's wholly owned subsidiary, Cheque Exchange Limited ("CEL"), provide cheque cashing initially through around twenty pre-selected locations scheduled to commence during the next few weeks, with an ongoing roll-out across MTI's two hundred plus agents, targeting ten retail outlets per month thereafter until December 2010. Since Hertford's acquisition of Cheque Exchange earlier this year, organic growth has led to a near 15% increase in the network size, and with the commencement of the new partnership with MTI the Company now expects the total expansion of the network to be close to 50% by year end. This is a strong step towards Hertford's strategy of rapid network expansion through B2B initiatives. Third-party cheque-cashing will also be part of MTI's offering as it continues adding new locations to its MoneyGram® network, enabling MTI to further differentiate itself from other money transfer super-agents when looking to secure new locations. CEL will provide all of the relevant support functions from its centralised processing centre in Dewsbury, Yorkshire. Around one million people in the UK use third-party cheque cashing outlets each year, cashing a total of over three million cheques. CEL currently processes approximately 150,000 cheques annually, giving Hertford just over four per cent market share in the UK. The new agreement targets a large and established retail network, providing Hertford with the opportunity to significantly increase its market share. Lewis Findlay, Chief Executive of Hertford, commented; "This contract provides Hertford with the opportunity to build on its acquisition of CEL completed in January of this year, by leveraging the expertise gained from over fifteen years delivering our third-party cheque cashing service. Our stated ambition was to significantly increase our share of the UK cheque cashing market, and now we can look forward to working closely with MTI, who themselves also have strong proven credentials as a provider of financial services." James Nicholson, Chief Executive of MTI, commented; "We are delighted to be working with Hertford, and believe that they are an ideal partner for the provision of cheque-cashing services across our network. This is a natural product to complement our current offering, which I am sure will prove mutually beneficial to both our companies, and we look forward to growing this relationship over the coming years" Money Transfer International (UK) Limited ("MTI") is a limited company that is an authorized super-agent of MoneyGram® in the UK and the Republic of Ireland, offering through its network of Sub-representatives across the UK and Ireland, MoneyGram® money remittance services. -Ends- For further information please visit www.higplc.com or contact: Hertford International Group Plc Paul Marks - Non-Executive Chairman Tel: +44 (0) 20 3178 4440 Lewis Findlay - Chief Executive Arbuthnot Securities Katie Shelton Tel: +44 (0) 20 7012 2000 Nick Tulloch Bishopsgate Communications Tel: +44 (0) 20 7562 3350 Maxine Barnes Robyn Samuelson Notes to Editors: Hertford was admitted to the AIM market in December 2007 with a strategy to provide financial services to primarily those people who are not able to access a traditional bank account (the "unbanked"). Hertford owns 100 per cent. of CrewCard Network ("CCN"), a marketer of prepaid debit card programmes targeted at a number of high growth niche markets, including those people without a bank account. CCN's business model is to develop several complementary brands, develop its own distribution network, and build an ongoing relationship with its card users, which will enable it to sell additional products and services. As part of this strategy, Hertford completed the acquisition of Cheque Exchange Limited ("CEL") from Provident Financial Plc in January 2009. CEL is the super agent for MoneyGram and is a profitable cheque cashing and money remittance business. This acquisition provided Hertford with an established operational infrastructure, a sales force, and positive cash-flow on which to grow the business and fulfil the vision of Hertford. ---END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.