SOURCE: Cash Technologies, Inc.

September 16, 2008 18:17 ET

Cash Technologies, Inc. Announces Annual Results and $9.8 Million Extraordinary Gain

LOS ANGELES, CA--(Marketwire - September 16, 2008) - Cash Technologies, Inc. (AMEX: TQ) ("Cash Tech") announced today its fiscal 2008 results.


                      Cash Technologies, Inc.
                   Summary Selected Financial Data


Summary Balance Sheet                      MAY 31,             MAY 31,
(audited)                                   2008                2007
                                       --------------      --------------

Total Assets                           $   17,714,762      $   17,930,531

Total Liabilities                      $   10,075,748      $   11,275,642

Total Stockholders' Equity             $    7,761,655      $    6,753,528



Summary Statement of Operations        For The Twelve      For The Twelve
(audited)                               Months Ended        Months Ended,
                                        May 31, 2008        May 31, 2007
                                       --------------      --------------
Net Revenues                           $      336,615      $      313,946
Gross Profit (Loss)                            86,877            (110,335)

Net Income (Loss)*                     $     (800,052)     $   (3,065,247)

Basic and diluted Net
Income (Loss) per share                $        (0.04)     $        (0.14)


*Net Income for the twelve months ended May 31, 2008 includes a $9,818,183
extraordinary gain resulting from the acquisition of certain assets of
Champion Parts, Inc. by a subsidiary of Cash Technologies.


Bruce Korman, Chairman and CEO, stated, "We are pleased about the positive impact to our financials which resulted from our acquisition on May 5, 2008 of certain assets of Champion Parts, Inc. by our CPI Holdings, LLC subsidiary, generating a $9.8 million extraordinary gain, the largest in the company's 12 year history.

"The Champion transaction and other significant balance sheet improvements resulted in a dramatic change in our Stockholders' Equity, which increased by more than $13 million from $(5,261,765) as reported in our fiscal quarter ending February 28, 2008, to $7,761,655 as of our fiscal year ending May 31, 2008. On a consolidated basis, Cash Tech also significantly narrowed its losses from $(3,065,247) in fiscal 2007 to $(800,052) in 2008 and we believe that we will reach profitability in the current fiscal year.

"In October 2007, faced with the write-off of more than $7.5 million owed to us by Champion Parts, Inc. following their bankruptcy, we were challenged to recover the lost equity and regain compliance with the listing standards of the American Stock Exchange. Our acquisition of the Champion assets and the restoration of operations, combined with other capital events and balance sheet improvements, have resulted in greater Stockholders' Equity than the company possessed prior to the 2007 problem."

Nevertheless, in its reports accompanying Cash Tech's audited financial statements for the fiscal year ended May 31, 2008, Cash Tech's independent auditors included a going concern qualification.

Matters discussed in this release include forward-looking statements within the meaning of the "Safe Harbor" provisions of the PSLRA that involve risks and uncertainties, and actual results may be materially different. Factors that could cause actual results to differ include revenues not reaching expected levels, unexpected competition within the automotive products industry, anticipated improvements in operating costs and net operating margins not being realized, failure to complete expected financing, risks related to management and labor, activity levels in the securities markets and other risk factors disclosed in Cash Tech's reports to the Securities and Exchange Commission, including its Forms 10-QSB and Forms 10-KSB on file with the SEC.

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