SANRIO and Legend Credit Enter into Agreement for Hello Kitty Stored Value Cards

Billion-dollar brand to appear on debit and re-loadable cards

Ann Arbor, Michigan, UNITED STATES


ANN ARBOR, Mich., March 31, 2004 (PRIMEZONE) -- SANRIO(r) and Legend (OTCBB:LGMB) Credit, Inc. have announced that they have entered into a licensing agreement to distribute the company's wildly popular Hello Kitty(r) brand on stored value cards, including prepaid Visa and MasterCard cards for the American market. The license agreement with Legend Credit marks the first time that the brand has been licensed in the United States for universal consumer financial services products, including gift cards, re-loadable personal spending cards, and prepaid gift cards.

"Hello Kitty is the perfect partner for Legend Credit. The Hello Kitty brand has an incredible history and reach to girls and women of all ages. We expect that our new relationship with Sanrio will allow us to create a payment product that will appeal to all of them!" said Peter Klamka, President of Legend Credit and creator of the Hilary Duff Visa gift card and the KISS Visa credit card.

"We are excited about this new product and new venture. Hello Kitty is a very popular icon within the teen market," said Bruce Giuliano, Vice President of Licensing at Sanrio. "Girls love Hello Kitty and shopping and Legend Credit offers the ability to combine the two."

The overall market for stored value cards is estimated to be in excess of $300 billion per year in the United States. Additionally, a recent industry study indicated that as today's younger consumers age, the segment of the population representing active and frequent debit users will grow. According to the study, with new applications and new users, the market for debit payments will continue to expand at double-digit rates for the foreseeable future. Legend Credit has unparalleled expertise at reaching the youth market for financial services products by leveraging strong brands with teen appeal.

Legend Credit expects to market the Hello Kitty cards through a variety of promotional efforts, including at retail stores and malls, and via co-marketing programs with other Hello Kitty licensees. It will also leverage direct response television and radio, Internet marketing, and live events to drive sales of the card. Fans interested in registering for information on the upcoming cards can sign up at www.hellokittycard.com.

About SANRIO

This year, SANRIO celebrates 30 years of fun & friendship with its flagship character-brand, Hello Kitty. With fans around the world, Hello Kitty will mark the year with lively events, special products, contests and lots of fun. SANRIO develops, distributes and licenses a unique collection of over 12,000 gift, stationery and fashion accessory items for women of all ages. SANRIO was founded in 1960 based on the concept that a small gift can bring a big smile to a child of any age. Today there are over 300 SANRIO boutiques throughout the Western Hemisphere with 120 in the United States. In addition, SANRIO character products are sold in over 10,000 U.S. locations including department, specialty stores and national chain stores.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. All forward-looking statements made in this press release are made as of the date hereof, and the company assumes no obligation to update the forward-looking statements included in this news release whether as a result of new information, future events, or otherwise. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. Please refer to the Company's Form 10-K and other filings with the SEC for additional information regarding risks and uncertainties, including, but not limited to, the risk factors listed from time to time in such SEC reports.


        

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