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Warrantech Signs 10-Year Lease in Bedford, Texas

    EULESS, Texas--Aug. 13, 2002--

Company Centralizes Operations in New Headquarters Location

    Warrantech Corporation (OTCBB:WTEC), a leader and innovator in administering service contracts and extended warranties for automobiles, recreational vehicles and other consumer products, today announced the signing of a 10-year lease agreement in the city of Bedford, TX, where it will relocate its corporate headquarters and centralize other operations.
    Warrantech said that by October 1, 2002, it expects to occupy a new 56,700 sq. ft. facility, which will house its corporate headquarters; sales, marketing and administrative personnel for its automotive, consumer products and international warranty businesses; and a direct marketing operation that eventually will house a 400-seat call center.
    "We are most pleased to welcome Warrantech and its more than 400 employees to the City of Bedford," said John F. Murphy, mayor of Bedford. "The company's relocation reflects Bedford's growing reputation for our excellent quality of life, top notch city services, a safe living environment in which to raise a family, and a great place to conduct business."
    Warrantech will be the anchor tenant at its new facility located at 121 Airport Center II, 2200 Highway 121 in Bedford.

    About Warrantech:

    Warrantech Corporation administers and markets service contracts and after-market warranties on automobiles, automotive components, recreational vehicles, appliances, consumer electronics, homes, computer and computer peripherals for retailers, distributors and manufacturers. The company continues to expand its domestic and global penetration, and now provides its services in the United States, Canada, Puerto Rico and Latin America. For additional information on Warrantech, access www.warrantech.com.

    "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:

    "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements that are subject to risks and uncertainties. Other risks and uncertainties include but are not limited to, Warrantech Automotive's ability to secure an alternate source of payment of claims under the vehicle service contracts as a result of the Reliance Insurance Company Liquidation, the effectiveness of cost containment measures and the continuation of current levels of business activity, the impact of competitive products, product demand and market-acceptance risks, reliance on key strategic alliances, fluctuations in operating results and cash flow and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. These risks could cause the company's actual results for the current fiscal year and beyond to differ materially from those expressed in any forward looking statements made by, or on behalf of, the company.