Warrantech Unveils Elite Care Plan for Jewelry and Watches; Program Designed to Boost Retailer Sales, Profits and Customer Loyalty

    BEDFORD, Texas--June 24, 2003--Warrantech Corporation (OTC:WTEC), a leading independent provider of service contracts and after-market warranties, has launched a comprehensive buyer protection plan for upscale jewelry and watch purchases.
    Warrantech will brand these offerings under the Elite Jewelry Care Plan and Elite Watch Care Plan service marks. The jewelry plan offers a two or three year service term and will repair or "make new" a wide variety of damages to most fine jewelry pieces. The watch plan offers service terms of up to five years and covers most components of the timepieces. Additionally, the watch plan provides a replacement program on lower-end watches. Both the jewelry and watch service plans are eligible for renewal.
    According to Burt Shaw, president of Warrantech's consumer products division, the new offering is "another way that retailers can ensure the best customer experience possible in a highly competitive environment. The Elite Jewelry Program is designed to offer peace of mind and a sense of future security for jewelry and watch purchases that often represent an 'emotional investment' for the consumer, and at the same time, offer dealers and retailers a new revenue stream and profit opportunity."
    Warrantech initially will target large national jewelry retailers, as well as small-to medium-size regional chains, which will be served primarily through direct sales. The new programs will be featured at the Atlanta Jewelry Show, August 2-4; the Columbus Jewelry Show, August 16-17; and the Dallas Jewelry Show September 20-22.
    Warrantech also said that within the next 30 days, the Elite Jewelry Care Plan and Elite Watch Care Plan will be integrated into WCPS Online, a Web-based platform introduced for other consumer product warranties during the Winter CES 2002. This will allow the jeweler to register products and warranties, verify coverage and obtain repair authorizations. Retailers can use the site to access customer and business management data such as real-time warranty sales analysis, service contract profitability and customer contact and warranty registration information.

    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.

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    This release contains forward-looking statements that are subject to risks and uncertainties. Other risks and uncertainties include but are not limited to, 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.