TheUsedCarLot.com Business Update

PHOENIX--Oct. 1, 20044, 2004--The Board of Directors of Presidents Financial Corporation (Pink Sheets:PZFL) is pleased to announce that the Company's www.theusedcarlot.com subsidiary has received numerous hits on our website due to our local newspaper and national ad campaign.

For the 10 days in October, the website received over 99,000 hits or approximately 320 hits per hour. These hits generated an estimate of over 500 more new vehicles listed on the website under For Sale By Owner. Each For Sale By Owner listing generated $10 per car to the Company. Also, the Company has launched the Saskatchewan dealership and the website has been branded in Regina, Saskatchewan as the website to buy and sell cars. The Company also has engaged an individual in Calgary and Edmonton, Alberta to promote and sell to dealerships the website ads as well as vehicles listing.

The Company is continuously placing its ads in the local and national newspapers to create a branding position. The Company is expanding its sales operation to the east coast of Canada through negotiations with different dealerships. The website is continuously updated on a daily basis and will be allowing more space for advertisers to place ads through banners and side-bars on the front page of the website. These advertising spaces will generate income for the Company on a per-hit basis and designing fee.

Carman Parente

President

Presidents Financial Corporation

This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.