MIAMI, Aug. 13 /PRNewswire-FirstCall/ -- AR Growth Finance Corp. ("ARGW") (Pink Sheets: ARGW) announced today that it has completed a series of transactions which have eliminated its interest in ProBenefit S.A. ("ProBenefit") and have allowed for the purchase of an interest in the Argentine consumer credit card company, Nexo Emprendimientos, S.A. ("Nexo"). ARGW had purchased a 95% interest in the financial services holding company ProBenefit in 2007. ProBenefit had at the time a pension management company, an insurance company and had started the credit card company, Nexo. In December of 2008, the Government of Argentina nationalized the pension asset management business conducted in Argentina and thus the business of ProBenefit was no longer the growth business that ARGW had planned on. As a result, ARGW decided to focus solely on the high growth business of Nexo and divest itself of all the other businesses of ProBenefit. Specifically, the transactions to acquire ProBenefit in 2007 were terminated and its 95% interest in ProBenefit was consequently eliminated, as well all debt obligations incurred by ARGW. In addition, the ARGW outstanding Series A Preferred stock with a face amount of $2.5 million was exchanged by its holder for a 22% interest in Nexo. After the above transactions were completed, ARGW then purchased a 15% common stock interest in Nexo from ProBenefit for (1) a $960,000 8% note due in two years and (2) 2,300,000 newly issued shares of ARGW. Further, ARGW was granted an option (the "Nexo Option") from ProBenefit to purchase an additional 58% interest in Nexo for (1) a $3,710,000 8% note due in two years from its issuance and (2) 8,900,000 newly issued shares of ARGW. The Nexo Option is exercisable at ARGW's option at any time over the next two years. As a result of all these transactions, ARGW will initially have a 15% common stock interest in Nexo with an option to acquire an additional 58%, which would give ARGW a 73% interest in Nexo. ARGW's only liability, before exercising its Nexo Option and some de minimis working capital items, will be the $960,000 note due ProBenefit in two years. Nexo was started three years ago and has experienced rapid growth. Nexo provides Argentine consumers and retail businesses with complete credit card services under the name Nexo. Nexo also provides loans to qualified customers for up to a two-year period. Nexo had 26,330 active credit cards as of June 30, 2009 compared to 18,337 and 6,900 as of June 30, 2008 and 2007, respectively. The projected growth over the next three years is expected to equal or exceed that of the last three years. Mr. Kevin Fitzgerald, Chief Executive Officer of ARGW commented," As a result of the change in the Argentine Government's position regarding pension management companies, ARGW needed to make a change in its business model. We felt that the pension and insurance businesses no longer offered the aggressive growth it originally had before the change and as such we decided to give back those businesses to our partner ProBenefit and instead focus on the fast growing credit card business of Nexo. We have seen Nexo grow over the past two years and we are confident of its continued growth. Consumer and retail finance is an area we see long-term value in and we are excited to be part of this value creation." FORWARD LOOKING STATEMENTS This press release contains, or may contain, forward looking statements, such as statements regarding the growth and growth strategy in the industry in which ARGW operates. The forward-looking statements contained in this press release are subject to other risks and uncertainties. ARGW assumes no obligations to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect. CONTACT: AR Growth Finance Corp. Kevin Fitzgerald Chief Executive Officer 305-446-4800 DATASOURCE: AR Growth Finance Corp. CONTACT: AR Growth Finance Corp., Kevin Fitzgerald, Chief Executive Officer, +1-305-446-4800 Web Site: http://www.argrowth.com/

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