Filed by iGames Entertainment, Inc.
                           Pursuant to Rule 425 under the Securities Act of 1933
                               And deemed filed pursuant to Rule 14a-12 and Rule
                                 14d-2 Under the Securities Exchange Act of 1934
                                                  Subject Company: Equitex, Inc.
                                                     Commission File No. 0-12374

News Release

                                                           FOR IMMEDIATE RELEASE
                                                               NOVEMBER 12, 2003

Investor Relations
(800) 530-1558


LAS VEGAS, NV - iGames Entertainment Inc. (OTC Bulletin Board: IGMS - News) and
Money Centers of America, Inc. of King of Prussia, PA today announced that a
definitive agreement with Equitex, Inc. (Nasdaq: EQTX - News) was signed for the
purchase of Equitex's Chex Services subsidiary for total consideration of
approximately $63 million, net of cash acquired and debt assumed.

The sale of Chex Services was unanimously approved and ratified by the Equitex
board of directors after Equitex's independent advisor determined that amongst
other factors, the iGames Entertainment and Money Centers of America, Inc.,
combination of seasoned management, superior financing, and proprietary products
provided more value for the Equitex shareholders than the previously announced
transaction between Equitex and Cash Systems, Inc.

Jeremy Stein, CEO of iGames Entertainment stated, "We expect the combination of
the three businesses to generate 2004 revenues in excess of $30 million and cash
flow exceeding $5 million based on the current installed customer base. We
expect the collective sales efforts and cost cutting to contribute additional
revenues and cash flows to our 2004 performance. These transactions are a
continuation of our business plan to produce substantial reoccurring revenues
with a platform that should help us to achieve our 25% growth expectations."

The final disposition of the sale of the Chex Services subsidiary, which is
anticipated to occur in early 2004, is subject to customary closing conditions,
including shareholder proxy, review and clearance.

About iGames Entertainment

iGames Entertainment, Inc. develops, manufactures and markets technology-based
products for the gaming industry. The Company's growth strategy is to develop or
acquire innovative gaming products and systems and market these products
worldwide. For a complete corporate profile on iGames Entertainment Inc., please
visit the Company's corporate website at

This communication is not a solicitation of a proxy from any security holder of
Equitex, Inc. or iGames Entertainment, Inc. Nor is this communication an offer
to purchase nor a solicitation of an offer to sell securities. Any offer will be
made only through a registration statement, information circular, proxy
statement or similar document. Investors and security holders are strongly
advised to read such document regarding the proposed business combination
referred to in this communication, if and when such document is filed and
becomes available, because it will contain important information. Any such
document would be filed by Equitex, Inc. and/or iGames Entertainment, Inc. with
the U.S. Securities and Exchange Commission (SEC). Investors and securities
holders may obtain a free copy of such document (if and when filed and
available) and other relevant documents related to the proposed business
combination on the SEC's web site at: ( Any such document and
related materials may also be obtained for free by directing such requests to
iGames at 800-530-1558. iGames Entertainment, Inc. and Equitex, Inc. and their
respective executive officers and directors may be deemed to be participants in
the solicitation of proxies from iGames Entertainment, Inc. and Equitex, Inc.,
respectively, securities holders in favor of the proposed transaction, should
iGames Entertainment, Inc. and Equitex, Inc. solicit such proxies. Information
regarding the security ownership and other interests of iGames Entertainment,
Inc.'s and Equitex, Inc.'s executive officers and directors will be included in
any such registration statement, information circular, proxy statement or
similar document.

Safe Harbor Act Notice: Certain matters discussed in this news release are
forward-looking statements, as it is defined in the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are subject to a
number of known and unknown risks and uncertainties including, but not limited
to, statements concerning iGames Entertainment's commencement of a new business
plan, and its ability to raise funds in connection with such plan, and other
risks detailed from time to time in iGames Entertainment's filings with the
Securities and Exchange Commission. Actual results may differ materially from
those expressed in any forward-looking statements made by or on behalf of iGames
Entertainment Inc. For more information, please contact Investor Relations,