The Cash Store Australia Holdings Inc. announces that regulatory changes in Australia have materially impacted the ability of the Company to raise capital
EDMONTON, Aug. 30, 2013 /CNW/ - The Cash Store Australia Holdings Inc. ("Cash Store Australia" or the "Company") (TSXV:AUC) today announced that it is not able to raise additional funding required. Changes in the Australian regulatory environment over the past number of months and the Company's continuing losses have materially impacted its ability to source the capital.
The inability to raise capital will materially impact the continuing operations of the Company and will affect its ability to meet its obligations in the future. The Company's operating subsidiary will not be making any further retention payments to its third party lender.
The Company will not be filing audited consolidated financial statements, management's discussion and analysis or a management information circular for the year ended June 30, 2013 prior to the date they are required to be filed. As a result, the cease trade order issued by The Alberta Securities Commission on December 4, 2012 will continue until such time as the Company is able to bring its required regulatory filings into good standing.
About Cash Store Australia
Cash Store Australia is the only small-sum short-term advance broker in Australia publicly traded on the TSX Venture Exchange (TSXV: AUC). Cash Store Australia operates 61 branches in the States of Victoria, Queensland, Tasmania, Northern Territory, and New South Wales Australia under the banner "The Cash Store".
Forward Looking Information
This News Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to our objectives, strategies, operations and financial results. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Cash Store Australia, to be materially different from those expressed or implied by such forward-looking information. All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business conditions and trends. Although we believe the assumptions used to make such statements are reasonable at this time and have attempted to identify in our continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Certain material factors or assumptions are applied by us in making forward-looking statements, include without limitation, factors and assumptions regarding our continued ability to fund our small sum short-term loan business, rates of customer defaults, relationships with, and payments to, third party lenders, demand for our products, as well as our operating cost structure and current consumer protection regulations. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. We do not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE The Cash Store Australia Holdings Inc.For further information:
For further information on Cash Store Australia, please contact:
Bill Johnson, Chief Financial Officer
(780) 732-5695; e-mail: firstname.lastname@example.org