BERWYN, PA, April 7 /CNW/ - Dollar Financial Corp (NASDAQ:DLLR) today
acknowledged the new rates and fee structure for providing payday loans
promulgated last Friday by the Manitoba Public Utilities Board.
"We believe that our Canadian subsidiary, Money Mart, is the lowest-cost
and most efficient payday loan provider in Manitoba and Canada," said Jeff
Weiss, Chairman and CEO of Dollar Financial. "We operate a multi-product
platform globally in our stores and continue to expand the financial services
products offered to our customers, while modifying them to meet changes in
consumer demand and regulatory requirements. We believe the newly proposed
Manitoba legislation provides new growth opportunities for Money Mart in
Canada, and we are comfortable that Money Mart will continue to operate
efficiently under the new Manitoba model, while continuing to provide superior
customer service."
Money Mart is a founding member of the Canadian Payday Loan Association
(CPLA), which has been working for four years to ensure responsible lending
practices, and towards balanced provincial regulation of the industry.
About Dollar Financial Corp
Dollar Financial Corp is a leading international financial services
company serving under-banked consumers. Its customers are typically service
sector individuals who require basic financial services but, for reasons of
convenience and accessibility, purchase some or all of their financial
services from the Company rather than from banks and other financial
institutions. To meet the needs of these customers, the Company provides a
range of consumer financial products and services primarily consisting of
check cashing, short-term consumer loans, Western Union money order and money
transfer products, reloadable VISA(R) and MasterCard(R) branded debit cards,
electronic tax filing, bill payment services, and legal document processing
services.
At December 31, 2007, the Company's global store network consisted of
1,442 stores, including 1,088 company-operated financial services stores and
354 franchised and agent locations in 32 states, the District of Columbia,
throughout Canada and in the United Kingdom. The financial services store
network is the largest network of its kind in each of Canada and the United
Kingdom and the second-largest network of its kind in the United States. The
Company's customers, many of whom receive income on an irregular basis or from
multiple employers, are drawn to the convenient neighborhood locations,
extended operating hours and high-quality customer service. The Company's
financial products and services, principally check cashing and short-term
consumer loan programs, provide immediate access to cash for living expenses
or other needs. For more information, please visit the Company's website at
www.dfg.com.
Forward Looking Statement
This news release contains forward looking statements, including
statements regarding the following: the Company's future results, growth,
guidance and operating strategy; the developing regulatory environment in
Canada; the impact of future development strategy, new stores and
acquisitions; and of the performance of new products and services. These
forward looking statements involve risks and uncertainties, including
uncertainties related to the effects of changes in the value of the U.S.
dollar compared to foreign currencies, risks related to the regulatory
environment, current and potential future litigation, the integration and
performance of acquired stores, the performance of new stores, the
implementation and results of restructuring initiatives, the impact of debt
financing transactions, the results of certain ongoing income tax appeals, and
the effects of new products and services on the Company's business, results of
operations, financial condition, prospects and guidance. There can be no
assurance that the Company will attain its expected results, successfully
integrate any of its acquisitions, attain its published guidance metrics, or
that ongoing and potential future litigation or that the various FDIC,
Federal, state, Canadian or foreign legislative or regulatory activities
affecting the Company or the banks with which the Company does business will
not negatively impact the Company's operations. A more complete description of
these and other risks, uncertainties and assumptions is included in the
Company's filings with the Securities and Exchange Commission, including those
described under the heading "Risk Factors" in Form S-3 for the Company's
Senior Convertible Note offering filed with the SEC on September 20, 2007 and
its fiscal 2007 annual report on Form-10K. You should not place any undue
reliance on any forward-looking statements. We disclaim any obligation to
update any such factors or to publicly announce results of any revisions to
any of the forward-looking statements contained herein to reflect future
events or developments.
For further information: Dollar Financial Corp., Financial Dynamics,
Julie Prozeller, (212) 850-5608
