EDMONTON, June 18, 2014 /CNW/ - The Cash Store Financial Services Inc.
("Cash Store Financial" or the "Company") is providing a default status
report in accordance with the alternative information guidelines in
National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("National Policy 12-203").
On May 16, 2014, the Company announced (the "Default Announcement") that
it was not able to file an interim financial report and interim
management's discussion and analysis for the period ended March 31,
2014, together with the related certifications of those interim filings
(collectively the "Continuous Disclosure Documents") by May 15, 2014,
the deadline prescribed by securities legislation.
Except as disclosed in previous press releases, there have been no
material changes to the information contained in the Default
Announcement or any other changes required to be disclosed by National
The Company still intends to file the Continuous Disclosure Documents as
soon as is commercially reasonable, or as required by the Ontario
Superior Court of Justice (Commercial List) (the "Court") pursuant to
the Cash Store Financial's Companies' Creditors Arrangement Act ("CCAA") proceedings.
The Monitor has filed with the Court periodic reports which have
included Cash Store Financial's cash flow projections and other
financial information concerning the Company. The Company anticipates
that the Monitor will continue to file reports with the Court (and post
them on its website), updating relevant financial information
concerning the Company. The Monitor's reports, Court records and other
details regarding the Company's CCAA proceedings are available on the
Monitor's website at http://cfcanada.fticonsulting.com/cashstorefinancial/.
About Cash Store Financial
Cash Store Financial operates 506 branches across Canada under the
banners "Cash Store Financial" and "Instaloans". Cash Store Financial
also operates 27 branches in the United Kingdom.
Cash Store Financial and Instaloans primarily act as lenders to
facilitate short-term advances and provide other financial services to
income-earning consumers who may not be able to obtain them from
traditional banks. Cash Store Financial also provides private-label
Cash Store Financial is a Canadian corporation that is not affiliated
with Cottonwood Financial Ltd. or the outlets Cottonwood Financial Ltd.
operates in the United States under the name "Cash Store". Cash Store
Financial does not do business under the name "Cash Store" in the
United States and does not own or provide any consumer lending services
in the United States.
Forward Looking Statements:
This news release contains certain forward-looking statements about the
objectives, strategies, financial conditions, results of operations and
businesses of Cash Store Financial. Statements that are not historical
facts are forward-looking and are subject to important risks,
uncertainties and assumptions. These statements are based on our
current expectations about our business, and upon various estimates and
assumptions. The results or events predicted in these forward-looking
statements may differ materially from actual results or events if known
or unknown risks, trends or uncertainties affect our business, or if
our estimates or assumptions turn out to be inaccurate. As a result,
there is no assurance that the circumstances described in any
forward-looking statement will materialize. Significant and reasonably
foreseeable factors that could cause our results to differ materially
from our current expectations, include, but are not limited to, any
decision of the Ontario Superior Court of Justice in the CCAA
proceedings that is adverse to Cash Store Financial, the inability of
Cash Store Financial to fulfill the conditions to funding under any
Debtor-in-Possession ("DIP") financing agreement entered into by Cash
Store Financial, and other factors that could affect Cash Store
Financial's ability to continue its operations during the CCAA
proceeding, including the factors that are discussed in the section
entitled "Risk Factors" contained in our Annual Information Form for
the year ended September 30, 2013 dated December 11, 2013 filed by The
Cash Store Financial with the Canadian securities commissions
(available on SEDAR at http://www.sedar.com), as updated in our most recent Management's Discussion and Analysis
for the three months ended December 31, 2013. Unless required by law,
we disclaim any intention or obligation to update any forward-looking
statement even if new information becomes available, as a result of
future events or for any other reason.
SOURCE: The Cash Store Financial Services Inc.
For further information:
Chief Restructuring Officer