Canada's largest alternative financial services provider to further solidify dominant market footprint with 510 branches in full operation by April 30
EDMONTON, April 6 /CNW/ - Gordon J. Reykdal, Chairman and CEO of The Cash Store Financial Services Inc. ("Cash Store Financial") today announced that the Company will surpass the 500 branch mark and will have 510 branches in full operation by the end of April 2010.
The announcement accompanied a release regarding the Company's intent to acquire EZ Cash, a Saskatchewan-based provider of payday loan services with 14 branches throughout the province of Saskatchewan. For the period ending March 31, 2010, Cash Store Financial had 488 branches in operation. Eight branches will be opened in the month of April, bringing the total number of branches in operation, inclusive of the EZ Cash acquisition, to 510 by the end of April.
Cash Store Financial is the largest provider of alternative financial products and other financial services in Canada with a rapidly growing network of branches in over 200 communities nationwide. The Company operates two of the most recognizable brands in Canada's expanding payday loan services market - The Cash Store and Instaloans.
"We have grown very quickly from a single branch in 2001 to our current count of over 500 branches in only nine years. That we have done so, so effectively, is a testament to all of our associates and especially our network of experienced field managers," said Gordon J. Reykdal, Chairman and CEO. "Through the process of growing our Company we have created a platform to provide nearly 2,000 jobs, make a direct annual contribution to the Canadian economy of $130 million and to make meaningful philanthropic contributions to the communities in which we do business, including our recent commitment to raise $7.5 million for diabetes research. I am very proud of what we have accomplished in such a short period, and I congratulate all of our associates for a job well done."
Mr. Reykdal added: "We are an agile, growth-oriented Company with the right mix of products, people, systems and strategies. Our shareholders can expect further rapid growth in the coming fiscal year. We will continue our pace of 18 to 20 new branches per quarter through the remainder of fiscal 2010 and throughout fiscal 2011."
The Company will hold a formal celebration across its branch network on April 22, 2010.
About The Cash Store Financial Services Inc. (Cash Store Financial)
Cash Store Financial is the only short-term advance broker in Canada publicly traded on the Toronto Stock Exchange (TSX: CSF). Cash Store Financial currently operates nearly 500 branches across Canada under the banners: The Cash Store and Instaloans.
The Cash Store and Instaloans act as brokers to facilitate short-term advances and as providers of other financial services to income-earning consumers who may not be able to obtain them from traditional financial institutions. Cash Store Financial also provides a private-label debit card - the Freedom card and a prepaid credit card - the Freedom MasterCard, and other ancillary products including bank accounts.
Cash Store Financial employs 1,900 associates and is headquartered in Edmonton, Alberta.
This News Release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes, but is not limited to, information with respect to our objectives, strategies, operations and financial results, competition as well initiatives to grow revenue or reduce retention payments. 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". In particular this News Release contains forward-looking statements in connection with the Cash Store Financials goals and strategic priorities, introduction of products, share repurchase initiatives and branch openings. 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 Financial, to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, changes in economic and political conditions, legislative or regulatory developments, technological developments, third-party arrangements, competition, litigation, risks associated with but not limited to, market conditions, and other factors described in our Annual Information Form ("AIF") dated August 26, 2009 under the heading "Risk Factors". 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, including our knowledge of the current credit, interest rate and liquidity conditions affecting us and the Canadian economy. Although we believes 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 payday 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.
SOURCE The Cash Store Financial Services Inc.
For further information: For further information: on Cash Store Financial please contact: Gordon J. Reykdal, Chairman and Chief Executive Officer, Cash Store Financial, (780) 408-5118; or Nancy L. Bland, Chief Financial Officer, Cash Store Financial, (780) 732-5683