EDMONTON, March 30, 2012 /CNW/ - Gordon J. Reykdal, Chairman of the Board of The Cash Store Australia Holdings Inc. ("Cash Store Australia") (TSXV:AUC) today announced the appointment of Mr. Gary Holden to the position of Chief Executive Officer. Mr. Holden has been a member of the Board of Directors since August 25, 2011. He will retain his seat on the Board.
Mr. Holden is a dual citizen of Canada and New Zealand and has recently relocated to New Zealand. He is formally trained in mechanical engineering and economics. He has held a variety of management positions since receiving his B. Sc. from the University of Calgary in 1983. He has 17 years of experience as President or CEO in the energy and utilities industry in both countries. He was chosen as one of Canada's Top 40 Under 40 in 1996. He was runner-up for CEO of the Year in New Zealand in 1998 and was named Consumer Choice Businessman of the Year in 2009 in Calgary, Canada. He is married to Patricia and they have five children.
Most recently, Gary served as CEO of Enmax Corporation, a Calgary-based power company. Over the five years of his tenure, company revenues grew from $1.2 billion to $2.8 billion, with a proportionate increase in earnings. The company's value tripled during this period.
"Gary is a seasoned business executive with a track record of growing companies and building shareholder value," said Mr. Reykdal. "Since joining our Board in 2011, Gary's leadership skills have been put to work and he has made a direct and substantial contribution toward positioning our Company for the future. Gary will strengthen our stakeholder relationships and position us for profitability. I am delighted that he has agreed to take on this important role and the challenges that come with it."
About Cash Store Australia
Cash Store Australia is the only payday advance broker in Australia publicly traded on the TSX Venture Exchange (TSXV:AUC). Cash Store Australia operates 81 payday advance branches in the States of Victoria, Queensland, Tasmania, Northern Territory, New South Wales Australia and South Australia under the banner "The Cash Store".
Cash Store Australia acts as a broker to facilitate payday advance services to income-earning consumers who may not be able to obtain them from traditional financial institutions.
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 forward looking statements indicate that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieve. 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 pay day 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.
For further information:
For further information on Cash Store Australia, please contact:
Gary Holden, Chief Executive Officer
(011) 61 (03) 9802 1566; e-mail: [email protected]
Bill Johnson, Chief Financial Officer
(780) 732-5695; e-mail: [email protected]