EDMONTON, Dec. 10, 2012 /CNW/ - The Cash Store Australia Holdings Inc. ("Cash Store Australia" or the "Company") (TSXV:AUC) today announced that effective today, Gary Holden has resigned as a Director of Cash Store Australia.
Mr. Holden and the board agreed in September 2012 that his management services contract and his position as Chief Executive Officer of the Company would not be extended past December 2012 and, as a result, over the past three months he has been overseeing the transition of the day-to-day management of the company to the Australian executive team. This has now been completed and a new CEO will be announced in the very near future.
The company wishes to thank Mr. Holden for his stewardship through a challenging time as the company repositioned itself in the Australian market and managed its way through comprehensive regulatory reform.
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 67 payday advance branches in the Australian States and Territories of Victoria, Queensland, Tasmania, Northern Territory, New South Wales 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 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 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 the 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:
on Cash Store Australia, please contact:
Bill Johnson, Chief Financial Officer
(780) 732-5695; e-mail: [email protected]