ACE Cash Express Increases Availability on Credit Line; Receives $21.5 Million of New Commitments
November 03 2003 - 8:57AM
PR Newswire (US)
ACE Cash Express Increases Availability on Credit Line; Receives
$21.5 Million of New Commitments DALLAS, Nov. 3
/PRNewswire-FirstCall/ -- ACE Cash Express, Inc. , announced that
it has received new commitments for $21.5 million on its existing
bank loan facility. Of the $21.5 million, $10.0 million will
increase ACE's credit availability and $11.5 million will reduce
existing lender commitments. The Bank of Nova Scotia, RZB Finance
LLC and Texas Capital Bank provided the new commitments. The new
commitments increase total availability to $175 million including a
$120 million working capital facility and a $55 million seasonal
facility, available during each tax season. This additional capital
availability will provide the necessary working capital as ACE
pursues its goal to bring quality service to millions of customers
at 500 new locations over the next five years. "We are very pleased
to have increased availability on our credit line," said Jay B.
Shipowitz president and chief operating officer of ACE, "The new
commitments from our lenders should strengthen our ability to
continue to grow the ACE network." Forward-looking Statements This
release contains certain "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements are generally identified by the use of words such
as "expect," "anticipate," "estimate," "believe," "intend," "plan,"
"target," "goal," "should," "would," and terms with similar
meanings. Although ACE believes that the current views and
expectations reflected in these forward-looking statements are
reasonable, those views and expectations, and the related
statements, are based on the assumptions of ACE's management and
are inherently subject to risks, uncertainties, and other factors,
many of which are not under ACE's control and may not even be
predictable. Any inaccuracy in the assumptions, as well as those
risks, uncertainties, and other factors, could cause the actual
results to differ materially from those projected in the
forward-looking statements. Those risks, uncertainties, and factors
include, but are not limited to, matters described in ACE's reports
filed with the Securities and Exchange Commission, such as: --
Competition within the check-cashing industry as well as from
banks, saving and loans, short-term consumer lenders, and other
similar financial services entities and from other retail
businesses that offer products and services offered by ACE; --
Maintenance of relationships with providers of financing for ACE
and with key providers of products and services either offered by
ACE to its customers or used by ACE in its business; -- Changes in
laws, regulations or accounting standards and decisions or actions
taken by courts, regulators and governmental authorities; --
Availability of financing, suitable locations, acquisition
opportunities and experienced management to implement ACE's growth
strategy; -- Increases in interest rates, which would increase
ACE's borrowing costs; -- Lawsuits and regulatory proceedings and
their respective results, including settlements. ACE does not
assume, but expressly disclaims, any obligation to update or revise
any of these forward-looking statements, whether because of future
events, new information, a change in ACE's views or expectations,
or otherwise. ACE makes no prediction or statement about the
performance of ACE's Common Stock. About the Company ACE Cash
Express, Inc. is headquartered in Irving, Texas and is the largest
owner, operator and franchiser of check-cashing stores in the
United States. Founded in 1968, the Company had a total network of
1,174 stores, consisting of 968 company-owned stores and 206
franchised stores in 36 states and the District of Columbia as of
September 30, 2003. ACE also operates self-service machines, which
provide check-cashing or other financial services without the need
for a service associate, at 20 company-owned store locations, 22
third-party bill-payment locations, and, during the tax season, ACE
plans to place approximately 220 machines at H&R Block retail
offices. ACE offers a broad range of check-cashing and other
consumer financial services. ACE is one of the largest providers of
MoneyGram wire transfer transactions, and it offers money orders,
bill payment services, and prepaid local and long distance
telecommunication services. Small, short-term consumer loans are
also available to customers at various ACE company-owned stores.
The Company's website is found at http://www.acecashexpress.com/ .
DATASOURCE: ACE Cash Express, Inc. CONTACT: William S. McCalmont,
Executive Vice President & CFO, +1-972-753-2314, or , or Darla
Ashby, Director, Public Affairs, +1-972-550-5037, or , both of ACE
Cash Express, Inc. Web site: http://www.acecashexpress.com/
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