All News
The Cash Store Australia Holdings Inc. appoints President and COO; Grants Options to Directors and Officers
3/17/2009 12:00:00 AM
EDMONTON, March 17 /CNW/ - Ed McClelland, Chief Executive Officer of The Cash Store Australia Holdings Inc. ("TCS Australia" or the "Company") (TSXV:AUC) today announced that industry veteran Don Steffanson has been appointed President and Chief Operating Officer.
"After several years of operating in this market it is abundantly clear to us that there is a high consumer demand for payday loans in Australia. It is our objective to quickly become the dominant player in that market. I am confident that the appointment of Don to this critical post of President and COO will ensure a smooth and efficient role-out of our accelerated expansion program," said McClelland.
Mr. McClelland added: "In his most recent role as a Divisional Vice President for Cash Store Financial, Canada's largest payday loan services provider, Don successfully managed a network of 79 branches. Don's career in alternative finance spans nearly 20 years. He has been a lead operator in the payday loan industry since 2002. His impressive record of operational leadership makes him the ideal pick to take this company to the next level."
The Company also announced that on March 13, 2009, subject to approval by the TSX-V, an aggregate of 400,000 options were granted to directors, an officer and consultant of the Company pursuant to TCS Australia's Stock Option Plan (the "Plan"). Each option is exercisable to acquire one common share at a price of $0.50 per option. The options granted have been approved by the Company's board of directors and are subject to expire on March 12, 2014. The Plan has been approved by the Company's shareholders.
About TCS Australia
TCS Australia operates 24 pay day advance branches in the States of Victoria, Queensland, and Tasmania, Australia through its Australian subsidiary, The Cash Store Australia PTY Limited ("TCS Australia"). TCS Australia acts as a broker to facilitate pay day advance services to income-earning consumers.
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 state 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 TCS 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.
For further information: Edward McClelland, Chief Executive Officer, (905) 632-7594, e-mail: emcclelland@sympatico.ca; or Nancy Bland, Chief Financial Officer, (780) 732-5683, e-mail: nancy.bland@csfinancial.ca