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Cash Store Financial Proceeds with Implementation of Ontario Class Action Settlement
4/10/2009 12:00:00 AM
EDMONTON, April 10 /CNW/ - The Cash Store Financial Services Inc. ("Cash Store Financial") (TSX:CSF), formerly Rentcash Inc., announced today that it has publicized the notice of settlement of the Ontario Class Action lawsuit commenced in 2004 concerning brokerage fees and interest charged to customers of The Cash Store and Instaloans. The notice details claim and opt-out procedures for loan and brokerage transactions to which the settlement applies. The Ontario settlement applies to loans brokered by The Cash Store and Instaloans locations throughout Canada, with the exception of British Columbia and Alberta.
The notice of settlement can be found at the following websites: www.cashstore.ca and www.instaloans.ca. In addition, the notice of settlement and associated claim forms are being mailed to the last known addresses of all eligible class members and the notice of settlement will be posted at all The Cash Store and Instaloans locations in Canada until June 30, 2009, save and except locations in British Columbia and Alberta.
About The Cash Store Financial Services Inc. (Formerly Rentcash Inc.)
As Canada's leading provider of alternative financial products and services, The Cash Store Financial Services Inc. (Cash Store Financial) boasts a growing network of more than 420 branches in over 160 communities nationwide. The company operates two of the most recognizable brands in Canada's expanding payday loan services market - The Cash Store and Instaloans - offering customers an option to traditional lending institutions. Cash Store Financial is the only payday advance company trading on the Toronto Stock Exchange (TSX:CSF). Founded in 2001 in Edmonton, Alberta under the name of Rentcash Inc., the company is driven by a dynamic workforce, a performance-based culture, and a commitment to strong business fundamentals. Cash Store Financial employs 1,600 associates nationwide.
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 28, 2008 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.
For further information: on Cash Store Financial, please contact: Gordon J. Reykdal, Chairman and Chief Executive Officer, (780) 408-5118; or Michael J.L. Thompson, Senior Vice President & Corporate Secretary, (780) 408-5595, Cell: (780) 934-4729