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Cash Store Financial appoints new directors
4/8/2008 12:00:00 AM
EDMONTON, April 8 /CNW/ - The Cash Store Financial Services Inc. ("Cash Store Financial"; TSX - CSF) announced today the appointment of two new directors and two consultants to its Board of Directors. J. Albert (Al) Mondor and Robert J.S. Gibson will join the Company's Board of Directors. Terry Freeman, previously a Director and former Chair of the Audit Committee, will serve as a consultant to the Board. Ron Chicoyne will assume responsibilities as a consultant to the Board.
Mr. Mondor is a chartered accountant and a certified member of the Institute of Corporate Directors. Mr. Mondor is currently a Vice President at Sumex Inc., a capital and financing solutions business, prior to which he was the Office Managing Partner of Grant Thornton LLP's Edmonton practice and one of its senior audit partners. Mr. Mondor will serve as Chair of the Audit Committee.
Mr. Gibson has been President of a private investment firm, Stuart & Company Limited, since 1973 and is also Managing Director of Alsten Holdings Ltd. He has been a Director of Precision Drilling Corporation since June 1996 and was appointed to the Board of Trustees in September 2005.
Mr. Chicoyne holds a Chartered Financial Analyst and Corporate Finance designation and received his Bachelor of Commerce degree from the University of Manitoba. Mr. Chicoyne is an experienced corporate finance professional with applied operational experience in both private and public equity capital markets. Mr. Chicoyne is currently Managing Director with Links Capital Partners.
Mr. Freeman, Chair of the Audit Committee, served on the Board of Cash Store Financial from December 2005 to February 2008. He will retire from the Board on the appointment of Messrs. Mondor and Gibson and will remain available as a consultant on an as-needed basis. Mr. Freeman has been Managing Director of Northern Plains Capital Corporation, a private equity fund manager, since 2007. He was Chief Financial Officer of Flint Energy Services Ltd, an integrated midstream production service provider to the energy and resources industries from 1998 to 2007.
Mr. Gordon Reykdal, Chairman and CEO of Cash Store Financial commented, "Mr. Mondor and Mr. Gibson offer important experience in financial management and board governance that will contribute positively to the composition and operations of the Board."
Mr. Reykdal added, "With the expected implementation of provincial regulations, Cash Store Financial is well positioned to further strengthen its dominant market position in Canada. The addition of new expertise to our board enhances our overall strategic capacity at this stage in the Company's development."
About The Cash Store Financial Services Inc. (formerly Rentcash Inc.)
Cash Store Financial is the only payday advance broker in Canada publicly traded on the Toronto Stock Exchange (TSX:CSF). Cash Store Financial operates more than 370 branches across Canada under two banners: The Cash Store and Instaloans.
The Cash Store and Instaloans act as brokers to facilitate payday advance services to income-earning consumers who may not be able to obtain them from traditional banks. Cash Store Financial also provides a private-label debit card, The Freedom Card, and other ancillary products.Cash Store Financial employs more than 1,500 associates and is headquartered in Edmonton, Alberta.
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as plans, anticipated, 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. The Cash Store Financial Services Inc. (formerly Rentcash Inc.) is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this release. A description of these risk factors can be found in the Management Information Circular of Rentcash Inc. dated October 30, 2007 and filed on SEDAR (www.sedar.com) under The Cash Store Financial Services Inc.'s profile. The Cash Store Financial Services Inc. cannot assure investors that actual results will be consistent with these forward-looking statements and The Cash Store Financial Services Inc. assumes no obligation to update or revise the forward-looking statements contained in this release to reflect actual events or new circumstances except as required by applicable securities laws.
The TSX Inc. has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
For further information: Gordon J. Reykdal, Chairman and Chief Executive
Officer, Cash Store Financial, (780) 408-5118; or Michael J.L. Thompson,
Senior Vice President and Corporate Secretary, Cash Store Financial, (780)
408-5595