Dollar Financial Corp Announces the Opening of Its Third Company Operated Financial Services Store in Poland
April 14 2011 - 8:00AM
Business Wire
Dollar Financial Corp (NASDAQ: DLLR), a leading international
diversified financial services company serving primarily unbanked
and under-banked consumers for over 30 years, today announced the
opening of its third company-operated financial services store in
Poland. The newest store, located on the high street in the town of
Gdynia, follows the successful launch of the Company’s first
multi-product pilot store in Gdansk in September 2010. The three
pilot stores currently offer short term loans, pawn lending, gold
buying, foreign exchange and money transfer services with the
potential to supplement additional products and services in the
near future.
Commenting on the store opening, Jeff Weiss, Dollar’s Chairman
and Chief Executive Officer, stated, “It is our mission to be the
leading global provider of financial services to the under-banked
and unbanked consumer, which we refer to as the ALICE demographic
(or asset limited, income constrained, employed). The ALICE
demographic represents a significant percentage of the population
in Poland, which is largely comprised of a lower-wage generally
skilled workforce. Based on our exposure to the Polish market thus
far, which was initiated in July 2009 with the purchase of an
in-home lending business based in Gdansk, the multi-product retail
financial services store is a relatively new concept in the Polish
market. We plan on promoting consumer awareness of these pilot
stores with focused local area marketing strategies targeting the
significant un-banked and under-banked population in proximity to
these stores. Following the continued successful test of these
pilot stores, we would anticipate opening additional
company-operated stores in Poland in the near future.”
About Dollar Financial Corp
Dollar Financial Corp is a leading international diversified
financial services company primarily serving unbanked and
under-banked consumers and small business owners for over 30 years.
Through its retail storefront locations as well as by other means,
such as via the Internet, the Company provides a range of consumer
financial products and services in seven countries (Canada, the
United Kingdom, the United States, the Republic of Ireland, Sweden,
Finland and Poland) to consumers who, for reasons of convenience
and accessibility, purchase some or all of their financial services
from the Company rather than from banks and other financial
institutions. The Company’s products, principally its short-term
consumer loans, check cashing services, secured pawn loans and gold
buying services, provide customers with immediate access to cash
for living expenses or other episodic needs. The Company also
offers high-value ancillary services, including Western Union money
order and money transfer products, electronic tax filing,
reloadable VISA® and MasterCard® debit cards, foreign currency
exchange, and other services. In addition, through its branded
Military Installment Loan and Education Services, or MILES®
program, the Company provides fee based services to enlisted
military personnel applying for loans to purchase new and used
vehicles that are funded and serviced under an exclusive agreement
with a major third-party national bank.
At December 31, 2010, the Company’s global retail operations
consisted of 1,226 locations, including 1,126 company-operated
financial services stores and 100 franchised and agent locations,
conducting business primarily under the names Money Mart®, Money
Shop®, Insta-Cheques®, The Check Cashing Store®, Sefina® and
MoneyNow® in Canada, the United Kingdom, the United States, the
Republic of Ireland, Sweden, Finland and Poland. For more
information, please visit the Company's website at www.dfg.com.
Forward Looking Statement
This news release contains forward looking statements,
including, among other things, statements regarding the following:
pending or recent acquisitions and their expected benefits; the
Company’s future results, growth, guidance and operating strategy;
the global economy; the effects of currency exchange rates on
reported operating results; the developing regulatory environment
in Canada, the U.K., the United States, and other countries; the
impact of future development strategy, new stores and acquisitions;
litigation matters; expected financing initiatives; and the
performance of new products and services. These forward looking
statements involve risks and uncertainties, including risks related
to: the regulatory environments; current and potential future
litigation; the identification of acquisition targets; the
consummation of announced pending acquisitions, the integration and
performance of acquired stores and businesses; the performance of
new stores; the impact of debt financing transactions; the results
of certain ongoing income tax appeals; and the effects of new
products and services on the Company’s business, results of
operations, financial condition, prospects and guidance; and
uncertainties related to the effects of changes in the value of the
U.S. Dollar compared to foreign currencies. There can be no
assurance that the Company will attain its expected results,
successfully consummate announced pending acquisitions,
successfully integrate any of its acquisitions, obtain acceptable
financing, or attain its published guidance metrics, or that
ongoing and potential future litigation or the various FDIC,
Federal, state, Canadian, U.K. or foreign legislative or regulatory
activities affecting the Company or the banks with which the
Company does business will not negatively impact the Company’s
operations. A more complete description of these and other risks,
uncertainties and assumptions is included in the Company’s filings
with the Securities and Exchange Commission, the Company’s annual
reports and Forms 10-Q and 10-K. You should not place any undue
reliance on any forward-looking statements. The Company disclaims
any obligation to update any such factors or to publicly announce
results of any revisions to any of the forward-looking statements
contained herein to reflect future events or developments.
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