Value Pawn Terminates Proposed Merger With EZCorp Inc.
August 12 2008 - 4:58PM
PR Newswire (US)
ORLANDO, Fla., Aug. 12 /PRNewswire/ -- Orlando-based Value
Financial Services (Value) - which operates Value Pawn &
Jewelry stores - announced today that it has terminated the merger
agreement and its proposed merger with Texas-based EZCorp Inc.
(NASDAQ:EZPW). The estimated $110 million transaction was entered
into in June and was subject to several conditions. "After careful
evaluation with our board, we decided to exercise our right to
terminate the merger agreement," said John Thedford, CEO and
founder of Value Financial Services. "It's disappointing on one
level because of the many resources that had been dedicated to the
transaction. However, in the end we thought our shareholders' and
team members' interests were best served by not moving forward with
the transaction. Fortunately, our company's strong financial
performance has created many strategic options. Our board plans to
convene in the near term to evaluate these options and set a course
to capitalize on our opportunities. We also wish EZCorp well in the
future." Value began the process of an initial public offering last
year, but held off when the market downturn occurred. Thedford
indicated that the company will consider this option in its
strategic planning. Value Pawn & Jewelry is the nation's
largest privately-held pawnshop chain. It generates over $120
million in annual revenues, operates more than 65 stores throughout
the Southeast and currently employs more than 600 team members.
Founded by President & CEO John Thedford in 1994, Value
Financial Services, Inc. operates pawn and jewelry stores under the
banner of Value Pawn & Jewelry in Florida and Georgia, and
Check Jewelry and Loan in Tennessee. Value has been named to the
Orlando Business Journal's "Golden 100" and "Best Places to Work"
lists, as well as to Inc. Magazine's 500 Fastest Growing Private
Companies. The company has a distinguished record of being the most
innovative operator of multi-unit shops in the industry and has
achieved "World Class" ranking by The Gallup Organization for its
excellence in customer service. For more information, visit
valuepawnjewelry.com. DATASOURCE: Value Financial Services, Inc.
CONTACT: Doreen Overstreet, +1-407-657-4818, , for Value Financial
Services, Inc. Web site: http://www.valuepawnjewelry.com/
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