AUSTIN, Texas, June 8 /PRNewswire-FirstCall/ -- EZCORP, Inc.
(Nasdaq: EZPW) announced today that it has completed the
acquisition of eight pawn stores located in Central and
South Florida. The stores,
which have been operated under various brand names, were purchased
for cash from Legacy Equity Fund, Inc. The company currently
expects to operate the stores under the "Value Pawn" brand.
(Logo:
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"The acquisition of these stores strengthens our position as the
largest pawn store operator in Florida," said Eric
Fosse, President of the company's Pawn Americas division.
"Florida is our
second-largest state in terms of pawn presence, and the addition of
these eight stores gives us a total of 85 pawn locations in
Florida. We believe that our
size and scale will enable us to grow these stores by providing
additional services to existing customers and by attracting and
retaining new customers. This acquisition also allows us to
further leverage our current multi-unit management
infrastructure."
"Five of the new stores are located in and around St. Petersburg, which is an underpenetrated
area for us," continued Mr. Fosse. "The remaining three
stores are located in the Miami
area, and enhance our presence in South
Florida."
Paul Rothamel, the company's
President and Chief Operating Officer, stated: "We are always
looking for attractive growth opportunities, including pawn
acquisitions that offer us strategic advantages. Our focus is
to enter new geographic areas, and to solidify and expand our
presence in underserved areas. We believe that this will
continue to be an important component of our ongoing initiative to
grow our worldwide business."
About EZCORP
EZCORP is a leading pawn store operator and provider of
specialty consumer financial services. It provides
collateralized non-recourse loans, commonly known as pawn loans,
and a variety of short-term consumer loans, including payday loans,
installment loans and auto title loans, or fee-based credit
services to customers seeking loans. At its pawn stores, the
company also sells second-hand merchandise, primarily collateral
forfeited from its pawn lending operations.
At March 31, 2010, EZCORP operated
450 pawn stores in the U.S. and Mexico and 482 short-term consumer loan stores
in the U.S. and Canada. The
company also has significant investments in Albemarle & Bond
Holdings PLC (ABM.L), one of the U.K.'s largest pawnbroking
businesses with over 120 stores, and Cash Converters International
Limited (CCV.L and CCV.AUS), which franchises and operates a
worldwide network of over 500 financial services and second-hand
retail stores.
For additional information, contact Investor Relations at (512)
314-2220.
Special Note Regarding Forward-Looking Statements
This announcement contains certain forward-looking statements
regarding the Company's expected performance in future periods,
including the anticipated impact of the newly acquired stores.
These statements are based on the Company's current
expectations. Actual results for future periods may differ
materially from those expressed or implied by these forward-looking
statements due to a number of uncertainties and other factors,
including changing market conditions in the overall economy and the
industry, consumer demand for the Company's services and
merchandise and changes in the regulatory environment. For a
discussion of these and other factors affecting the Company's
business and prospects, see the Company's annual, quarterly and
other reports filed with the Securities and Exchange
Commission.
SOURCE EZCORP, Inc.