AUSTIN, Texas, May 5, 2011 /PRNewswire/ -- EZCORP, Inc. (Nasdaq:
EZPW) announced today that it has completed the acquisition of
seven pawn stores located in the Salt
Lake City area. These stores, which have been operated
under the Jumping Jack Cash brand, were purchased for cash from
Jumping Jack Cash Utah, LLC. The acquired stores include four
traditional pawn stores, two "super stores," and one jewelry-only
specialty store.
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"The acquisition of these stores gives us an immediate and
significant pawn presence in the Salt
Lake City area," said Eric
Fosse, President of the company's North American Operations.
"Salt Lake City is a very
attractive area for us, and these pawn stores complement our
existing 17 EZ Loan Services stores in Utah."
"This acquisition also aligns with our strategic initiative to
diversify our product offerings, delivery methods and geographies,"
continued Mr. Fosse. "With our previously announced planned
acquisition of 15 Mister Money pawn stores in Iowa, Wisconsin, and Illinois, which is scheduled to close later
this month, we will have extended our U.S. pawn operations into
three new states this year. These acquisitions enable us to
leverage our existing operational structure, while giving us a
solid base for continued expansion."
About EZCORP
EZCORP is a leading 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
merchandise, primarily collateral forfeited from its pawn lending
operations.
EZCORP operates more than 1,000 stores, including over 500 pawn
stores in the U.S. and Mexico and
over 500 short-term consumer loan stores in the U.S. and
Canada. The company also has significant investments in Cash
Converters International Limited (CCV.L and CCV.ASX), which
franchises and operates a worldwide network of over 600 stores in
21 countries that provide financial services and sell pre-owned
merchandise, and Albemarle & Bond Holdings PLC (ABM.L), one of
the U.K.'s largest pawnbroking businesses with over 140 stores.
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.
EZCORP Investor Relations
(512) 314-2220.
SOURCE EZCORP, Inc.