EZCORP Announces Appointments to Albemarle & Bond Board
July 09 2009 - 10:00AM
PR Newswire (US)
AUSTIN, Texas, July 9 /PRNewswire-FirstCall/ -- EZCORP, Inc.
announced today that its Chief Executive Officer, Joseph L.
Rotunda, and its lead independent director, Thomas C. Roberts, have
been appointed as non-executive directors of Albemarle & Bond
Holdings PLC, the United Kingdom's largest pawnbroking business, to
replace two retiring directors. Mr. Rotunda and Mr. Roberts will
join Sterling B. Brinkley, Chairman of the Board of EZCORP, on the
Albemarle & Bond board. The shares of Albemarle & Bond are
traded on AIM, the market operated by the London Stock Exchange,
under the symbol "ABM.L". EZCORP acquired a 29.9% stake in
Albemarle & Bond in 1998, and has made additional investments
to finance Albemarle & Bond's growth while maintaining its
ownership interest. The latest investment occurred in 2007 to
facilitate Albemarle & Bond's acquisition of Herbert Brown
& Son Limited, the third largest operator of pawn shops in the
U.K. Since EZCORP made its initial investment, Albemarle & Bond
has grown significantly, from 26 to 115 locations, and is now the
largest operator of pawn shops in the U.K. During the eleven-year
period of EZCORP's involvement, Albemarle & Bond's earnings
have grown from 1.4 million pounds Sterling to 8.1 million pounds
for the twelve months ended December 31, 2008. Mr. Rotunda is the
President and Chief Executive Officer of EZCORP. During his tenure
at EZCORP, Mr. Rotunda has overseen growth from 332 to 898
locations in the United States and Mexico, as well as the
successful introduction of a variety of innovative financial
products for the cash and credit constrained consumer. In the
twelve months ended March 31, 2009, net income for EZCORP grew to
over $60 million. Mr. Roberts, a private investor, currently serves
as EZCORP's Lead Director, having joined the EZCORP Board in 2005.
Mr. Roberts serves as Chairman of the Board of Pensco, Inc., a
financial services company, having previously been a senior
executive (including Chief Financial Officer) of Schlumberger, Ltd
and President of Control Data Computer Systems and Services.
Commenting on these changes, Mr. Brinkley, EZCORP's Chairman,
stated: "The success of Albemarle & Bond over a long period of
time reflects the synergies of combining an excellent local
management team, who offer great expertise in the U.K. business
opportunities, with EZCORP's capital and other resources. The
addition of Joe and Tom at this important time, with their
experience in strategy, customer research and international
operations, as well as their knowledge of the micro-lending
industry, will further enhance EZCORP's ability to contribute to
this successful structure. Both will play key roles on the
Albemarle & Bond board going forward, and their appointment
demonstrates EZCORP's long-term commitment to, and active
involvement in, this continuing growth opportunity." Mr. Rotunda
commented, "The United Kingdom represents an increasingly important
area of focus for EZCORP. Tom and I look forward to working closely
with our fellow directors and the management of Albemarle &
Bond, to help further Albemarle & Bond's record of superior
investment returns." EZCORP is primarily a lender or provider of
credit services to individuals who do not have cash resources or
access to credit to meet their short-term cash needs. In its
pawnshops, the Company offers non-recourse loans collateralized by
tangible personal property, commonly known as pawn loans. At these
locations, the Company also sells merchandise, primarily collateral
forfeited from its pawn lending operations, to consumers looking
for good value. In its signature loan stores and some pawnshops,
the Company offers short-term non-collateralized loans, often
referred to as payday loans, or fee based credit services to
customers seeking loans. As of June 30, 2009, EZCORP operated a
total of 897 locations in the U.S. and Mexico consisting of 370
U.S. pawnshops, 47 pawnshops in Mexico and 480 U.S. signature loan
stores. EZCORP, as a near-30% stockholder, is also actively
involved in the management of Albemarle & Bond Holdings PLC,
the U.K.'s largest pawnbroking business with 115 stores." For
additional information, contact Dan Tonissen at (512) 314-2289.
DATASOURCE: EZCORP, Inc. CONTACT: Dan Tonissen of EZCORP, Inc.,
+1-512-314-2289 Web Site: http://www.ezcorp.com/
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