Ace Cash Express (NASDAQ:AACE)
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ACE Cash Express Appoints Jay B. Shipowitz as Chief Executive
Officer
DALLAS, June 30 /PRNewswire-FirstCall/ -- ACE Cash Express, Inc.
(NASDAQ:AACE), today announced that Jay B. Shipowitz assumed the position of
Chief Executive Officer, completing its previously announced succession plan.
Mr. Shipowitz is succeeding Donald H. Neustadt, who will continue to serve on
ACE's Board of Directors. Mr. Shipowitz will also continue to serve as a
director and as President and Chief Operating Officer of ACE.
Mr. Shipowitz commented, "ACE has a proven operating model, scalable
information systems, and a strong balance sheet that provide us considerable
opportunity to expand the ACE Cash Express network as we seek to create long-
term value for our shareholders. I look forward to working with the entire ACE
team as we continue to build upon our position as a leader in the retail
financial services industry."
Mr. Shipowitz has served as the President and Chief Operating Officer and as a
Director of the Company since January 2000 and as the Company's Senior Vice
President and Chief Financial Officer from May 1997 to January 2000. Mr.
Shipowitz is a Director and member of the Executive Committee of Financial
Service Centers of America, the industry trade association.
Forward-looking Statements
This release contains certain "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These statements are
generally identified by the use of words such as "expect," "anticipate,"
"estimate," "believe," "intend," "plan," "target," "goal," "should," "would,"
and terms with similar meanings.
Although the Company believes that the current views and expectations reflected
in these forward-looking statements are reasonable, these views and
expectations, and the related statements, are inherently subject to risks,
uncertainties, and other factors, many of which are not under the Company's
control and may not even be predictable. Any inaccuracy in the assumptions, as
well as those risks, uncertainties and other factors, could cause the actual
results to differ materially from these in the forward-looking statements.
These risks, uncertainties, and factors include, but are not limited to,
matters described in the Company's reports filed with the Securities and
Exchange Commission, such as:
* the Company's relationships with Republic Bank & Trust Company, with
Travelers Express and its affiliates, with its bank lenders, and with
H&R Block;
* the Company's relationships with providers of services or products
offered by the Company or property used in its operations;
* federal and state governmental regulation of check cashing, short-term
consumer lending and related financial services businesses;
* any litigation regarding the Company's short-term consumer lending
activities;
* theft and employee errors;
* the availability of adequate financing, suitable locations,
acquisition opportunities and experienced management employees to
implement the Company's growth strategy;
* increases in interest rates, which would increase the Company's
borrowing costs;
* the fragmentation of the check cashing industry and competition from
various other sources, such as banks, savings and loans, short-term
consumer lenders, and other similar financial services entities, as
well as retail businesses that offer services offered by the Company;
* the terms and performance of third-party services offered at the
Company's stores; and
* customer demand and response to services offered at the Company's
stores.
The Company expressly disclaims any obligation to update or revise any of these
forward-looking statements, whether because of future events, new information,
a change in the Company's views or expectations, or otherwise. The Company
makes no prediction or statement about the performance of its Common Stock.
About the Company
ACE Cash Express, Inc. is a leading retailer of financial services, including
check cashing, short-term consumer loan and bill payment services, and the
largest owner, operator and franchisor of check cashing stores in the United
States. As of March 31, 2004, the Company had a network of 1,203 stores in 36
states and the District of Columbia, consisting of 988 company- owned stores
and 215 franchised stores. The Company focuses on serving unbanked and
underbanked consumers, many of whom seek alternatives to traditional banking
relationships in order to gain convenient and immediate access to check cashing
services and short-term consumer loans. The Company's website is found at
http://www.acecashexpress.com/ .
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DATASOURCE: ACE Cash Express, Inc.
CONTACT: William S. McCalmont, Executive Vice President & CFO,
+1-972-753-2314, or , or Eric Norrington, Vice
President, Communications, +1-972-550-5032, or
, both of ACE Cash Express, Inc.
Web site: http://www.acecashexpress.com/