Ace Cash Express (NASDAQ:AACE)
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ACE Cash Express Extends Money Order Relationship With Travelers Express; ACE to
Receive $3.4 Million in Signing and Annual Bonuses
DALLAS, Oct. 30 /PRNewswire-FirstCall/ -- ACE Cash Express, Inc. announced
today that it has extended its money order agreement with Travelers Express
Company, Inc., a subsidiary of Viad Corp , for four years, through December 31,
2007, providing ACE customers with consistent, quality money order services.
During the term of the amended agreement, ACE will continue to exclusively offer
Travelers Express money orders at ACE's stores. The money order agreement,
which ACE and Travelers Express entered into in 1998, was scheduled to expire on
December 31, 2003.
Under the amendment, Travelers Express will pay ACE a total of $3.4 million
structured in a similar manner as the expiring agreement. During fiscal 2003,
ACE sold money orders with a face value of $1.6 billion.
ACE is also an agent for MoneyGram money transfers. In fiscal 2003, ACE
customers sent $400 million MoneyGram money transfers, under an existing
agreement with MoneyGram Payment Systems, Inc., an affiliate of Travelers
Express.
"This extension makes perfect sense for ACE, Travelers and our customers," said
Jay B. Shipowitz, president and chief operating officer of ACE. "We have
continued a long-term agreement that ensures our customers will receive
consistent, quality service throughout ACE's owned stores."
"ACE's network allows us to serve millions of customers across the country,"
said Tony Ryan, vice president and general manager of Travelers Express' Global
Funds Transfer Group. "We look forward to continuing to provide quality
products to ACE, and we're hoping to bring them even more innovative payment
services in the future."
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 ACE believes that the current views and expectations reflected in these
forward-looking statements are reasonable, those views and expectations, and the
related statements, are based on the assumptions of ACE's management and are
inherently subject to risks, uncertainties, and other factors, many of which are
not under ACE'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 those projected in the
forward-looking statements.
Those risks, uncertainties, and factors include, but are not limited to, matters
described in ACE's reports filed with the Securities and Exchange Commission,
such as:
-- Competition within the check-cashing industry as well as from banks,
saving and loans, short-term consumer lenders, and other similar
financial services entities and from other retail businesses that
offer products and services offered by ACE;
-- Maintenance of relationships with providers of financing for ACE and
with key providers of products and services either offered by ACE to
its customers or used by ACE in its business;
-- Changes in laws, regulations or accounting standards and decisions or
actions taken by courts, regulators and governmental authorities;
-- Availability of financing, suitable locations, acquisition
opportunities and experienced management to implement ACE's growth
strategy;
-- Increases in interest rates, which would increase ACE's borrowing
costs;
-- Lawsuits and regulatory proceedings and their respective results,
including settlements.
ACE does not assume, but expressly disclaims, any obligation to update or revise
any of these forward-looking statements, whether because of future events, new
information, a change in ACE's views or expectations, or otherwise. ACE makes
no prediction or statement about the performance of ACE's Common Stock.
About the Company
ACE Cash Express, Inc. is headquartered in Irving, Texas and is the largest
owner, operator and franchiser of check-cashing stores in the United States.
Founded in 1968, the Company had a total network of 1,174 stores, consisting of
968 company-owned stores and 206 franchised stores in 36 states and the District
of Columbia as of September 30, 2003. ACE also operates self-service machines,
which provide check-cashing or other financial services without the need for a
service associate, at 20 company-owned store locations, 22 third-party
bill-payment locations, and, during the tax season, ACE plans to place
approximately 220 machines at H&R Block retail offices. ACE offers a broad
range of check-cashing and other consumer financial services. ACE is one of the
largest providers of MoneyGram wire transfer transactions, and it offers money
orders, bill payment services, and prepaid local and long distance
telecommunication services. Small, short-term consumer loans are also available
to customers at various ACE company-owned stores. The Company's website is
found at http://www.acecashexpress.com/ .
About Travelers Express
Travelers Express has about 100,000 Global Funds Transfer agents worldwide,
providing service in more than 155 countries. It is a subsidiary of Viad Corp.
DATASOURCE: ACE Cash Express, Inc.
CONTACT: Eric Norrington, Vice President of Communications,
+1-972-550-5032, or , or Darla Ashby, Director
of Public Affairs, +1-972-550-5037, or , both of ACE
Cash Express, Inc.
Web site: http://www.acecashexpress.com/