Ace Cash Express (NASDAQ:AACE)
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From Jul 2019 to Jul 2024
ACE Cash Express to Offer Additional Shares of Common Stock
DALLAS, March 17 /PRNewswire-FirstCall/ -- ACE Cash Express, Inc. today
announced that it has filed a registration statement with the Securities and
Exchange Commission for a proposed offering of 2,900,000 shares of its common
stock. The Company will offer 1,800,000 shares and selling shareholders will
offer 1,100,000 shares. The Company and selling shareholders will also grant
the underwriters a 30-day option to purchase up to an additional 435,000 shares
for over-allotment purposes. The Company will not receive any proceeds from the
sale of shares of common stock by the selling shareholders.
The Company intends to use the net proceeds from this offering for the repayment
in full of the principal amount of its existing senior subordinated secured
promissory notes, with the remaining net proceeds to pay down amounts
outstanding under the Company's revolving credit facilities pending use for
general corporate purposes, including potential acquisitions, capital
expenditures and working capital.
Thomas Weisel Partners LLC is serving as the book managing underwriter for the
offering. Stephens Inc., JMP Securities and Roth Capital Partners are serving
as co-managers for the offering. When available, copies of the prospectus
related to this offering may be obtained from:
Thomas Weisel Partners LLC
One Montgomery Street, Suite 3700
San Francisco, CA 94104
or by calling 415-364-2500
A registration statement relating to these securities has been filed with the
Securities and Exchange Commission but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior to the time
the registration statement becomes effective. This press release shall not
constitute an offer to sell nor the solicitation of an offer to buy nor shall
there be any sale of these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction.
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 oraccounting 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 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 December 31, 2003, the Company had a network of 1,184 stores in
36 states and the District of Columbia, consisting of 974 company-owned stores
and 210 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/ .
DATASOURCE: ACE Cash Express, Inc.
CONTACT: William McCalmont, EVP & Chief Financial Officer,
+1-972-753-2314, or , or Michael Briskey, SVP &
Treasurer, +1-972-753-2342, or , both of ACE Cash
Express, Inc.
Web site: http://www.acecashexpress.com/