EDMONTON, April 24, 2014 /PRNewswire/ - The Cash Store Financial Services Inc.
("Cash Store Financial" or the "Company") (TSX: CSF) announced today
that its common shares will be delisted from the Toronto Stock Exchange
("TSX") effective May 23, 2014 for failure by Cash Store Financial to
meet the continued listing requirements of the TSX and, specifically,
as a result of the Company seeking and obtaining an order from the
Ontario Superior Court of Justice (Commercial List) ("Court") granting
creditor protection under the Companies' Creditors Arrangement Act ("CCAA") on April 14, 2014. Trading in the Company's securities will
remain suspended pending the delisting of the common shares.
Cash Store Financial remains committed to completing the restructuring
process quickly and efficiently. Cash Store Financial is working
diligently to obtain additional debtor-in-possession financing and to
run a sales process to maximize value for all of the Company's
stakeholders. Additional information on the CCAA proceedings can be
found on the website of the Court-appointed Monitor of Cash Store
Financial, FTI Consulting Canada Inc.: http://cfcanada.fticonsulting.com/cashstorefinancial/
The Company remains open for business and its branches continue to
operate. Daily lending is continuing in all jurisdictions outside of
Ontario.
About Cash Store Financial
Cash Store Financial operates 510 branches across Canada under the
banners "Cash Store Financial" and "Instaloans". Cash Store Financial
also operates 27 branches in the United Kingdom.
Cash Store Financial and Instaloans primarily act as lenders and brokers
to facilitate short-term advances and provide other financial services
to income-earning consumers who may not be able to obtain them from
traditional banks. Cash Store Financial also provides a private-label
debit card (the "Freedom" card) and a prepaid credit card (the "Freedom
MasterCard") as well as other financial services, including bank
accounts.
Cash Store Financial is headquartered in Edmonton, Alberta.
Cash Store Financial is a Canadian corporation that is not affiliated
with Cottonwood Financial Ltd. or the outlets Cottonwood Financial Ltd.
operates in the United States under the name "Cash Store". Cash Store
Financial does not do business under the name "Cash Store" in the
United States and does not own or provide any consumer lending services
in the United States.
Forward Looking Statements:
This news release contains certain forward-looking statements about the
objectives, strategies, financial conditions, results of operations and
businesses of Cash Store Financial. Statements that are not historical
facts are forward-looking and are subject to important risks,
uncertainties and assumptions. These statements are based on our
current expectations about our business, and upon various estimates and
assumptions. The results or events predicted in these forward-looking
statements may differ materially from actual results or events if known
or unknown risks, trends or uncertainties affect our business, or if
our estimates or assumptions turn out to be inaccurate. As a result,
there is no assurance that the circumstances described in any
forward-looking statement will materialize. Significant and reasonably
foreseeable factors that could cause our results to differ materially
from our current expectations, include, but are not limited to, any
decision of the Ontario Superior Court of Justice in the CCAA
proceedings that is adverse to Cash Store Financial, the inability of
Cash Store Financial to fulfill the conditions to funding under any DIP
financing agreement to be entered into by Cash Store, and other factors
that could affect Cash Store Financial's ability to continue its
operations during the CCAA proceeding, including the factors that are
discussed in the section entitled "Risk Factors" contained in our
Annual Information Form for the year ended September 30, 2013 dated
December 11, 2013 filed by The Cash Store Financial Services Inc. with
the Canadian securities commissions (available on SEDAR at www.sedar.com), as updated in our most recent Management's Discussion and Analysis
for the three months ended December 31, 2013. Unless required by law,
we disclaim any intention or obligation to update any forward-looking
statement even if new information becomes available, as a result of
future events or for any other reason.
SOURCE The Cash Store Financial Services Inc.