DFC Global Corp. (NASDAQ: DLLR), a leading international diversified
financial services company serving primarily unbanked and under-banked
consumers for over 30 years, today announced that its wholly owned
United Kingdom subsidiary, The Money Shop, opened its 500th
company-operated store in the town of Thetford Chase. The new store will
offer the entire portfolio of the Company’s products and services,
including short-term loans, secured pawn loans, check cashing, gold
purchase, Western Union money transfer, foreign exchange, debit cards,
and others.
Commenting on the store opening, Jeff Weiss, the Company’s Chairman and
Chief Executive Officer, stated, “We are very pleased to reach another
milestone in the development of our global footprint with the opening of
our 500th company-operated U.K. store. The rapid expansion of
our store footprint in the United Kingdom, which represents the largest
retail financial services store network of its kind in that market,
continues to strengthen the Money Shop brand as the leading provider of
financial services to the unbanked and under-banked consumers in the
United Kingdom. In addition, the successful expansion of the Company’s
store network in the United Kingdom, Scandinavia and Spain have
positioned DFC Global Corp. as the leading provider of pawn loans in
Europe and the second largest pawn lender worldwide.
Our initial entry into the United Kingdom in 1999 began with the
acquisition of eleven stores, which served to provide us with a foothold
from which to familiarize ourselves with the particular nuances of the
U.K. market. Over time, we built upon this foundation through de novo
store development and the purchase of other small store chains and
internet lending platforms to create what is now the largest provider of
financial services to the ALICE (asset limited, income constrained,
employed) and ARTI (asset rich, temporarily illiquid) demographics in
the United Kingdom. This is the staged development approach we are
currently employing in the countries we recently entered (Sweden,
Finland, Poland and Spain), which similarly also began as store based
acquisitions.”
Jeff Weiss continued, “It is our mission to be the leading global
provider of financial services to the under-banked and unbanked
consumer, which we refer to as the ALICE and ARTI demographics. The
ALICE and ARTI customer segments are increasing all around the globe,
and we are focused on expanding our set of products and services and
sales channel delivery platforms in existing and new markets to meet
their growing financial services needs. The expansion of our “bricks and
mortar” store network strategically compliments our position as a
leading provider of internet loans in the United Kingdom, allowing us to
effectively address the needs of two ALICE customer segments, the
customer demographic that prefers to come into our stores to transact
business, and the segment of the population that would prefer to use the
internet.”
About DFC Global Corp.
DFC Global Corp. is a leading international diversified financial
services company serving primarily unbanked and under-banked consumers
and small business owners who, for reasons of convenience and
accessibility, purchase some or all of their financial services from the
Company rather than from banks and other financial institutions. Through
its approximately 1,400 retail storefront locations, multiple Internet
websites and mobile phone and other remote platforms, the Company
provides a variety of consumer financial products and services in eight
countries across North America and Europe—Canada, the United Kingdom,
the United States, Sweden, Finland, Poland, Spain and the Republic of
Ireland. The Company believes that its customers, many of whom receive
income on an irregular basis or from multiple employers, are drawn to
the range of financial services it offers, the convenience of its
products, the multiple ways in which they may conduct business with the
Company and its high-quality customer service.
The Company’s products and services, principally its short-term
single-payment consumer loans, secured pawn loans, check cashing
services and gold buying services, provide customers with immediate
access to cash for living expenses or other needs. The Company strives
to offer its customers additional high-value ancillary services,
including Western Union® money order and money transfer
products, foreign currency exchange, reloadable VISA® and
MasterCard® prepaid debit cards and electronic tax filing. In
addition to its core retail products, the Company also provides
fee-based services in the United States to enlisted military personnel
applying for loans to purchase new and used vehicles that are funded and
serviced under an exclusive agreement with a major third-party national
bank through the Company’s branded Military Installment Loan and
Education Services, or MILES®, program.
The Company’s networks of retail locations in Canada and the United
Kingdom are the largest of their kind by revenue in each of those
countries. The Company believes it is also the largest pawn lender in
Europe by revenue. At March 31, 2012, the Company’s global retail
operations consisted of 1,361 retail storefront locations, of which
1,302 are company-owned stores, conducting business primarily under the
names Money Mart®, The Money Shop®, Insta-Cheques®,
Suttons and Robertson®, The Check Cashing Store®,
Sefina®, Helsingin PanttiSM,Optima®,
MoneyNow!®, and Super Efectivo®. In addition to
its retail stores, the Company also offers Internet-based short-term
single-payment consumer loans in the United Kingdom primarily under the
brand names Payday Express® and PaydayUK®, in
Canada under the Money Mart name, and in Finland, Sweden and Poland
primarily under the Risicum® and OK Money® brand
names. For more information, please visit the Company's website at www.dfcglobalcorp.com.
Forward-Looking Statements
This news release contains forward-looking statements, including, among
other things, statements regarding the following: pending or recent
acquisitions and their expected benefits; the Company’s future results,
growth, guidance and operating strategy; the global economy; the effects
of currency exchange rates on reported operating results; the regulatory
environment in Canada, the United Kingdom, the United States,
Scandinavia and other countries; the impact of future development
strategy, new stores and acquisitions; litigation matters; financing
initiatives; and the performance of new products and services. These
forward-looking statements involve risks and uncertainties, including
risks related to: the regulatory environments; current and potential
future litigation; the identification of acquisition targets; the
consummation of pending acquisitions, the integration and performance of
acquired stores and businesses; the performance of new stores; the
impact of debt and equity financing transactions; the results of certain
ongoing income tax appeals; the effects of new products and services on
the Company’s business, results of operations, financial condition,
prospects and guidance; and uncertainties related to the effects of
changes in the value of the U.S. Dollar compared to foreign currencies.
There can be no assurance that the Company will attain its expected
results, successfully consummate pending acquisitions, successfully
integrate and achieve anticipated synergies from any of its
acquisitions, obtain acceptable financing, or attain its published
guidance metrics, or that ongoing and potential future litigation or the
various FDIC, Federal, state, Canadian, U.K., Scandinavia, European
Union, or other foreign legislative or regulatory activities affecting
the Company or the banks with which the Company does business will not
negatively impact the Company’s operations. A more complete description
of these and other risks, uncertainties and assumptions is included in
the Company’s filings with the Securities and Exchange Commission,
including those described under the heading “Risk Factors” attached as
an exhibit to the Company’s Current Report on Form 8-K filed with the
Securities and Exchange Commission on April 9, 2012 and its Annual
Report on Form 10-K for the Company’s fiscal year ended June 30, 2011.
You should not place any undue reliance on any forward-looking
statements. The Company disclaims any obligation to update any such
factors or to publicly announce results of any revisions to any of the
forward-looking statements contained herein to reflect future events or
developments.
