ACE Cash Express Extends Money Order Relationship With Travelers Express; ACE to Receive $3.4 Million in Signing and Annual Bonu
October 30 2003 - 9:02AM
PR Newswire (US)
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/
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