ACE Cash Express Appoints Jay B. Shipowitz as Chief Executive Officer
June 30 2004 - 4:08PM
PR Newswire (US)
ACE Cash Express Appoints Jay B. Shipowitz as Chief Executive
Officer DALLAS, June 30 /PRNewswire-FirstCall/ -- ACE Cash Express,
Inc. (NASDAQ:AACE), today announced that Jay B. Shipowitz assumed
the position of Chief Executive Officer, completing its previously
announced succession plan. Mr. Shipowitz is succeeding Donald H.
Neustadt, who will continue to serve on ACE's Board of Directors.
Mr. Shipowitz will also continue to serve as a director and as
President and Chief Operating Officer of ACE. Mr. Shipowitz
commented, "ACE has a proven operating model, scalable information
systems, and a strong balance sheet that provide us considerable
opportunity to expand the ACE Cash Express network as we seek to
create long- term value for our shareholders. I look forward to
working with the entire ACE team as we continue to build upon our
position as a leader in the retail financial services industry."
Mr. Shipowitz has served as the President and Chief Operating
Officer and as a Director of the Company since January 2000 and as
the Company's Senior Vice President and Chief Financial Officer
from May 1997 to January 2000. Mr. Shipowitz is a Director and
member of the Executive Committee of Financial Service Centers of
America, the industry trade association. 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 the Company believes that the
current views and expectations reflected in these forward-looking
statements are reasonable, these views and expectations, and the
related statements, are inherently subject to risks, uncertainties,
and other factors, many of which are not under the Company'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
these in the forward-looking statements. These risks,
uncertainties, and factors include, but are not limited to, matters
described in the Company's reports filed with the Securities and
Exchange Commission, such as: * the Company's relationships with
Republic Bank & Trust Company, with Travelers Express and its
affiliates, with its bank lenders, and with H&R Block; * the
Company's relationships with providers of services or products
offered by the Company or property used in its operations; *
federal and state governmental regulation of check cashing,
short-term consumer lending and related financial services
businesses; * any litigation regarding the Company's short-term
consumer lending activities; * theft and employee errors; * the
availability of adequate financing, suitable locations, acquisition
opportunities and experienced management employees to implement the
Company's growth strategy; * increases in interest rates, which
would increase the Company's borrowing costs; * the fragmentation
of the check cashing industry and competition from various other
sources, such as banks, savings and loans, short-term consumer
lenders, and other similar financial services entities, as well as
retail businesses that offer services offered by the Company; * the
terms and performance of third-party services offered at the
Company's stores; and * customer demand and response to services
offered at the Company's stores. The Company expressly disclaims
any obligation to update or revise any of these forward-looking
statements, whether because of future events, new information, a
change in the Company's views or expectations, or otherwise. The
Company makes no prediction or statement about the performance of
its 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 March 31, 2004, the Company had a network of
1,203 stores in 36 states and the District of Columbia, consisting
of 988 company- owned stores and 215 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/ .
http://www.newscom.com/cgi-bin/prnh/20031202/DATU020
http://photoarchive.ap.org/ DATASOURCE: ACE Cash Express, Inc.
CONTACT: William S. McCalmont, Executive Vice President & CFO,
+1-972-753-2314, or , or Eric Norrington, Vice President,
Communications, +1-972-550-5032, or , both of ACE Cash Express,
Inc. Web site: http://www.acecashexpress.com/
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