EDMONTON,
Sept. 4, 2013 /CNW/ - The Cash Store
Australia Holdings Inc. ("Cash Store Australia" or the "Company")
(TSXV:AUC) today announced that, on September 3, 2013, Assistive Financial Corp.
("AFC") issued a demand letter demanding repayment of principal and
interest owing under its loan to the Company and issuing a warning
with respect to enforcement of the corresponding security agreement
with The Cash Store Australia Holdings Inc.
The letter asserts that the total amount
outstanding on the loan as at September 3,
2013 was $35,514,654.97 plus
interest of $532,241.39 due on
September 3, 2013. The letter demands
repayment on or before September 13,
2013 and payment of all costs incurred by AFC with respect
to the collection of the outstanding loan balance.
The letter also states that if the loan is not
repaid by September 13, 2013, AFC's
counsel is expected to receive instructions from AFC to commence
legal proceedings for recovery of the loan which may include the
appointment of a receiver manager.
About Cash Store Australia
Cash Store Australia operates 62 branches in the
States of Victoria, Queensland, Tasmania, Northern Territory, and New South Wales, Australia under the banner
"The Cash Store".
On August 30,
2013, the Company issued a news release announcing that it
is not able to raise funding required and that the inability to
raise capital will materially impact the continuing operations of
the Company and will affect its ability to meet its obligations in
the future.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE The Cash Store Australia Holdings Inc.