Ace Cash Express, Inc., held its Annual Meeting of Shareholders on Friday, November 14, 1997. At the meeting, the shareholders re-elected the Company’s Directors as nominated, approved an amendment to the Company’s Restated Articles of Incorporation to increase the number of authorized shares of Common Stock from 10 million to 20 million, and approved the Company’s 1997 Stock Option Plan for employees.
During the meeting, Donald H. Neustadt, President and Chief Executive Officer, reviewed the Company’s results for its fiscal year ended June 30, 1997 and discussed the Company’s plans for fiscal 1998. The plan includes additional new store openings (De Novo), Acquisitions, and Franchising. Also included is the expansion of the small loan business, the ACE Plus program and the Company’s bill payment services. Jay B. Shipowitz, Senior Vice President and Chief Financial Officer, presented ACE’s vision and potential products related to introducing its customers to card based banking related services.
Following the meeting, the Company’s Board of Directors declared a three-for-two stock split. The split will be effected as a stock dividend by distributing one additional share of common stock for each two shares of common stock outstanding. The record date for determining holders entitled to receive the stock dividend will be November 30, 1997, with a delivery date on or about December 15, 1997. The Company will pay cash for any fractional shares based on the closing price as of the record date as quoted on The Nasdaq Stock Market.
“We are taking this action because of management’s long-term confidence in ACE’s financial performance and to demonstrate the Board’s continued commitment to enhancing shareholder value,” stated Donald H. Neustadt, President and Chief Executive Officer.
ACE Cash Express, Inc., headquartered in Irving, Texas, is a significant provider of retail financial services. It is the largest owner and operator, and one of the largest franchisors, of check cashing stores in the United States. Founded in 1968, the Company today has a total network of more than 700 stores, including over 615 Company-owned stores and 79 franchised stores in 26 states and Washington, DC. ACE offers a broad range of financial services, which includes check cashing as well as MoneyGram wire transfer services, money orders, small consumer loans, bill payment services and telecommunications services, including prepaid long distance cards and local phone service.
Safe Harbor Disclaimer
This release may contain certain forward-looking statements regarding the Company’s expected performance for future periods and actual results for such periods may materially differ. Such forward-looking statements involve risks and uncertainties, including risks of changing market conditions in the overall economy and the industry, consumer demand, the opening of new stores, the success of the Company’s acquisition strategy and other factors detailed from time to time in the Company’s annual and other reports filed with the Securities and Exchange Commission.Details