ACE Cash Express President Addresses Financial Needs of the Working Poor At Fannie Mae Foundation Roundtable
13 November 2003 - 2:02AM
PR Newswire (US)
ACE Cash Express President Addresses Financial Needs of the Working
Poor At Fannie Mae Foundation Roundtable DALLAS, Nov. 12
/PRNewswire-FirstCall/ -- ACE Cash Express, Inc. president and
chief operating officer Jay B. Shipowitz told participants at a
Fannie Mae Foundation Roundtable entitled "Access to Financial
Services for Working Poor Families," held in Washington, DC on
Monday, that the working poor or the underbanked are increasingly
turning to providers like ACE because traditional banking
institutions are not meeting their specific needs. The Fannie Mae
Foundation invited a variety of financial service providers,
regulators and consumer groups to discuss the financial needs and
preferences of the underbanked in order to develop strategies and
guidelines that promote practices for the benefit of the
lower-income consumers who currently operate outside of the
traditional financial system. Mr. Shipowitz' speech centered on the
financial needs of the consumer from the perspective of actual
customers. "What we are hearing is that our customers feel that
they are not part of the system. They are looking for personal
service with respect," stated Mr. Shipowitz. "Retail banks of today
were built to serve a customer of the past, the married couple in
the suburbs, the father who works 9-5, the mother who stays at
home. Today, we're living in the brave new world of single-parent
households which are growing at such a rate that married couples
will soon be in the minority for the first time ever. The
underbanked American is our customer at ACE." For a copy of the
complete speech, please visit the Company's website at
http://www.acecashexpress.com/ . 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/ .
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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