EDMONTON, Feb. 28, 2014 /CNW/ - The Cash Store Financial Services Inc.
("Cash Store Financial" or the "Company") (TSX: CSF) (NYSE: CSFS) today
announced that it will voluntarily delist its common shares from The
New York Stock Exchange ("NYSE"). The Company's decision to
voluntarily delist its common shares was driven by a number of factors,
including its non-compliance with the NYSE's market capitalization and
shareholders' equity, as well as its share price requirements.
The Company expects to file an application on Form 25 to notify the U.S.
Securities and Exchange Commission of its withdrawal of its common
shares from listing on the NYSE. The Company expects that the last day
of trading of its common shares on the NYSE will be on March 3, 2014.
The decision to voluntarily delist its common shares from the NYSE does
not impact the Company's listing on the Toronto Stock Exchange
("TSX"). The Company's common shares will continue to be listed and
traded on the TSX, subject to compliance with TSX continued listing
As previously announced, on April 2, 2013, the Company received notice
from the NYSE that it was not in compliance with the US$50 million
market capitalization and stockholders' equity standard for continued
listing of its common shares on the NYSE. On August 29, 2013, the
Company was notified that the NYSE accepted the Company's plan to
achieve compliance ("Plan of Compliance") subject to an 18 month
monitoring period as measured from the April 2, 2013 notice.
On February 24, 2014, the Company received an additional notice from the
NYSE that it had fallen below the NYSE's continued listing criteria
requiring listed companies to maintain an average closing price of its
listed common shares of not less than US$1.00 over a consecutive 30
About Cash Store Financial
Cash Store Financial is the only lender and broker of short-term
advances and provider of other financial services in Canada that is
listed on the Toronto Stock Exchange (TSX: CSF). Cash Store Financial
operates 510 branches across Canada under the banners "Cash Store
Financial" and "Instaloans". Cash Store Financial also operates 27
branches in the United Kingdom.
Cash Store Financial and Instaloans primarily act as lenders and brokers
to facilitate short-term advances and provide other financial services
to income-earning consumers who may not be able to obtain them from
traditional banks. Cash Store Financial also provides a private-label
debit card (the "Freedom" card) and a prepaid credit card (the "Freedom
MasterCard") as well as other financial services, including bank
Cash Store Financial employs approximately 1,900 associates and is
headquartered in Edmonton, Alberta.
Cash Store Financial is a Canadian corporation that is not affiliated
with Cottonwood Financial Ltd. or the outlets Cottonwood Financial Ltd.
operates in the United States under the name "Cash Store". Cash Store
Financial does not do business under the name "Cash Store" in the
United States and does not own or provide any consumer lending services
in the United States.
This news release contains "forward-looking information" within the
meaning of applicable Canadian securities legislation and
"forward-looking statements" within the meaning of United States
federal securities legislation, which we refer to herein, collectively,
as "forward-looking information". Generally, forward-looking
information can be identified by the use of forward-looking terminology
such as "estimates", "plans", "expects", or "does not expect", "is
expected", "budget", "scheduled", "forecasts", "intends",
"anticipates", or "does not anticipate", or "believes" or variations of
such words and phrases or state that certain actions, events or results
"may", "could", "would", "might", or "will be taken", "occur", or "be
achieved". Forward-looking information is subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of Cash Store
Financial, to be materially different from those expressed or implied
by such forward-looking information, including, but not limited to,
changes in economic and political conditions, legislative or regulatory
developments, technological developments, third-party arrangements,
competition, litigation, risks associated with but not limited to,
market conditions, and other factors described under the heading "Risk
Factors" in our Annual MD&A, which is on file with Canadian provincial
securities regulatory authorities, and in our Annual Report on Form
20-F filed with the U.S. Securities and Exchange Commission. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not place
undue reliance on forward-looking information. We do not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
SOURCE The Cash Store Financial Services Inc.