The
integration of this delivery channel provides us with an
important foundation in this new avenue for growth in the cash
advance industry.
Daniel R. Feehan, President and Chief
Executive Officer, Cash America International, Inc.
"By expanding our product delivery platform to include internet
access, we believe that we are positioned to serve a new
customer segment beyond the reach of our current bricks and
mortar lending locations," said Daniel R. Feehan, President and Chief
Executive Officer of Cash America International, Inc.
CashNetUSA entered the online cash advance market in early 2004
and offers cash advances in 27 states. CashNetUSA's gross cash advance portfolio
exceeds $22 million. The company estimates its has served
over 250,000 customers since inception.
"The
integration of this delivery channel provides us with an
important foundation in this new avenue for growth in the cash
advance industry," commented Mr. Feehan.
The acqusition is expected to be completed within
60 days. The CashNetUSA assets are substantially all of the
assets of The Check Giant, LLC and its affiliates. The Check
Giant, LLC is a privately owned company based in Chicago,
Illinois.
Cash
America also announced that it expects results for it second
quarter ended June 30, 2006 to exceed management's initially
published guidance for earnings per share.
Cash America International, Inc. operates 896 specialty
financial locations.
