There are
many customers who seek the convenience and efficiency of an
electronic solution to their borrowing needs.
Daniel R. Feehan, President and CEO, Cash America
International
"We have found that there are many customers who seek the
convenience and efficiency of an electronic solution to their
borrowing needs. The integration of CashNetUSA into the Cash
America platform to offer financial solutions to our customers
provides us with another tool to reach this growing market for
our products," remarked Daniel R. Feehan, President and Chief
Executive Officer of Cash America International, Inc. Mr. Feehan
continued, "This transaction also opens the longer term
opportunity to explore ways to further expand our product
offerings and market penetration through internet technology and
its related electronic distribution advantages."
CashNetUSA currently has $27 million in gross cash advances.
The initial purchase price was approximately $35 million in cash
with the opportunity for additional consideration to be paid
based on future earnings performance. The CashNetUSA assets are
substantially all of the assets of The Check Giant LLC, a
privately owned company based in Chicago, Illinois.
