Ace Cash Express Inc. announces signing of letter of intent for the purchase of 32 check-cashing stores.DALLAS--(BUSINESS WIRE)--May 23, 1995--Ace Cash Express, Inc. (NASDAQ/AACE), the nation's largest check cashing store chain, announced today that it has signed a letter of intent to purchase 32 stores in Arizona from Quick Cash, Inc., a privately-held corporation. Twenty-four of the stores are located in Phoenix, seven are in Tucson and one is in Casa Grande Casa Grande (kä`sä grän`dā), city (1990 pop. 19,082), Pinal co., S Ariz.; inc. 1915. It lies in an irrigated farm area near the Casa Grande Mts. . The terms of the transaction were not disclosed. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. David Christenholz, president of Quick Cash Inc., "The combination of these successful businesses will give our employees the opportunity to participate in the future growth of a larger industry player." Donald H. Neustadt, president and chief executive officer, stated, "This acquisition, when completed, will be ACE's largest to date. The addition of these stores will dramatically increase our existing market presence in Phoenix and increase convenience to our customers. ACE also gains a number of experienced personnel, who will complement our current staff in the region, and provide the human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. for further growth. In addition, 23 of these stores operate within the Southwest Supermarkets grocery store chain, providing us a successful model to evaluate that style of business for possible introduction elsewhere." Ace Cash Express, Inc.'s common stock trades on The NASDAQ Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol AACE AACE Association for the Advancement of Computing in Education AACE American Association of Clinical Endocrinologists AACE American Association of Cost Engineers AACE Association for the Advancement of Cost Engineering and is headquartered in Irving, Texas. The company currently owns and operates over 410 stores in 14 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . CONTACT: Ace Cash Express Inc. Thomas E. Larson, 214/550-5030 |
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