Cash America Receives $5.7 Million Equity Infusion Through Sale of Option Shares.Business Editors FORT WORTH, Texas--(BUSINESS WIRE)--Sept. 22, 2003 Cash America International, Inc. (NYSE NYSE See: New York Stock Exchange :PWN In gaming, to trounce an opponent. To be "pwned" is to be defeated unmercifully. Pronounced "pone," "pwen," "pawn" or "pun," the derivation of the term is obscure. Some believe it came from a common typo of "own" because the o and p keys are next to each other. ) announced today that it received a $5.7 million equity infusion when holders exercised their options and sold their shares. The options were held by several members of the Company's Board of Directors who sold a total of 864,950 shares of common stock obtained by exercising the underlying stock options that were set to expire in 2004. The sellers were Jack R. Daugherty, Chairman of the Board, Daniel R. Feehan, President and Chief Executive Officer, and outside directors A. R. Dike, B. D. Hunter, and Clifton H. Morris, Jr. The firm of Stephens, Inc. acted as broker for the sellers, and the shares were sold today in a block trade at a price slightly below the then current market price on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . On September 19, the Company filed post-effective amendments to certain existing registration statements on Form S-8 to register the offer and sale of these shares. "Over 700,000 of these options were granted in 1989, and the remainder were granted in 1994. The sole reason we conducted these sales was to realize the value of these options prior to their expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created ," commented Daniel R. Feehan, Chief Executive Officer of the Company. "We also wanted to minimize the market impact of the sales. We remain extremely confident in the future outlook for the Company and will be able to use the proceeds from the sale of the stock for further expansion opportunities as well as general corporate purposes." Separately, the Company also announced that Jack R. Daugherty, Chairman of the Board, sold 139,400 shares of common stock that had been pledged to the Company to secure a loan under the Company's now discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: officer stock loan program. The proceeds from the sale of shares are being used to repay the loan in full. Cash America International, Inc. is a provider of specialty financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to individuals in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , United Kingdom and Sweden. Cash America is the largest provider of secured non-recourse loans to individuals, commonly referred to as pawn loans, through 462 locations in 17 states and two foreign countries, and the Company also offers short-term cash advances in many of its U.S. locations including 14 locations that offer only this service. In addition, the Company provides short-term cash advances and check cashing through 133 locations operated by its wholly-owned subsidiary, Cashland, Inc. and check cashing services through its 139 franchised and Company-owned "Mr. Payroll" check cashing centers. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. about the business, financial condition and prospects of Cash America International, Inc. and its subsidiaries ("the Company"). The actual results of the Company could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including, without limitation, changes in demand for the Company's services, the actions of third parties who offer products and services at the Company's locations, changes in competition, the ability of the Company to open new operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with its plans, economic conditions, real estate market fluctuations, interest rate fluctuations, changes in the capital markets, changes in tax and other laws and governmental rules and regulations applicable to the Company's business, and other risks indicated in the Company's filings with the Securities and Exchange Commission. These risks and uncertainties are beyond the ability of the Company to control, and, in many cases, the Company cannot predict all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this release, terms such as "believes," "estimates," "plans," "expects," "anticipates" and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or occurring after the date of this release. |
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