EX-99.1
3
a05-4857_3ex99d1.htm
EX-99.1
Exhibit 99.1
Dollar Financial Corp. Announces The Acquisition of We The People Forms
and Service Centers USA, Inc.
BERWYN, Pa., Mar 08, 2005
(BUSINESS WIRE) - Dollar Financial Corp., (NASDAQ:DLLR) a leading international
financial services company serving under-banked customers, today announced that
it has completed the acquisition of the assets of We the People Forms and
Service Centers USA, Inc.. We the People is the market leader for retail-based
legal document preparation services in the United States. The total
consideration for the acquisition includes cash consideration of $12.0 million,
$3.0 million of cash consideration contingent on the We the People's attainment
of certain future financial targets and 141,935 shares of Dollar Financial
Corp. common stock. Dollar will also assume up to $750,000 of We the People
liabilities.
We the People, based in Santa
Barbara, CA, provides affordable legal document preparation services through
its 170 franchised locations in 30 states. The Company was founded by Ira and
Linda Distenfield in 1996, both of whom will remain in senior management roles
under long-term employment contracts. For the fiscal year ending December 31,
2003, which is the last year that audited financial statements are available,
We the People reported revenue of $7.8 million.
"While relatively modest in
scale, the acquisition of We the People is a meaningful step in our ongoing
strategy of further building out our diversified product mix", commented Don
Gayhardt, President of Dollar Financial. "We see an excellent opportunity to
further develop the We the People business through a focused effort on selling
new franchise territories and opening new franchised and company-owned stores
to serve this developing marketplace. Furthermore, the demographics of the
legal document customers are similar to the customer demographics we currently
serve with our other products. This acquisition also enhances our ability to
leverage our corporate infrastructure and current store footprint, whereby we
can offer these new products through some of our existing store locations in
the United States. In all, we are very excited about this acquisition as it is
an ideal fit into our existing diversified product portfolio".
Mr. Gayhardt continued, "From
a financial perspective, this acquisition is attractively valued and is
expected to be immediately accretive. Furthermore, in fiscal 2004, We the
People added 51 new franchise store locations, which should provide strong
revenue growth as these stores mature. In addition, Dollar Financial is in the
process of developing an integration plan with which to capture operating
synergies inherent in combining the We the People business with Dollar
Financial's existing operations. As a result, the company expects that the We the
People business will represent a meaningful contribution to the long term
profitability of Dollar Financial".
About Dollar Financial Corp.
Dollar Financial Corp. is a
leading international financial services company serving under-banked
consumers. The Company's customers are typically lower-and middle-
income working-class
individuals who require basic financial services but, for reasons of
convenience and accessibility, purchase some or all of their financial services
from the Company rather than from banks and other financial institutions. To
meet the needs of these customers, the Company provides a range of diversified
consumer financial products and services primarily consisting of check cashing,
short-term consumer loans, Western Union money order and money transfer
products, reloadable VISA branded debit cards, electronic tax filing and bill
payment services.
The Company operates a
network of 1,316 stores, including the 170 We the People franchised locations
and 671 company-operated stores, in 34 states, the District of Columbia, Canada
and the United Kingdom. The Company's store network is the largest network of
its kind in each of Canada and the United Kingdom and the second-largest
network of its kind in the United States. Dollar Financial's customers, many of
whom receive income on an irregular basis or from multiple employers, are drawn
to the Company's convenient neighborhood locations, extended operating hours
and high-quality customer service. For more information, please visit the Company's
website at www.dfg.com.
Forward Looking Statement
This news release contains
forward-looking statements, including statements regarding the impact of the We
the People business on the Company's business and future prospects. These
forward-looking statements involve risks and uncertainties, including risks
related to the impact of the We the People acquisition on the Company's
business, results of operations, financial condition and prospects. The
expansion into new products and services, such as the We the People
acquisition, will present new challenges to the Company's business and will
require additional management time. A more complete description of these and
other risks, uncertainties and assumptions is included in our filings with the
Securities and Exchange Commission, including those described under the heading
"Risk Factors" in our recent final prospectus from the Company's initial public
offering filed with the SEC on January 31, 2005. You should not place undue
reliance on any forward-looking statements. We disclaim any obligation to
update any such factors or to publicly announce results of any revisions to any
of the forward-looking statements contained herein to reflect future events or
developments.
SOURCE: Dollar Financial
Corp.
Dollar Financial Corp.
Donald F. Gayhardt,
610-640-5925

EX - 99 . 1 3 a05 - 4857 _ 3ex99d1 . htm EX - 99 . 1 Exhibit 99 . 1 Dollar Financial Corp . Announces The Acquisition of We The People Forms and Service Centers USA , Inc . BERWYN , Pa . , Mar 08 , 2005 ( BUSINESS WIRE ) - Dollar Financial Corp . , ( NASDAQ : DLLR ) a leading international financial services company serving under - banked customers , today announced that it has completed the acquisition of the assets of We the People Forms and Service Centers USA , Inc . . We the People is the market leader for retail - based legal document preparation services in the United States . The total consideration for the acquisition includes cash consideration of $ 12.0 million , $ 3.0 million of cash consideration contingent on the We the People 's attainment of certain future financial targets and 141,935 shares of Dollar Financial Corp . common stock . Dollar will also assume up to $ 750,000 of We the People liabilities . We the People , based in Santa Barbara , CA , provides affordable legal document preparation services through its 170 franchised locations in 30 states . The Company was founded by Ira and Linda Distenfield in 1996 , both of whom will remain in senior management roles under long - term employment contracts . For the fiscal year ending December 31 , 2003 , which is the last year that audited financial statements are available , We the People reported revenue of $ 7.8 million . " While relatively modest in scale , the acquisition of We the People is a meaningful step in our ongoing strategy of further building out our diversified product mix " , commented Don Gayhardt , President of Dollar Financial . " We see an excellent opportunity to further develop the We the People business through a focused effort on selling new franchise territories and opening new franchised and company - owned stores to serve this developing marketplace . Furthermore , the demographics of the legal document customers are similar to the customer demographics we currently serve with our other products . This acquisition also enhances our ability to leverage our corporate infrastructure and current store footprint , whereby we can offer these new products through some of our existing store locations in the United States . In all , we are very excited about this acquisition as it is an ideal fit into our existing diversified product portfolio " . Mr . Gayhardt continued , " From a financial perspective , this acquisition is attractively valued and is expected to be immediately accretive . Furthermore , in fiscal 2004 , We the People added 51 new franchise store locations , which should provide strong revenue growth as these stores mature . In addition , Dollar Financial is in the process of developing an integration plan with which to capture operating synergies inherent in combining the We the People business with Dollar Financial ' s existing operations . As a result , the company expects that the We the People business will represent a meaningful contribution to the long term profitability of Dollar Financial " . About Dollar Financial Corp . Dollar Financial Corp . is a leading international financial services company serving under - banked consumers . The Company 's customers are typically lower - and middle - income working - class individuals who require basic financial services but , for reasons of convenience and accessibility , purchase some or all of their financial services from the Company rather than from banks and other financial institutions . To meet the needs of these customers , the Company provides a range of diversified consumer financial products and services primarily consisting of check cashing , short - term consumer loans , Western Union money order and money transfer products , reloadable VISA branded debit cards , electronic tax filing and bill payment services . The Company operates a network of 1,316 stores , including the 170 We the People franchised locations and 671 company - operated stores , in 34 states , the District of Columbia , Canada and the United Kingdom . The Company 's store network is the largest network of its kind in each of Canada and the United Kingdom and the second - largest network of its kind in the United States . Dollar Financial 's customers , many of whom receive income on an irregular basis or from multiple employers , are drawn to the Company 's convenient neighborhood locations , extended operating hours and high - quality customer service . For more information , please visit the Company 's website at www.dfg.com . Forward Looking Statement This news release contains forward - looking statements , including statements regarding the impact of the We the People business on the Company ' s business and future prospects . These forward - looking statements involve risks and uncertainties , including risks related to the impact of the We the People acquisition on the Company 's business , results of operations , financial condition and prospects . The expansion into new products and services , such as the We the People acquisition , will present new challenges to the Company 's business and will require additional management time . A more complete description of these and other risks , uncertainties and assumptions is included in our filings with the Securities and Exchange Commission , including those described under the heading " Risk Factors " in our recent final prospectus from the Company 's initial public offering filed with the SEC on January 31 , 2005 . You should not place undue reliance on any forward - looking statements . We disclaim any obligation to update any such factors or to publicly announce results of any revisions to any of the forward - looking statements contained herein to reflect future events or developments . SOURCE : Dollar Financial Corp . Dollar Financial Corp . Donald F . Gayhardt , 610 - 640 - 5925