EDMONTON, Sept. 2, 2014 /PRNewswire/ - The Cash Store
Financial Services Inc. ("Cash Store Financial" or the "Company")
is providing a default status report in accordance with the
alternative information guidelines in National Policy 12-203
Cease Trade Orders for Continuous Disclosure Defaults
("National Policy 12-203").
On May 16, 2014, the Company
announced (the "Default Announcement") that it was not able to file
an interim financial report and interim management's discussion and
analysis for the period ended March 31,
2014, together with the related certifications of those
interim filings (collectively the "Continuous Disclosure
Documents") by May 15, 2014, the
deadline prescribed by securities legislation.
Except as disclosed in previous press releases, there have been
no material changes to the information contained in the Default
Announcement or any other changes required to be disclosed by
National Policy 12-203.
The Company still intends to file the Continuous Disclosure
Documents as soon as is commercially reasonable, or as required by
the Ontario Superior Court of Justice (Commercial List) (the
"Court") pursuant to the Cash Store Financial's Companies'
Creditors Arrangement Act ("CCAA") proceedings.
The Monitor has filed with the Court periodic reports which have
included Cash Store Financial's cash flow projections and other
financial information concerning the Company. The Company
anticipates that the Monitor will continue to file reports with the
Court (and post them on its website), updating relevant financial
information concerning the Company. The Monitor's reports,
Court records and other details regarding the Company's CCAA
proceedings are available on the Monitor's website at
http://cfcanada.fticonsulting.com/cashstorefinancial/.
About Cash Store Financial
Cash Store Financial and Instaloans primarily act as lenders to
facilitate short-term advances and provide other financial services
to income-earning consumers who may not be able to obtain them from
traditional banks. Cash Store Financial also provides private-label
debit cards.
Cash Store Financial is a Canadian corporation that is not
affiliated with Cottonwood Financial Ltd. or the outlets Cottonwood
Financial Ltd. operates in the United
States under the name "Cash Store". Cash Store Financial
does not do business under the name "Cash Store" in the United States and does not own or provide
any consumer lending services in the
United States.
Forward Looking Statements:
This news release contains
certain forward-looking statements about the objectives,
strategies, financial conditions, results of operations and
businesses of Cash Store Financial. Statements that are not
historical facts are forward-looking and are subject to important
risks, uncertainties and assumptions. These statements are
based on our current expectations about our business, and upon
various estimates and assumptions. The results or events
predicted in these forward-looking statements may differ materially
from actual results or events if known or unknown risks, trends or
uncertainties affect our business, or if our estimates or
assumptions turn out to be inaccurate. As a result, there is
no assurance that the circumstances described in any
forward-looking statement will materialize. Significant and
reasonably foreseeable factors that could cause our results to
differ materially from our current expectations, include, but are
not limited to, any decision of the Ontario Superior Court of
Justice in the CCAA proceedings that is adverse to Cash Store
Financial, the inability of Cash Store Financial to fulfill the
conditions to funding under any Debtor-in-Possession ("DIP")
financing agreement entered into by Cash Store Financial, and other
factors that could affect Cash Store Financial's ability to
continue its operations during the CCAA proceeding, including the
factors that are discussed in the section entitled "Risk Factors"
contained in our Annual Information Form for the year ended
September 30, 2013 dated December 11, 2013 filed by The Cash Store
Financial with the Canadian securities commissions (available on
SEDAR at http://www.sedar.com), as updated in our most recent
Management's Discussion and Analysis for the three months ended
December 31, 2013. Unless required by
law, we disclaim any intention or obligation to update any
forward-looking statement even if new information becomes
available, as a result of future events or for any other
reason.
SOURCE The Cash Store Financial Services Inc.