Thursday July 22, 7:32 am Eastern Time
Company Press Release
Sonoma Financial Announces Growing Commitment to 'Payday Advance' Industry After Payday Check Advance, Inc.'s Chain of Stores Grew 11 Fold in 1998
CHICAGO--(BUSINESS WIRE)--July 22, 1999--Sonoma Financial Corporation/VictorMaxx Technologies, Inc. (OTCBB: VMAX - news) today announced that the company is focusing its efforts on the rapid expansion of its Payday Check Advance subsidiary.
This week Sonoma Financial announced store growth of over 11,000% in 1998. ''The short-term loan industry is rapidly expanding. People are relying more and more on alternative credit sources to assist them in meeting their financial obligations. We provide a convenient, low documentation short term method for individuals to receive the funds they need immediately,'' stated Frank Anthony Contaldo, CEO of Sonoma Financial Corp.
Payday Check Advance Inc. processed 41,000 payday advance transactions totaling $12.7 million in 1998. Mr. Contaldo elaborated, ''At the end of 1998 Payday had 23 stores in operation, since then we have continued to expand at a heated pace. Currently our operations are focused in the Chicago area, but we are evaluating other markets in Illinois as well as in other states. We intend to be a strong presence in any market that we enter.''
Sonoma Financial Corporation is a financial services company that owns and operates a chain of stores devoted to providing low documentation, short-term consumer loans. The company intends to become the national leader in the ''Payday Loan'' market by strategically opening new stores, penetrating new markets and by chain acquisition. Sonoma Financial is currently the only publicly traded company with a sole focus on 'payday advances'. Ace (NASDAQ:AACE - news) and First Cash Financial Services (NASDAQ:FCFS - news), have proven the viability of the concept in other markets, but are not specifically focused in this area. A complete investor package is available at vitualir.com.
Safe Harbor Disclaimer:
This release may contain certain forward-looking statements regarding the Company's expected performance for future periods, and actual results for such periods may materially differ. Such forward-looking statements involve certain risks and uncertainties, including but not limited to risks of changing market conditions in the overall economy and the industry, consumer demand, additional financing requirements, the opening of new stores, the success of the Company's acquisition strategy and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.
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Contact:
Sonoma Financial Corporation/
Victormaxx Technologies, Inc.
Frank Anthony Contaldo, 847/884-7795
or
Investor Relations Contact:
Wayne Schumacher, 773/227-3910
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