Fasten in, here we go with aquisitions:
Sonoma Financial Receives Indiana State License and Completes Purchase of the Money Market; Discusses Further Expansion into Indiana
CHICAGO--(BUSINESS WIRE)--Sept. 2, 1999--Sonoma Financial Corporation/VictorMaxx Technologies, Inc. (OTCBB: VMAX) announced they have received their Indiana state license and with that license the purchase of The Money Market Inc., an Indiana-based check advance chain, closed escrow.
The Money Market Inc. is a "check advance" chain operating at 1438 A-E 10th Street, Jeffersonville, Indiana and 608 State Street, New Albany, Indiana. The company's stores have operated under Sonoma's business philosophy since May 28, 1999. The financial terms of the purchase were not disclosed.
Frank Anthony Contaldo, CEO of Sonoma Financial Corp. said, "We are very excited about closing our first acquisition and receiving state license approval. This is just the beginning of our expansion in Indiana, we have begun negotiating leases in Clarksville, Corydon and Bloomington, as well as pursuing other acquisition candidates."
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) and First Cash Financial Services (NASDAQ: FCFS), 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 e-relations.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.
CONTACT:
Sonoma Financial Corporation/
VictorMaxx Technologies, Inc.
Company Contact:
Frank Anthony Contaldo, 847/884-7795
or
Investor Relations Contact:
Wayne Schumacher, 773/227-3910
KEYWORD: ILLINOIS
BW1045 SEP 02,1999
4:46 PACIFIC
7:46 EASTERN |
