THREAD ALERT
VMAX news. A great long, imo. Please note the added bold sentences and read "between" the lines.. :)
Sonoma Financial Corporation Releases Shareholder Progress Report Business Wire - October 05, 1999 15:16
CHICAGO--(BUSINESS WIRE)--Oct. 5, 1999--Sonoma Financial Corporation/VictorMaxx Technologies, Inc. (OTCBB: VMAX or VMAX.OB) the largest payday advance operator in the greater Chicago area, issued a `report card' to shareholders today. Management has compiled the report based on the last 20 months of operations.
During the period between January 1998 and August 1999, the Company has accomplished milestone after milestone in their growth strategy. The `payday loan' chain has grown 21,500%, beginning the period with 2 operating stores and finishing with 43 operating stores.
Store expansion and acquisition accounted for an increase in money loaned through August 1999 up 174% compared to the same period in 1998. Frank Anthony Contaldo, CEO of Sonoma Financial Corporation stated "In 1998 we loaned a total $12,007,916 to our customers. Through August of this year we've already surpassed that figure."
Mr. Contaldo continued, "In just over 20 months, we have implemented a new business philosophy, an aggressive expansion plan, and have ncreased the number of profitable stores. We have spread our hometown coverage from 5 districts in March to 8 districts in August. All in all, this period in Sonoma's history has been one of unprecedented productivity."
Sonoma has completed several acquisitions in Indiana already, including The Money Market Inc. chain and one independent. Mr. Contaldo elaborated, "We have a strict philosophy: We find areas that have good potential for our services and we acquire those operations that we believe will benefit most from our systems. Our formula to this point, has worked extremely well."
Sonoma Financial Corporation is dedicated to a strategy of growth through mergers and acquisitions. Mr. Contaldo explained, "We are currently evaluating several operations in a number of states. We have no objections to keeping current management if it makes sense, were helping smaller chains compete in the changing market."
Illinois is just the first state that Sonoma has set sights on, earlier this year, Sonoma successfully applied for operating licenses in Indiana and Wisconsin. Indiana has approved the application, and Sonoma is currently operating several stores as well as planning further expansion into that state. "Sonoma's goal is to be the largest and most profitable short-term money lender in America," said Contaldo.
Sonoma just announced their newly formed subsidiary E-Star Systems Inc. received an Illinois Collection Agency License in September. E-Star Systems Inc. is an industry specific collection service uniquely positioned to address the needs of the short-term loan industry. Mr. Contaldo stated, "Sonoma's management team identified this opportunity for E-Star Systems as a way to diversify the company and increase shareholder value."
Mr. Contaldo stresses the importance of the company's stock price. "Recent activity in our stock has shown us that the investing public is responsive to our growth. We are pleased with our accomplishments thus far, and we will continue to keep our shareholders informed, not only with what we are planning for the future, but also with what we have truly accomplished"
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), First Cash Financial Services (NASDAQ:FCFS) and Pinnacle Business Management
(OTCBB:PCBM), 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
Investor Relations Contact:
Wayne Schumacher, 773/227-3910 |
