VMAX news. One of me longs :)
Sonoma Financial Corporation Opens 50th Payday Location; Somoma Financial to Reach 55 Locations by Year End
Business Wire - November 30, 1999 09:31
CHICAGO--(BUSINESS WIRE)--Nov. 30, 1999--Sonoma Financial
Corporation/VictorMaxx Technologies, Inc. (OTCBB: VMAX) the largest payday advance operator in the greater Chicago area, announced today the combined payday operations in
Illinois and Indiana have reached 50 store locations and will have 55 before year end.
The Illinois subsidiary Payday Check Advance Inc. operating under "Payday Express", grew from 23 locations January 1st to 46 locations today. Four additional locations are under lease and will open before the year is out. The Indiana subsidiary, The Money Market Inc., acquired in May with two locations has now doubled to 4 with one additional location set to open in the next few weeks.
Payday Check Advance Inc. and The Money Market Inc. operate a chain of stores that provide convenient, low documentation, short term consumer loans to qualified applicants.
The Company has grown from 2 stores in 1997 to a chain with 50 locations today.
Frank Anthony Contaldo, CEO of Sonoma Financial Corp. stated, "1999 has been a year of fast-growth for our Payday subsidiaries. We've continued our expansion into new territories and have moved to increase market share in established ones. Our growth strategy has produced record single month revenues in October and we expect a busy holiday season."
A complete investor package for Sonoma Financial is available at e-relations.com
About Sonoma Financial Corporation:
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.
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.
Frank Anthony Contaldo, 847/931-9218
or
Wayne Schumacher (Investors), 773/227-3910 |
