Tuesday December 14, 3:15 pm Eastern Time
Company Press Release
Sonoma Financial Corporation Announces Record Revenues and Loans for October 1999
Payday Express, Inc., Money Market, Inc. and E-star Systems, Inc. All Post Profits in October
CHICAGO--(BUSINESS WIRE)--Dec. 14, 1999--Sonoma Financial Corporation/VictorMaxx Technologies, Inc. (OTCBB: VMAX - news) the largest payday advance operator in the greater Chicago area, announced today the combined subsidiary operations in Illinois and Indiana resulted in record revenue, a 31% increase over October 1998. The operations of Payday Check Advance Inc., The Money Market Inc., and E-star Systems, Inc. reported October revenue of $325,814.00 on $1.8 million in loans for the month (unaudited).
Sonoma Financial Corporation operates three subsidiaries, two of which focus on consumer lending and one is a collection agency. E-star Systems, Inc., recently licensed in September, is an industry specific collection service addressing the needs of the short-term loan industry. Payday Check Advance Inc. recently signed leases in Alsip, Mt. Prospect and Roselle; totaling 50 locations in Illinois. The Money Market Inc. will be opening their 5th location in Scottsburg Indiana. Sonoma Financial operates a chain of 55 stores that provide convenient, low documentation, short term consumer loans to qualified applicants. The Company has grown from 2 stores in 1997. . Frank Anthony Contaldo, CEO of Sonoma Financial Corp. stated, ``This year, we have more than doubled the Chicagoland stores to 50 locations and have taken an unprofitable chain in Indiana, doubling it's size; this along with our collection agency started two months ago, have all provided October's growth.'
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 - news), First Cash Financial Services (NASDAQ:FCFS - news) and Pinnacle Business Management (OTCBB:PCBM - news), have proven the viability of the concept in other markets, but are not specifically focused in this area. |
