24.07.2008 11:17:00
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Cash America to Appoint Timothy Ho As President of Its Internet Services Division
Cash America International, Inc. (NYSE: CSH) announced today that
Timothy S. Ho will become President of the Company’s
Internet Services Division effective October 1, 2008. Mr. Ho currently
serves as the Senior Vice President-Strategic Development of the
Internet Services Division. Albert Goldstein, the current President of
the Company’s Internet Services Division and
Alexander Goldstein, the Division’s Senior
Vice President and Chief Information Officer, intend to retire from
active management of the Company effective October 1, 2008. The
remainder of the Division’s senior management
team will remain in place. Additionally, Albert Goldstein has agreed to
stand for election as a director of Cash America in 2009.
In his new role, Mr. Ho will oversee and manage CashNetUSA, through
which Cash America conducts its internet based lending operations,
consisting of offering short-term cash advances over the Internet to
customers in 33 states in the United States, and in the United Kingdom
at www.cashnetusa.com and www.quickquid.co.uk,
respectively.
Commenting on the move, Daniel R. Feehan, President and Chief Executive
Officer of Cash America said, "Through their
leadership, innovation and business acumen, both Al and Alex Goldstein
have made a tremendous contribution to the recent success of CashNetUSA
and the Company. We are pleased to report that Al Goldstein has agreed
to join our Board of Directors as a candidate for election in the 2009
proxy. Mr. Goldstein will provide the Company with valuable oversight in
the continued direction of the online business opportunities in the
years to come. This succession is a logical progression in the growth
and development of CashNetUSA since its acquisition in September 2006.
The core management team that will take CashNet forward has not changed
and that team has demonstrated its abilities to achieve success through
innovation and enhancement of the online distribution platform. Mr. Ho
has been instrumental in the growth and development of CashNetUSA and he
has exhibited outstanding leadership and management skills since
CashNetUSA became a part of Cash America. We are thrilled about Mr. Ho’s
leadership and the potential of our Internet Services Division going
forward.”
Mr. Ho, 28, joined CashNetUSA in January 2006 as Director of Process
Development, and joined Cash America in September 2006 as Vice President
of Business Development, in conjunction with Cash America’s
acquisition of CashNetUSA. In his current role as Senior Vice President
- Strategic Development of the Internet Services Division, he oversees
Strategy, Marketing, and Analytics. Prior to joining CashNetUSA, Mr. Ho
was at GE Healthcare in Milwaukee, Wisconsin working in program
management. Mr. Ho received a Bachelor of Science in Computer Science
from the University of Illinois in 2002.
In addition to Mr. Ho, the senior leadership team of the Internet
Services Division consists of:
Mark A. Friedgan, 28, Senior Vice President-R&D-Internet Services
Division,
Kenneth C. Schultz, 34, Senior Vice President-Finance-Internet
Services Division, and
Steven Y. Joung, 27, Senior Vice President-Operations-Internet
Services Division.
Mr. Friedgan joined CashNetUSA in 2005. Before joining CashNetUSA, Mr.
Friedgan was a director of Data Cartography, Inc., a privately held
software and technology consulting firm and was a software engineer with
CCC Information Services and Auvo Technologies. He received a B.S. and
M.S. in Electrical and Computer Engineering from Carnegie-Mellon
University. Mr. Friedgan will also assume the role of Chief Information
Officer for the Internet Services Division. Mr. Schultz joined
CashNetUSA as its Chief Financial Officer in March 2006. Prior to
joining CashNetUSA, Mr. Schultz was an investment banker with Lehman
Brothers in New York, where he covered financial sponsors. Mr. Schultz
received a B.A. in Accounting from the Broad College of Business at
Michigan State University and an MBA with concentrations in Finance and
Entrepreneurship, from the University of Chicago Graduate School of
Business. Mr. Joung has been the Chief Operating Officer of CashNetUSA
since February 2005, and served with GE Commercial Finance from 2003 to
2005, where he graduated from GE’s Financial
Management Program and rotated through several diverse businesses and
held both domestic and international positions. Mr. Joung received a
B.S. in Finance from the University of Illinois.
Cash America International, Inc. is a provider of specialty financial
services to individuals in the United States with 928 total locations as
of June 30, 2008. Cash America is the largest provider of secured
non-recourse loans to individuals, commonly referred to as pawn loans,
through 501 locations in 22 states under the brand names Cash America
Pawn and SuperPawn. The Company also offers short-term cash advances in
many of its locations including 292 locations that offer this service
under the brand names Cash America Payday Advance and Cashland.
Short-term cash advances are also offered over the Internet to customers
in 33 states in the United States and in the United Kingdom at http://www.cashnetusa.com
and http://www.quickquid.co.uk,
respectively. In addition, check cashing services are provided through
its 135 franchised and Company-owned "Mr.
Payroll” check cashing centers.
For additional information regarding the Company and the services it
provides, visit the Company’s websites
located at:
http://www.cashamerica.com http://www.cashnetusa.com http://www.cashlandloans.com http://www.quickquid.co.uk Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
This release contains forward-looking statements about the business,
financial condition and prospects of Cash America International, Inc.
and its subsidiaries (the "Company”).
The actual results of the Company could differ materially from those
indicated by the forward-looking statements because of various risks and
uncertainties including, without limitation, changes in demand for the
Company's services, the continued acceptance of the online distribution
channel by the Company’s cash advance
customers, the actions of third parties who offer products and services
at the Company’s locations, changes in tax
and other laws and governmental rules and regulations applicable to the
Company’s business, fluctuations in the price
of gold, changes in competition, the ability of the Company to open new
operating units in accordance with its plans, economic conditions, real
estate market fluctuations, interest rate fluctuations, changes in
foreign currency exchange rates, changes in the capital markets, the
ability to successfully integrate newly acquired businesses into the
Company’s operations and other risks
indicated in the Company's filings with the Securities and Exchange
Commission. These risks and uncertainties are beyond Company’s
control, and the Company cannot predict all of the risks and
uncertainties that could cause its actual results to differ materially
from those indicated by the forward-looking statements. When used in
this release, terms such as "believes,” "estimates,” "plans,” "expects,” "anticipates”
and similar expressions as they relate to the Company or its management
are intended to identify forward-looking statements. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements to reflect events or circumstances occurring
after the date of this release.
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