FT. LAUDERDALE, Fla. -- Cash Now Corporation (Pink Sheets:CHNW), a pioneer and continuing leader in the payday loan and check-cashing industry, today announced it is experiencing stronger-than-expected licensing sales in 2005.
"Entrepreneurs are starting to recognize that what we offer is a no-hassle, low-cost way to get into a business that can generate a lot of income," said Andrea Zecevic, Cash Now President. "Once they see how 'turnkey' our operation is, they're eager to get started, and that's exactly what is happening."
So far this year, Cash Now has sold 17 licenses to entrepreneurs in the United States and Canada, said Zecevic. That's above internal projections, and she said the company expects sales to be above plan for the remainder of the year.
Cash Now also recently announced higher-than-expected revenues from its own payday loan and check cashing activities. Payday loan and check-cashing revenues for this year are now estimated at $6.5 million, according to Zecevic.
The company's annual fiscal results will be announced January 2006.
"Business is good because we're good at what we do," said Zecevic. "In good economies or bad, there is always a need for quick cash and check cashing - and we serve those needs well. Our technology is state of the art, so our customer experience is fast and accurate, and that's good for our operators as well as our customers."
As an example of Cash Now's state-of-the-art technology, the company recently installed a new Web-based booking engine that assures faster-than-ever service for Cash Now customers while opening the possibility of more profits for Cash Now Licensees. The speed and automation can dramatically increase conversion rates for Cash Now Licensees, Zecevic has said. Plus it eliminates manual underwriting, which allows the staff to focus on verification - making sure customers work where they claim to work and bank where they claim to bank. What this amounts to is a series of spot-checks by Licensees, which is very important to their financial well-being.
The basic booking engine can process up to 100 loans a day - ideal for smaller operations. For a licensee looking for a robust call center operation, the ultimate answer is Cash Now's Enterprise Solution with a fully integrated booking engine. The Enterprise solution with the booking engine can process over 1000 loan requests a day.
For more information about Cash Now visit www.cashnow.com or call 1-866-778-2996.
ABOUT CASH NOW
Cash Now Corporation (Pink Sheets:CHNW), a pioneer in the payday loan and check cashing industry, is developing the most comprehensive menu of services in the cash advance industry, all centered on the Cash Now brand. The company's proven business model includes licensing to corporately operated joint venture locations across the U.S. and Canada. Additionally, Cash Now's website is one of the most advanced payday lending portals in existence, offering key insights to clients and potential clients alike - as well as the ability to complete payday loans on-line, via a phone call or in person. Cash Now offers a Payday Loan License program, Payday Express; a Payday Loan and Check Cashing License known as Check Express; and a host of related financial services for small and medium-size businesses. Profit Guide magazine recently ranked the Cash Now Group 10th in its list of the 50 fastest growing and most promising emerging companies.
Safe Harbor Statement
Information in this press release may contain "forward-looking statements." Statements describing objectives or goals or the Company's future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, risks relating to the ability to close transactions being contemplated, risks related to sales, continued acceptance of Cash Now's products, increased levels of competition, technological changes, dependence on intellectual property rights and other risks detailed from time to time in Cash Now's periodic reports filed with the United States Securities and Exchange Commission and other regulatory authorities.
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