CALGARY, ALBERTA--(Marketwired - April 15, 2014) - DirectCash Payments Inc. (TSX:DCI) (the "Company" or "DCPayments") announces that one of its payday loan customers, Cash Store Financial Inc. ("Cash Store") (TSX:CSF), has obtained an order from the Ontario Superior Court of Justice granting the Cash Store's application for protection from its creditors under the Companies' Creditors Arrangement Act ("CCAA").
DCPayments currently expects Cash Store's operations to continue as normal during the CCAA proceeding and will advise of any anticipated effects on the Company's business, if any, going forward.
"DCPayments remains committed to working with Cash Store through this process and looks forward to continuing to provide our prepaid and ATM products on a business as usual basis" said Jeffrey J. Smith, President & CEO.
DCPayments is the largest branded ATM provider in Canada and Australia, and the third largest branded ATM provider in the United Kingdom. DCPayments is one of the leading providers of branded non-financial institution debit terminals and prepaid card products in Canada. DCPayments offers ATM services in Mexico and New Zealand.
Additional information about the Company is available on SEDAR (www.sedar.com) and our website at www.directcash.net.
In the interest of providing DCPayment's shareholders and potential investors with information regarding DCPayments, including management's assessment of the future plans and operations of DCPayments, certain statements contained in this news release constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target" and similar words suggesting future events or future performance. In particular, this news release contains, without limitation, forward-looking statements pertaining to the Company's expectation that the customer's business will continue operating as normal throughout the CCAA proceedings.
With respect to forward-looking statements contained in this news release, DCPayments has made assumptions regarding, among other things, the receipt of required approvals (including Court approval) of the debtor-in possession financing and such financing will be sufficient to enable the customer to carry on operations in the ordinary course and that the customer's public announcement of its intentions to complete such proceedings and the customer's publically stated expectation that it will continue operations in the ordinary course during such proceedings represent a fair and accurate assessment of the customer's affairs and expectations.
Although DCPayments believes that the expectations reflected in the forward looking statements contained in this news release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. These risks and uncertainties include, among other things, the failure of the customer to receive Court and other approvals for the above noted proceedings (including the debtor-in possession financing), that the customer's business, operations and contracts with the Company will be adversely effected in the proceedings (or otherwise), that the customer's announcement that it expects to continue operations in the normal course throughout such proceedings is not a fair or reasonable assessment of its affairs and the other factors described under "Risk Factors" in the Company's most recently filed Annual Information Form available in Canada at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking statements contained in this news release speak only as of the date of this news release. Except as expressly required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.