SPARTANBURG, S.C., April 20, 2012 /PRNewswire/ -- Advance
America, Cash Advance Centers, Inc. (NYSE: AEA) (the "Company")
announced that at a special meeting of stockholders held earlier
today, the Company's stockholders voted to approve the previously
announced merger agreement and merger with an indirect subsidiary
of Grupo Elektra S.A. de C.V. ("Grupo Elektra"). Under the
terms of the merger agreement, an indirect subsidiary of Grupo
Elektra will acquire all of the outstanding shares of common stock
of the Company for $10.50 per share
in cash.
The merger was approved by holders of 47,720,833 shares of the
Company's outstanding common stock, representing 99.7% of the
shares voted on the transaction and 76.2% of the total shares
entitled to vote. 124,166 shares of the Company's common
stock were voted against the merger.
Subject to the satisfaction of all closing conditions, the
Company currently anticipates that the proposed merger will be
consummated during the week of April 23,
2012.
About Advance America, Cash Advance Centers,
Inc.
Founded in 1997, Advance America is the leading provider of
non-bank cash advance services in the
United States, with approximately 2,600 centers in 29
states. Advance America offers convenient, less-costly credit
options to consumers whose needs are not met by traditional
financial institutions. Advance America is a founding member of the
Community Financial Services Association of America (CFSA), whose
mission is to promote laws that provide substantive consumer
protections and to encourage responsible industry practices. Please
visit (www.advanceamerica.net) for more information.
Forward-Looking Statements and Information:
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements provide the Company's
current expectations, beliefs, or forecasts of future events.
These statements can be identified by the fact that they do not
relate strictly to historical or current facts. They use
words such as "expect," "intend," "plan," "believe," "project,"
"anticipate," "may," "will," "should," "would," "could,"
"estimate," "continue," and other words and terms of similar
meaning in conjunction with a discussion of future operating or
financial performance. You should read statements that contain
these words carefully, because they discuss our future
expectations, contain projections of our future results of
operations or of our financial position, or state other
"forward-looking" information. Forward-looking statements involve
substantial risks and uncertainties, which could cause actual
results to differ materially from the results expressed in, or
implied by, these forward-looking statements. Such
differences may result from a variety of factors, including but not
limited to: (i) the occurrence of any event or other circumstance
that could lead to the termination of the Merger Agreement; (ii)
risks related to disruption of management's attention from the
Company's ongoing business operations due to the transaction; (iii)
the effect of the announcement of the Merger on the Company's
operating results and business generally; and (iv) the need to
obtain certain consents and approvals and satisfy certain
conditions to closing the transactions. More information about the
Company and other risks related to the Company are detailed in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2011 as filed with the Securities and Exchange
Commission (the "SEC"). The Company does not have any
intention, and does not undertake, to update any forward-looking
statements to reflect events or circumstances arising after the
date of this release, whether as a result of new information,
future events, or otherwise.
Important Additional Information and Where to Find
It
The Securities and Exchange Commission (the "SEC") maintains a
website that contains reports, proxy and information statements,
and other information regarding the Company at www.sec.gov.
In addition, any materials the Company files with the SEC may be
read and copied at the SEC's Public Reference Room at 100 F
Street, N.E., Washington, D.C.
20549. Information on the operation of the Public Reference Room
may be obtained by calling the SEC at 1-800-SEC-0330. In addition,
the documents filed with the SEC by Advance America may be obtained
free of charge from Advance America's website at
www.advanceamerica.net.
SOURCE Advance America, Cash Advance Centers, Inc.
