SPARTANBURG, S.C., April 2, 2012 /PRNewswire/ -- Advance
America, Cash Advance Centers, Inc. (NYSE: AEA) (the
"Company"), today announced the expiration of the 45-day "go shop"
period pursuant to the terms of the previously announced Agreement
and Plan of Merger dated as of February 15,
2012 by and among the Company, Eagle U.S. Sub, Inc., and
Eagle U.S. Merger Sub, Inc. Eagle U.S. Sub, Inc. is a wholly
owned subsidiary of Grupo Elektra S.A. de C.V. ("Grupo
Elektra").
After a broad solicitation of financial and strategic parties
during the go-shop period, which ended at 11:59 p.m. (Central time) on March 31, 2012,
the Company did not receive any alternative acquisition
proposals.
The Company expects the transaction to close in the second
quarter of 2012, subject to satisfaction of the closing conditions
described in the merger agreement, including receipt of stockholder
approval.
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, the United Kingdom, and
Canada. 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 Current Report and the exhibits furnished herewith contain
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)
the inability to consummate the Merger due to the failure to obtain
the Stockholder Approval; (iii) risks related to disruption of
management's attention from the Company's ongoing business
operations due to the transaction; (iv) the effect of the
announcement of the Merger on the Company's operating results and
business generally; and (v) 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
In connection with the proposed transaction, the Company has
filed a proxy statement with the SEC and mailed to its shareholders
a definitive proxy statement regarding the proposed acquisition of
the Company by Grupo Elektra. THE COMPANY'S STOCKHOLDERS ARE
URGED TO READ THE DEFINITIVE PROXY STATEMENT BECAUSE IT CONTAINS
IMPORTANT INFORMATION ABOUT THE COMPANY, THE PROPOSED TRANSACTION,
AND RELATED MATTERS. Stockholders may obtain the proxy
statement free of charge on the Company's website at
http://www.advanceamerica.net. The SEC also 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.
Participants in
Solicitation
The Company and its directors and executive officers may be
deemed to be participants in the solicitation of proxies from the
Company's stockholders in connection with the proposed acquisition
of the Company by Grupo Elektra. Information about the
Company's directors and executive officers and their holdings of
Company securities is set forth in the definitive proxy statement
for the proposed acquisition of the Company by Grupo Elektra, and
also is available in the proxy statement for the Company's 2011
Annual Meeting of Stockholders, which was filed with the SEC on
April 14, 2011.
SOURCE Advance America, Cash Advance Centers, Inc.
