AUSTIN, Texas, Nov. 27, 2012 /PRNewswire/  EZCORP, Inc. (NASDAQ:  EZPW) announced today that it has continued to expand its capabilities to deliver integrated instant cash solutions to customers across multiple channels, formats and geographies.

(Logo: http://photos.prnewswire.com/prnh/20090713/EZCORPLOGO)

Online Lending

EZCORP has entered into a definitive agreement with Go Cash, LLC and certain of its affiliates to acquire substantially all the assets of Go Cashs online lending business (www.gocash.com).

Upon completion of the acquisition, James R. Carnes, the founder and president of Go Cash, will assume an executive management role with EZCORP and will lead its online lending business.  EZCORP will also hire substantially all of the Go Cash employees, including a management team with significant experience in US online lending; an internal analytics team that continually evaluates data to improve loan decisioning processes and overall customer experience; and dedicated and experienced customer service and collections call center representatives.

The assets to be acquired include a proven, industry-leading proprietary software platform, including a loan management system and decision engine, that will enable geographic expansion in the US and internationally; an internal customer service and collections call center; a portion of the existing Go Cash loan portfolio; and related assets, including customer lists, customer data and customer transaction information.

The purchase price is performance-based and will be determined over a period of four years following the closing, with a minimum of $50 million, payable $27 million at closing, $11 million at the end of the first year and $6 million at the end of each of the second and third years.  The performance element will be based on the net income generated by the business.  At the end of each of the first four years following the closing, EZCORP will make a contingent supplemental payment equal to six times net income (subject to certain adjustments), minus all consideration payments previously paid.  EZCORP has the option of paying the full purchase price, or any payment, in cash or in the form of shares of EZCORP Class A Non-Voting Common Stock.

Completion of the acquisition is subject to the receipt of regulatory approvals and other customary closing conditions, and is expected to occur before the end of the calendar year.

Mexico Buy/Sell Business

EZCORP has also completed the acquisition of a 51% interest in Renueva Commercial, SAPI de CV, a company headquartered in Mexico City and doing business under the name TUYO (www.lomioestuyo.com).  TUYO owns and operates 20 stores in Mexico City and the surrounding metropolitan area.  In these stores, TUYO buys quality used merchandise from customers, primarily electronics (such as computers, cameras and audio and video equipment), musical instruments and video games, and then resells that merchandise to other customers.  TUYO also sells refurbished or other merchandise acquired in bulk from wholesalers.

TUYO was founded in 2009 by Diego Creel Moreno and Oswaldo Trava Albarran, who will continue as co-presidents of the business.  TUYO focuses on providing a reliable and consistent experience for customers desiring to monetize their quality used merchandise, as well as providing excellent customer service in a professional retail shopping environment.  This acquisition complements EZCORPs successful Empeno Facil pawn business, while expanding its storefront footprint in Mexico and diversifying its service delivery formats.

The acquisition was completed through the contribution of cash to TUYO in exchange for 51% of the outstanding capital stock.

CEO Commentary

Paul E. Rothamel, EZCORPs President and Chief Executive Officer, stated:  These two acquisitions highlight our strategy of partnering with successful entrepreneurs and strong local management to achieve our long-term goals of growing across diversified channels, products and geographies.  They give us the ability to provide our customers with integrated options to easily access the financial services and products they want on their own terms.  These businesses complement our existing businesses in the US and Mexico, and will provide us with future growth opportunities, in terms of product and channel synergies, as well as geographic expansion.

Company Outlook

The Company expects transaction and implementation costs associated with the two acquisitions to total approximately $0.01 to $0.02 per share in the first quarter of fiscal 2013.  The Company expects the Hayfield acquisition to be accretive to earnings within the first 12 months following acquisition, and the TUYO acquisition, given its start-up nature, to be accretive within 24 months.  The Companys previously-announced earnings per share guidance — $0.55 to $0.60 for the first quarter of fiscal 2013 and $2.55 to $2.80 for the full year — remains unchanged.

About EZCORP

EZCORP is a leading provider of instant cash solutions for consumers employing approximately 7,200 teammates and operating 1,262 Company-operated pawn, buy/sell and personal financial services locations in the US, Mexico and Canada.  We provide a variety of instant cash solutions, including pawn loans, consumer loans and fee-based credit services to customers seeking loans. At our pawn and buy/sell stores, we also sell merchandise, primarily collateral forfeited from pawn lending operations and used merchandise purchased from customers.

EZCORP owns controlling interests in Prestaciones Finmart, SAPI de CV, SOFOM, ENR. (doing business under the name Crediamigo), a leading provider of payroll deduction loans in Mexico; in Artiste Holding Limited (doing business under the name Cash Genie), a leading provider of online loans in the UK; and in Renueva Commercial, SAPI de CV, an operator of buy/sell stores in Mexico under the name TUYO.  The Company also has significant investments in Albemarle amp; Bond Holdings PLC (ABM.L), one of the UKs largest pawnbroking businesses with over 180 full-line stores offering pawnbroking, jewelry retailing, gold buying and financial services; and in Cash Converters International Limited (CCV.ASX), which franchises and operates a worldwide network of almost 700 stores that provide personal financial services and sell pre-owned merchandise.

Special Note Regarding Forward-Looking Statements

This announcement contains certain forward-looking statements regarding the Companys expected operating and financial performance for future periods, as well as forward-looking statements regarding the completion of the proposed acquisition. These statements are based on the Companys and the sellers current expectations.  Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including changes in the regulatory environment, the receipt of all necessary regulatory approvals for the proposed acquisition and the satisfaction or waiver of the conditions to closing set forth in the Asset Purchase Agreement, changing market conditions in the overall economy and the industry, and consumer demand for the Companys or the sellers products and services. For a discussion of these and other factors affecting the Companys business and prospects, see the Companys annual, quarterly and other reports filed with the Securities and Exchange Commission.

EZCORP Investor Relations
(512) 314-2220
Investor_Relations@ezcorp.com
www.ezcorp.com

SOURCE EZCORP, Inc.

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SESUPO RANTSIMAKO

FRANCISTOWN: Despite efforts by the Non-Banking Financial Institutions Regulatory Authority (NBFIRA) to implement regulations prohibiting micro lenders from confiscating customers’ documents some operators continue to do so, The Gazette has established.

The regulations, which were implemented early this year, prohibit micro-lenders from withholding clients identity documents, ATM cards and personal identification number (PIN) codes. They were also banned from lending any married persons money without the consent of their spouses.

In addition all micro-lenders are required by the law to register with the regulator and are required to register with the regulator in order to be issued a trading licence.

However, The Gazette investigations have revealed that cash loans, as micro lenders are commonly known, continue to impound documents despite the introduction of the new easy system. The two new systems introduced for loan settlement are real pay, where the customers just swipe their cards at the cash loans machine then the transaction will follow automatically at the month end, and the touch pay system, where the details of the client are sent to a company which controls the transaction of money to get in the system of the cash loan operators.

Although cash loans operators dismissed the accusations when interviewed by The Gazette, some of their staff, who preferred anonymity for fear of victimisation, said that clients often surrender their documents because of desperation. “We understand that holding of these clients’ documents is against the law but we also get tempted especially when dealing with new clients because they are not trusted. With the new system we do not have any problem with our loyal customers; the problem is with the new ones who will come when desperate but after swiping they will open a new account, which means that we would have lost because it is difficult to trace them,” he said.

In response to The Gazette enquiries, NBFIRA Acting Director (Corporate services) Monkgogi Rampha indicated that they are aware of operators who continue to break the rules. “We are aware of such operators and so far we have charged 10 of them,” he said.

But while clients insist that they do not have any problems in leaving their documents as the new system is complicated Rampha dismissed any complexity.

“The system does not encourage both irresponsible and reckless lending,” stated Rampha adding that out of the estimated 991 operators only 169 have so far registered with the regulator.

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In each case, the suspects mugged Asian students. Purdue Police Capt. Steve Dietrich said although all the victims are Asian, the suspects said that pattern was not intentional.

“They indicated that they were targeting material things more than anything else,” Dietrich said. “IPods, laptops, phones; those kinds of things.”

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On Oct. 28, a second student was on Russell Street when he heard running footsteps from behind. Soon after, the student was punched in the back of the head and hit from the front in the eye and mouth. The student’s cellphone, wallet and watch were taken.

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