"We have carefully reviewed the New Hampshire Bank Commissioner's ruling
issued earlier this month, and have engaged in discussions with him. While we
continue to believe that our new credit line product was compliant with
Still, Advance America remains confident that our Company has always
operated in strict compliance with all
In our discussions with the Bank Commissioner, we explored the best way to
address his concerns about the loans made under the credit line product during
the first few days of January. As a result, we have decided to waive all
interest on the loans issued in
The decision to discontinue our credit line product in
About Advance America
Founded in 1997, Advance America, Cash Advance Centers, Inc. (NYSE: AEA)
is the country's leading provider of payday cash advance services, with
approximately 2,813 centers and 79 limited licensees in 33 states, the
Forward-Looking Statements and Information:
Certain statements contained in this release may constitute
"forward-looking statements" within the meaning of federal securities laws.
All statements in this release other than those relating to our historical
information or current condition are forward-looking statements. For example,
any statements regarding our future financial performance, our business
strategy, and expected developments in our industry are forward-looking
statements. Although we believe that the current views and expectations
reflected in these forward-looking statements are reasonable, those views and
expectations and the related statements are inherently subject to risks,
uncertainties, and other factors, many of which are not under our control and
may not even be predictable. Therefore, actual results could differ
materially from our expectations as of today and any future results,
performance, or achievements expressed directly or impliedly by the
forward-looking statements. For a more detailed discussion of some of the
factors that may cause our actual results to differ from our current
expectations, please refer to the "Risk Factors" section of our Annual Report
on Form 10-K for the fiscal year ended
SOURCE Advance America