Press Release Details

View all Investor News

EZCORP Announces Executive Promotions

Jul 6, 2009

EZCORP, Inc. (NASDAQ: EZPW) announced today the promotion of two senior executives.

Eric Fosse is promoted to the new position of President, Pawn Americas. In this role, he will be responsible for providing the leadership to continue our growth in the pawn segments throughout the United States, Mexico and any other new pawn entry areas in the Americas. Mr. Fosse is a 5-year veteran of the company and previously served as President of the EZMONEY signature loan division.

Commenting on this appointment, EZCORP President and Chief Executive Officer, Joe Rotunda, stated, "EZCORP continues to grow and evolve as a global financial services company. In the past three years we have grown our pawn presence by 135 stores, including our entry into Mexico. During that period, we have also added 219 signature loan stores and two new loan product offerings in the United States while developing plans for entry into Canada by the end of this calendar year. In order to accommodate this explosive growth, it is important that we strategically structure our organization to provide strong leadership and direction. We are fortunate to have an executive like Eric, who has the experience and capability to assume this important new position heading up all of our pawn operations in the Americas."

Rotunda continued, "I'm also pleased to announce the promotion of Joe Borbely, who will assume the role of President, Signature Loans. Since joining us in February as EZMONEY Vice President of Stores, Joe has done an outstanding job of establishing his leadership in the EZMONEY segment. His previous experience in multi-unit management and his knowledge of the payday lending business have positioned him well to move into this larger role in a seamless fashion."

EZCORP is primarily a lender or provider of credit services to individuals who do not have cash resources or access to credit to meet their short-term cash needs. In its pawnshops, the Company offers non-recourse loans collateralized by tangible personal property, commonly known as pawn loans. At these locations, the Company also sells merchandise, primarily collateral forfeited from its pawn lending operations, to consumers looking for good value. In its signature loan stores and some pawnshops, the Company offers short-term non-collateralized loans, often referred to as payday loans, or fee based credit services to customers seeking loans.

As of March 31, 2009, EZCORP operated a total of 898 locations in the U.S. and Mexico consisting of 371 U.S. pawnshops, 45 pawnshops in Mexico and 482 U.S. signature loan stores.

For additional information, contact Dan Tonissen at (512) 314-2289.

First Call Analyst:
FCMN Contact: connie_moore@ezcorp.com

SOURCE: EZCORP, Inc.

CONTACT: Dan Tonissen of EZCORP, Inc., +1-512-314-2289

Web Site: http://www.ezcorp.com/

Categories: Press Releases
View all Investor News