April 23, 2012
Jamie Fulmer
SPARTANBURG, SC - Advance America, Cash Advance Centers,
Inc. (NYSE: AEA) (the "Company") today announced that it
has completed its merger with an indirect subsidiary of
Grupo Elektra S.A.B. de C.V. ("Grupo Elektra"), effective
April 23, 2012. Grupo Elektra offers banking services,
credit, and other financial products to underserved
consumers in Mexico and in other Latin American countries,
including Brazil, El Salvador, Guatemala, Honduras, Panama,
and Peru. Based in Mexico City, Grupo Elektra is a
publicly-traded company on the Mexican stock exchange.
Under the terms of the merger agreement with Grupo Elektra,
an indirect subsidiary of Grupo Elektra has acquired all of
the outstanding shares of common stock of the Company for
$10.50 per share in cash. Letters of transmittal enabling
the Company's stockholders of record to deliver their
shares to the paying agent in exchange for payment of the
merger consideration will be distributed shortly. If your
shares of the Company's common stock are held in "street
name" by your broker, bank, or other nominee, you will
receive instructions after the effective time of the merger
from your broker, bank, or other nominee as to how to
effect the surrender of your "street name" shares and
receive cash for those shares.
In connection with the transaction, the Company was advised
by Wells Fargo Securities LLC and K&L Gates LLP, and Grupo
Elektra was advised by Stephens, Inc. and Paul, Weiss,
Rifkind, Wharton & Garrison LLP.
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.
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.
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