easyhome Ltd. Financial Transaction with Cash Store Closes
MISSISSAUGA, ONTARIO - (Marketwired - Feb. 10, 2015) - easyhome Ltd. (TSX:EH) ("easyhome"), the Canadian leader in providing goods and financial services to the cash and credit constrained consumer, today announced that its subsidiary, easyfinancial Services Inc. ("easyfinancial" or the "Company"), has completed the acquisition of the lease rights and obligations for 45 retail locations across Canada, together with certain related assets at those locations (the "Transaction") from The Cash Store Financial Services Inc. ("Cash Store").
The original asset purchase agreement contemplated the purchase of the lease rights and obligations for up to 47 locations, however the Company was unsuccessful in obtaining satisfactory lease extensions or new agreements for two of these locations. The Company has put together a comprehensive integration plan that includes staffing, training, marketing, operating and technology elements that will allow the 45 acquired retail locations to be opened as new easyfinancial branches providing consumer loans to Canadian consumers on March 2, 2015.
"This acquisition will allow us to accelerate our retail footprint build out at easyfinancial," said David Ingram, easyhome's President and Chief Executive Officer. "We are also delighted to report that we are able to provide employment to approximately 60 former employees of the Cash Store who bring experience in providing financial solutions to our customer segment."
easyhome Ltd. is the Canadian leader in providing goods and financial services to the cash and credit constrained consumer. easyhome Ltd. serves its customers under the master brand goeasy through its two key operating divisions, easyhome Leasing and easyfinancial. easyhome Leasing is Canada's largest merchandise leasing Company, offering top quality, brand-name household furnishings, appliances and home electronic products to consumers under weekly or monthly leasing agreements through both corporate and franchise stores. easyfinancial is a leading provider of consumer loans as an alternative to traditional banks and payday lenders. easyhome Ltd. is listed on the TSX under the symbol 'EH'. For more information, visit www.easyhome.ca.
President & Chief Executive Officer
Executive Vice President and Chief Financial Officer