URON, Inc., formerly a shell firm, became the moms and dad business of Wyoming Financial Lenders Inc. ( “ WFL ” ) carrying out a merger effective December 31, 2007. The business happens to be the operator of 52 Wyoming Financial Lenders shops cash that is offering loans and also other consumer financial loans in ten states including Nebraska, Iowa, North Dakota, Southern Dakota, Wyoming, Montana, and Kansas. The organization intends to expand its present product offerings and shop impact through extra acquisitions that are strategic key areas.
Chris Larson, Chief Executing Officer of URON, Inc. claimed, “ With the purchase of Wyoming Financial Lenders, URON is on its method towards developing a strong existence in the bucks advance loan industry. We come across a growth that is significant within the short-term customer loan industry and can concentrate the Company ’ s system expansion on states with a high populace development prices of underserved customers, strong economies, and good demographic styles. WFL has already been a frontrunner within the loan that is payday and offers URON with all the foundation to boost our economic solutions providing. The bucks advance loan company happens to be quickly expanding as a result of alterations in the banking industry additionally the convenience it gives clients to cover cash-flow shortfalls, so we think that ultimately combining pay day loan, name loan, along with other services in one single shop concept will let us capitalize on the roughly $40 billion in short-term credit increasingly being supplied. ”
“ Our strategy in completing the WFL acquisition is three-fold, ” Mr. Larson proceeded. “ First, it permitted our stockholders to obtain a community of very lucrative stores without having the startup expenses and negative cashflow related to opening brand new shops. 2nd, it provides us a platform to continue to introduce products that are new such as for instance name loans, to an individual base of tens of thousands of past and present clients of WFL. Third, the purchase provides a platform with an management that is experienced to keep to grow our shop count, develop product sales and earnings, and return value to your investors in the long run. ”
Acquisition of Wyoming Financial Lenders
As previously established, URON, Inc. finished the purchase of WFL on December 31, 2007 for the purchase cost of $25 million, including $21 million in favored stock and $4 million in accordance stock. WFL is really a fast-growing customer monetary services business focused on supplying unique monetary answers to the big and growing under-banked customer market. Wyoming Financial Lenders provides payday financing, check-cashing, and associated solutions straight to customers through 52 areas in ten states.
1-for-10 Reverse Stock Separate
Ahead of the merger, URON, Inc. impacted a reverse that is 1-for-10 at the time of December 27, 2007. The Company ’ s authorized and outstanding capital stock was combined on a 1-for-10 basis and the Company’s stock symbol on the Over-the-Counter Bulletin Board was changed, effective December 31, 2007, to URRN.OB as a result of the reverse stock split. Additionally during the time that is effective of merger, the Company ’ s board of directors ended up being reconstituted because of the visit of Christopher Larson, Robert W. Moberly, James Mandel, John H. Klassen IV and Mark Houlton as directors, in addition to resignation of Donald Miller from their part as a manager associated with the Company.
About URON, Inc.
Headquartered in Omaha, Nebraska, URON, Inc. runs 52 Wyoming Financial Lenders stores in ten states, including Nebraska, Iowa, North Dakota, Southern Dakota, Wyoming, Montana, Kansas, Colorado, Wisconsin and Utah. The business provides clients with short-term cash advance payday loans, typically which range from $100 to $500, as well as ancillary customer monetary services and products that are complementary to your payday-lending company, such as for instance check-cashing services, cash transfers and top article cash sales. URON is definitely an bulletin that is over-the-counter company.
Forward-Looking Statements
This news release may contain specific statements which are “ forward-looking statements, ” including, on top of other things, conversations and disclosures of this business methods, and future operations of this business on a consolidated foundation. Terms such as for instance, although not limited by, “ may, ” “ likely, ” “ anticipate, ” “ anticipate ” and “ believes ” generally suggest and identify forward-looking statements. Although Uron thinks that the objectives reflected in just about any statements that are forward-looking generally speaking reasonable, there is absolutely no assurance that such objectives will fundamentally end up being proper or materialize. All phases of Uron ’ s operations are at the mercy of a wide range of uncertainties, dangers as well as other impacts, a lot of which are outside its control, and any one or combination of which may materially and adversely impact the link between the organization ’ s operations on a consolidated foundation (like the operations of Wyoming Financial Lenders, Inc.), and whether any forward-looking statements included herein ultimately show to be accurate.