URON, Inc., previously a shell company, became the moms and dad business of Wyoming Financial Lenders Inc. ( “ WFL ” ) adhering to a merger effective December 31, 2007. The business happens to be the operator of 52 Wyoming Financial Lenders shops providing cash loan loans along with other customer financial loans in ten states including Nebraska, Iowa, North Dakota, Southern Dakota, Wyoming, Montana, and Kansas. The organization intends to expand its present item offerings and shop impact through extra acquisitions that are strategic key areas.
Chris Larson, Chief Executing Officer of URON, Inc. stated, “ With the purchase of Wyoming Financial Lenders, URON is on its method towards creating a presence that is strong the bucks advance loan industry. We come across a growth that is significant into the short-term consumer loan industry and certainly will concentrate the Company ’ s system expansion on states with a high populace growth rates of underserved customers, strong economies, and good demographic trends. WFL has already been a frontrunner into the loan that is payday and provides URON utilizing the foundation to improve our monetary solutions providing. The bucks advance loan company is quickly expanding because of alterations in the banking industry and also the convenience it gives clients to protect cash-flow shortfalls, so we think that ultimately combining pay day loan, name loan, along with other solutions in one shop concept will let us capitalize on the around $40 billion in short-term credit increasingly being provided. ”
“ Our strategy in finishing the acquisition that is WFL three-fold, ” Mr. Larson proceeded. “ First, it permitted our stockholders to get a community of extremely lucrative shops without having the startup expenses and negative income related to starting brand new shops. 2nd, it offers us a platform to keep to introduce new services, such as for instance name loans, to an individual base of several thousand past and present clients of WFL. Third, the acquisition provides a platform by having an experienced administration group to carry on to enhance our shop count, develop product product sales and profits, and return value to the investors as time passes. ”
Acquisition of Wyoming Financial Lenders
As previously established, URON, Inc. finished the purchase of WFL on 31, 2007 for a purchase price of $25 million, including $21 million in preferred stock and $4 million in common stock december. WFL is just a fast-growing customer economic solutions business aimed at supplying unique economic answers to the big and growing consumer marketplace that is under-banked. Wyoming Financial Lenders provides lending that is payday check-cashing, and relevant solutions straight to consumers through 52 places in ten states.
1-for-10 Reverse Stock Separate
Before the merger, URON, Inc. impacted a 1-for-10 reverse stock at the time of December 27, 2007. Due to the opposite stock split, the Company ’ s authorized and outstanding capital stock ended up being combined for a 1-for-10 foundation therefore the business’s stock expression regarding the Over-the-Counter Bulletin Board had been changed, effective December 31, 2007, to URRN.OB. Additionally in 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, plus the resignation of Donald Miller from their part being a manager of this business.
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 which can be complementary into the payday-lending company, such as for example check-cashing services, cash transfers and cash purchases. URON is an bulletin that is over-the-counter company.
Forward-Looking Statements
This pr release may contain specific statements which are “ forward-looking statements, ” including, among other items, talks and disclosures regarding the company techniques, and future operations regarding the business on a consolidated foundation. Terms such as for example, although not restricted to, “ may, ” “ likely, ” “ anticipate, ” “ expect ” and “ believes ” generally suggest and identify forward-looking statements. Although Uron thinks that the objectives reflected in every forward-looking statements are generally speaking reasonable, there is absolutely no assurance that such objectives will finally turn out to be proper or materialize. All stages of Uron ’ s operations are at the mercy of a amount of uncertainties, dangers along with other impacts, a lot of that are outside its control, and any one or mix of which may materially and adversely impact the link between the organization ’ s operations on a basis that is consolidatedlike the operations of Wyoming Financial Lenders, Inc.), and whether any forward-looking statements included herein ultimately turn out to be accurate.
No Comments