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EZCORP to Form Global Strategic Alliance With Cash Converters

AUSTIN, Texas, March 21, 2011 /PRNewswire/ — EZCORP, Inc. (Nasdaq: EZPW) announced today that it has agreed with Cash Converters International Limited to enter into a global strategic alliance to develop and introduce a suite of innovative financial services products under the “Cash Converters” brand.  As a part of the strategic alliance, EZCORP is proposing to acquire from existing Cash Converters shareholders approximately 76.6 million Cash Converters shares for a price of AUS $0.91 per share (approximately US $69.5 million in aggregate).  Ownership of these shares, when combined with EZCORP’s existing ownership of 124.4 million Cash Converters shares, would give EZCORP a controlling interest of approximately 53%.  Completion of the proposed transaction, including the acquisition of the additional shares, is subject to approval by Cash Converters’ shareholders and the Supreme Court of Western Australia, as well as regulatory and other conditions.  

(Logo:  http://photos.prnewswire.com/prnh/20090713/EZCORPLOGO)

Cash Converters is an owner and franchisor of retail stores, which buy and sell second-hand goods.  Cash Converters and certain of its franchisees also offer short-term consumer loans, which are available through its store network and online.  Including franchisees, there are over 600 stores operating under the Cash Converters brand in 21 countries.  Cash Converters owns and operates 41 stores in Australia and 42 stores in the U.K., and has been successfully repurchasing franchisee stores in both territories in recent years.

Benefits of the Transaction

EZCORP and Cash Converters have identified the following benefits of the strategic alliance:

Paul Rothamel, President and Chief Executive Officer of EZCORP, stated:  ”Since EZCORP’s first investment in Cash Converters approximately 16 months ago, we have become increasingly impressed with Cash Converters’ business model.  Cash Converters is a great brand, and having it already recognized in 21 countries accelerates our long-term strategic goal of being a global provider of integrated financial solutions to our customer demographic.

Powers Device Technologies, Inc. Receives $1.5 Million to ...

Powers Device Technologies, Inc. Receives $1.5 Million to Commercialize PAL™

Proceeds will support commercialization of breakthrough technology to benefit premature infants.

Jacksonville, FL (PRWEB) March 22, 2011

Powers Device Technologies, Inc., a privately held medical device company, today announced completion of $1.5 million Series A preferred funding. The single Institutional Investor, Lb Merchant II, LLLP, is an affiliate of Littlebanc Advisors, LLC. Littlebanc Advisors, LLC acted as the sole placement agent and financial advisor. This key funding will also provide the required match of funds to a recently awarded State University Research Commercialization Assistant Grant ($200,000) by the Florida Technology, Research, and Scholarship Board (FTRSB.)

The proceeds will be used to make the Pacifier Activated Lullaby (PAL™) commercially available to hospital neonatal intensive care units (NICU.) The Pacifier Activated Lullaby (PAL™) System is an FDA approved digital music delivery system that integrates an infrared sensor, pacifier, and receiver to help stimulate the sucking response in premature and low birth weight infants. The patented PAL™ technology was developed at Florida State University by Dr. Jayne Standley. An FSU faculty member since 1976, Dr. Standley is recognized throughout the United States as the foremost authority on medical music therapy. Her pioneering work in the field of medical music therapy has led to new techniques for treating premature babies.

"This funding and partnership will allow Powers DT to launch PAL™ and deliver groundbreaking technology to help solve feeding and overall development issues in premature infants," said P. Kathleen Lovell, President and CEO of Powers Device Technologies, Inc. “With their deep experience and expertise, we appreciate the enthusiastic interest and financial support from Littlebanc.”

Premature infants come into the world with numerous issues. One of them is an inability to feed by mouth before they are 34 weeks old. Sucking is a complex behavior involving the coordination of numerous muscle groups to generate rhythmic oral motor patterns (breathe-suck-swallow.) Without it, the ability to feed and thrive is significantly compromised.

"We are excited to have reached the point where we shall now be able to bring the Pacifier Activated Lullaby (PAL™) to market," said Dr. Standley. "After years of research and clinical studies in the NICU, we know that this device teaches premature infants how to feed quickly and safely. It promotes development, hastens their discharge to home, and saves medical costs. It will make a huge difference in standard medical care of preemies in the Neonatal Intensive Care Unit.