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Cash America International, Inc. Message Board

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  • (Copyright (c) 1998, Business Wire)

    FORT
    WORTH, Texas--(BUSINESS WIRE)--Oct. 21, 1998--Cash
    America
    International, Inc. (NYSE:PWN) announced today that its wholly
    owned
    subsidiary, Mr. Payroll Corporation, intends to significantly
    expand its
    relationship with innoVisions, LLC., a
    joint venture with Wells Fargo Bank,
    N.A. originally
    formed in May 1998 to develop a new generation of
    financial
    services vending machines incorporating Mr. Payroll
    technology for deployment
    in the gaming industry.
    The
    letter of intent signed today provides for Mr. Payroll
    to contribute its
    tangible assets and
    intellectual property associated with its automated
    check
    cashing business to innoVisions, and for Wells Fargo to
    contribute cash to
    innoVisions to further the development
    and distribution of this innovative
    new
    technology. The ownership interests in the venture will
    continue to be held
    evenly by Mr. Payroll and Wells
    Fargo, subject to a minority interest reserved for the
    management of innoVisions.
    The specific details of the
    new business arrangement have been
    withheld
    pending completion of a due diligence review and
    negotiation of an amendment
    to the existing joint venture
    agreement. The parties expect to have an
    amendment
    finalized before the end of the year.
    The parties
    contemplate expanding the scope of innoVisions
    business
    activities beyond the gaming industry to include a variety
    of retail, banking,
    employer, and other markets
    currently being pursued by Mr. Payroll. In
    essence, the
    automated check cashing business of Mr. Payroll would be
    merged
    with the existing business of innoVisions, and all
    future development,
    marketing and deployment activity
    for the automated check cashing business
    will be
    conducted through innoVisions. The current business of
    innoVisions
    consists of approximately 200 ATM machines deployed in
    certain gaming
    establishments and convenience stores.
    The Mr. Payroll network currently
    includes 79
    automated check cashing machines deployed in convenience
    stores,
    supermarkets and banks in 15 states.
    "We are delighted
    with the opportunity to expand our relationship
    with
    innoVisions," said Daniel R. Feehan, Chairman and Co-CEO of Mr.
    Payroll Corporation. "The combination of our technology
    and retail relationships with
    Wells Fargo's
    capital and broad market presence would provide a
    strong
    platform for bringing innovative new products to the
    automated financial
    services arena."
    "After working
    closely with Mr. Payroll over the past few months, we
    have
    recognized the expansive opportunity available for further
    development and
    distribution of its check cashing
    technology," said Paul M. Watson, Wells
    Fargo's Vice
    Chairman for commercial banking. "We are pleased to
    consider
    joining Mr. Payroll in positioning innoVisions as a new
    competitive force
    bringing automated financial services to
    markets currently under-served by
    other
    providers."
    "The opportunity to coordinate our business
    strategies and work together as
    a single management team
    can be a major leap forward in our efforts to
    capture
    a first movers advantage," said Frank Petro,
    Chairman and CEO of innoVisions
    and Michael C. Stinson,
    President and Co-CEO of Mr. Payroll. Petro and
    Stinson
    added, "each organization brings a unique set of skills
    complemented by a
    strong entrepreneurial spirit."

 
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