Franchise News Release: Dallas, TX - (Jan-7-2000)

ACE Cash Express Appoints New President

The ACE Cash Express, Inc. Board of Directors announced the promotion of Jay B. Shipowitz to President and Chief Operating Officer. Mr. Shipowitz has also been elected to the Board of Directors of the nation's largest check-cashing chain and a significant provider of retail financial services. Mr. Shipowitz had been Senior Vice President and Chief Financial Officer since joining the company in May of 1997.

In related moves, R.E. "Ed" McCarty was promoted to Executive Vice President, Operations from Senior Vice President and will remain President of the ACE Franchise Group. Also promoted was Debra A. Bradford to Senior Vice President and Chief Financial Officer from Vice President, Finance. The promotions are effective immediately.

In making the announcement Donald H. Neustadt, Chief Executive Officer said, "Naming Jay, President and COO, is a great way for ACE to start the New Year. He has demonstrated the kind of innovation and leadership ACE will need to meet the challenges of a dynamic marketplace. Jay was instrumental in redefining the Company's capital structure, securing long term agreements with several key vendors, expanding ACE's service offerings and creating the loan program affiliation with a national bank using debit card technology."

"ACE has established an outstanding record and I welcome the challenge to build on this legacy of success," stated Mr. Shipowitz. "I am excited about the promotions of Ed McCarty and Debra Bradford that recognize their contributions to our enviable history of growth and I look forward to working with them and all of ACE's associates, partners and franchise owners in executing the exciting initiatives already underway."

ACE Cash Express, Inc. is headquartered in Irving, Texas and is the largest owner, operator and franchiser of check-cashing stores in the United States. Founded in 1968, the company currently has a network of 965 stores, consisting of 819 company owned stores and 146 franchised stores in 29 states and the District of Columbia. ACE offers a broad range of financial and check cashing services and is one of the largest providers of MoneyGram wire transfers. In addition, ACE offers money orders, small consumer loans, bill payment services, and prepaid local and long distance telecommunication services.

Top Business & Franchise Opportunites: