SAN DIEGO, June 16 CA-Frontera-Invest
SAN DIEGO, June 16 /PRNewswire-FirstCall/ -- Frontera Investment, Inc.,
(OTC: FRNV) announced today that it has acquired a high volume financial
services store in Oxnard, California. This store cashes $40 million in checks
and processes $11 million in money transfers per year. This one store doubles
Frontera's current check cashing and money transfer business. Frontera will
take physical possession of the store after building permits are approved,
which are expected within 30 days.
Frontera paid $575,000 for the store and expects a two year payback on its
investment. The acquisition of this latest store was financed primarily
through the issuance of common stock from insiders. Over the last seven
months, Frontera has raised $1.6 million through issuance of common stock.
Frontera now has seven stores (five full service branches and two manned
kiosks) all located in Southern California.
Frontera utilizes advanced technology to offer competitive prices on a
wide range of financial products and services, including check cashing, loans
(payday and gold jewelry loans), money transfers, and tax preparation.
Frontera's mission is to be the first full service, low cost, Hispanic
financial services brand servicing the alternative financial services market.
The Hispanic market is currently estimated at 40 million consumers, half
are un-banked. About 35 percent of the total US households are un-banked or
use alternative financial services companies.
This press release contains certain "forward-looking" statements, as
defined in the United States Private Securities Litigation Reform Act of 1995
that involve a number of risks and uncertainties. Statements, which are not
historical facts, are forward-looking statements. The Company, through its
management, makes forward-looking public statements concerning its expected
future operations, performance and other developments. Such forward-looking
statements are necessarily estimates reflecting the Company's best judgment
based upon current information and involve a number of risks and
uncertainties, and there can be no assurance that other factors will not
affect the accuracy of such forward-looking statements. It is impossible to
identify all such factors, factors that could cause actual results to differ
materially from those estimated by the Company. They include, but are not
limited to, the Company's ability to develop operations, the Company's ability
to consummate and complete an acquisition, the Company's access to future
capital, the successful integration of acquired companies, government
regulation, managing and maintaining growth, the effect of adverse publicity,
litigation, competition, sales and other factors that may be identified from
time to time in the Company's public announcements.
SOURCE Frontera Investment, Inc.
