Business
Frontera Announces Acquisition of High Volume Store
Frontera Announces Acquisition of High Volume Store.
About this update from Frontera Investment Inc
[{"type":"text","content":"San Diego, CA June 16, 2008 - 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.\n\nFrontera 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.\n\nFrontera 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.\n\nThe 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.\n\nThis 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 Com...