UM-Flint Grads Plan to Open 30 Advantage Cash Advance Stores in Michigan; First Store to be Opened in Saginaw


ROYAL OAK, Mich., June 30, 2005 (PRIMEZONE) -- Advantage Cash Corp., which recently announced plans to franchise its successful payday advance concept under the name Advantage Cash Advance, has announced that University of Michigan Flint graduates Michael G. Rinoldo, a native of Flint and resident of Flushing, MI, and Paul Stark, a resident of Fenton, MI, have become the master franchisee for Michigan, and that the first Michigan unit will be opened at 2885 Bay Road Saginaw in July 2005.

Philip Locke, president of Advantage Cash Corp., headquartered here, announced the agreement.

According to Rinoldo and Stark, Michigan has the potential for 30 Advantage Cash Advance stores and they hope to hit that goal within two years.

"Our concept is based on good customer relations and loans at competitive rates," Rinoldo said. "The business model was used by Phil with Cash Now, a chain of similar stores he built in metro Detroit from zero to 30 in six years and doubled his number of stores last year by adding 14 stores. Payday advances are one of the fastest growing segments of our economy. Just last year, four more national payday loan companies moved into Michigan."

Stark, a native of Fenton, is a former computer consultant and served with EDS in Troy, MI in the 1990's. He is a graduate of the University of Michigan-Flint where he earned a Bachelor of Arts Degree in History. He also is Masters Degree in Business Administration candidate at UM Flint. Rinoldo is a 17-year veteran of Sargent's Title in Flint, where he served as director of marketing. He is a graduate of the University of Michigan-Flint where he earned a Bachelor of Business Administration Degree in Finance.

Locke plans to open some 1800 Advantage Cash Advance units in 36 United States where payday loans are legislated.

Additional information is available at 810/577-0816.


            

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