Wowie...big move.
TRM Announces Entry Into Student Loan Processing Business
Jun 8, 2009 14:06:00 (ET)
CHERRY HILL, N.J., June 8, 2009 /PRNewswire-FirstCall via COMTEX/ -- TRM Corporation (TRMM, Trade ) announced today that, in furtherance of its goal to provide cutting edge, innovative services to financial institutions, it will enter the private student loan processing business.
Richard Stern, President and CEO stated, "We have always prided ourselves on our ability to provide new and exciting technology and services to financial institutions. We began this with our ATM and "branch build out" programs and believe the opportunity to cross-sell these products with our new offering is a furtherance of this effort. Towards that end, we have identified the person with arguably the most experience in the country in processing and originating private student loans on behalf of small, regional financial institutions. Ken Buren, the founder and former President of Rutgers Federal Credit Union, has over 18 years of experience in the student loan business. He will lead our new initiative which will provide a robust platform for credit unions and small regional banks to provide private student loans to their members and customers. With this program, TRM, through our wholly owned subsidiary Access to Money-SL, Inc., will deliver a complete outsourced solution to these financial institutions. The system will electronically accept loan applications, gather financial information, deliver loan documents and certify loans with university financial aid offices enabling our customers to deliver quick preliminary approvals of these student loan applications."
Ken Buren stated, "This program has been carefully designed to provide credit unions and small regional banks with the ability to quickly and effectively kick off a private student loan program that will provide much needed liquidity to this market. We believe that our program is specifically focused on the needs and requirements of these types of institutions and will optimize the opportunity for both the financial institution making the loan and Access to Money-SL, Inc., in processing the transaction."
About TRM Corporation
TRM Corporation is a consumer services company that provides convenience ATM services in high-traffic consumer environments. TRM's ATM customer base is widespread, with retailers throughout the United States. TRM operates one of the largest non-bank ATM networks in the United States.
FORWARD LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts included herein, including without limitation, statements regarding our future financial position, business strategy, budgets, projected sales, projected costs and plans and objective of management for future operations, are forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," or "believes" or the negative thereof or any variation there on or similar terminology or expressions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from results proposed in such statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to: a decline in ATM transaction volume or fees, changes in technology standards, regulatory changes, increases in interest rates, the inability to obtain cash for our ATMs, market acceptance of our student loan processing services, demand for student loans, availability of credit, changes in regulations regarding student loans and financial institutions, and statements of assumption underlying any of the foregoing, as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2008 filed with the Securities and Exchange Commission and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward looking statements which speak only as of the date of this press release. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. We assume no duty to update or revise our forward-looking statements based on changes in internal estimates, expectations, or otherwise or to reflect events or circumstances after the date hereof.
SOURCE TRM Corporation
