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DIRECT RESPONSE FNCL SVC Quick Quote: DRFL 0.03 (Even)
Direct Response Financial Services Completes Repurchase and Cancellation of Common Stock 4/28/2006
- The Company Completes the Repurchase of 1,491,200 Shares of Common Stock - 5,000,000 Additional Shares of Common Stock Are Cancelled - Total Outstanding Shares Are Reduced by 8.1%
LOS ANGELES, April 28, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Direct Response Financial Services, Inc. (OTC Bulletin Board: DRFL), a leading provider of services and products to consumers underserved by the banking industry and credit markets, today announced that it had completed the repurchase of 1,491,200 shares of its common stock in the open market and that it had cancelled an additional 5,000,000 shares of its common stock in combination with its repurchase of shares. The combined amount of cancelled or repurchased shares equal 6,491,200 shares or 8.1% of the Company's total outstanding number of shares. The repurchase of shares was in accordance with the Company's announcement of January 26, 2006, that it would do so. The Company is continuing in its efforts to repurchase its common stock as earlier announced.
Management believes that repurchasing the Company's common stock will create higher earnings per share for those remaining shares and that future earnings, if any, will be better reflected in the Company's share price if less shares are trading in the open market. Management also believes that by continuing to repurchase the Company's shares the market for the shares will be better served.
About Direct Response Financial Services, Inc.
Direct Response Financial Services, Inc. provides financial, technology and marketing solutions for serving unbanked and under-banked consumers. The Company continues to focus on the issuance of pre-paid cash card products to Hispanics in the United States. Through its proprietary loading network, the DirectLoad Network(TM), the Company allows its customers an easy and convenient means to load their pre-paid cash cards and to obtain other financial services. Its consumer electronics retail site, located at http://www.Direct2own.com offers consumer electronics to the under-banked and unbanked. For more information on the Company please visit http://www.drfs.net or visit http://www.directcardservices.net . To learn more about its pre-paid products please visit http://www.dcsmediacard.com . And, to learn more about the Company's consumer electronics offers please visit http://www.Direct2own.com.
Direct2Own enables individuals with sub-prime credit to purchase items such as computers, televisions, cell phones and audio equipment with just a small down payment and affordable monthly payments. The launch of Direct2Own expands Direct Response Financial Services' business into the multi-billion dollar retail electronics market. In addition, Direct2Own functions as a platform to sell debit cards to its target customer group. Through Direct2own, customers can acquire a Direct Card Services DCS Media Card MasterCard which enables them to make timely payments for purchased products. Further, Direct2Own offers a credit building service to customers on a monthly subscription basis.
Direct2Own products are currently marketed through ads on television, Internet, and print media. Orders are taken online and by phone. For more information please visit http://www.Direct2own.com.
The Company's full financial results can viewed in its 10Q filing at www.sec.gov or www.nasdaq.com .
Statements that 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, government regulation, managing and maintaining growth, and the effect of adverse publicity, litigation, competition and other factors that may be identified from time to time in the Company's public announcements.
SOURCE Direct Response Financial Services, Inc.
Kelly McGugan of Direct Response Financial Services, Inc., +1-818-735-5705, Kelly*directcardservices.net http://www.prnewswire.com
Copyright (C) 2006 PR Newswire. All rights reserved.
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