LONG BEACH, Calif., Oct. 21, 2008 (GLOBE NEWSWIRE) -- City Loan, Inc. (OTCBB:CYLN) ("City Loan") announced today that the company has forged a key relationship with Abes Pawn Shop in Santa Clarita, California. The partnership is intended to increase City Loan's exposure to the market without opening brick and mortar locations and increasing overhead.
Thomas Baye, owner of Abes Pawn Shop stated, "We will be able to service more customers and provide other lending options using the proven methods that City Loan offers us. In partnership with them, we can grow our portfolio with a better product than other lenders offer. This keeps us competitive."
In a slated plan to drive revenue, City Loan is building new partnerships with established, smaller lenders, in order to expand its portfolio growth into areas where they do not have physical locations and where the car loan market is currently underserved.
Of the new partnership, William Atkinson, President and CEO of City Loan, Inc., said, "We really feel that these partnerships stand to increase our bottom line dramatically, without driving up our cost basis. This alliance with Abes Pawn Shop in Santa Clarita was designed to mend a gap in our consumer territory and we are confident that this new business relationship will not only be synergistic but a profitable endeavor for all involved."
Further information on City Loan Inc. is available at http://www.cityloanfastcash.com and http://www.microstockprofit.com
About the company:
City Loan Inc.'s business consists of providing auto title loans and auto pawn loans to consumers who own their cars free of any debt and wish to borrow against the equity in their cars. City Loan serves customers who may have been rejected by traditional lenders, despite carrying substantial asset value in their vehicles, and provides an alternative solution for their cash needs. City Loan has successfully maintained low levels of credit losses, thanks to its GPS-based technology solution for tracking vehicles. Since City Loan typically extends loans worth no more than 50% of the auction value of the underlying vehicle, there is significant cushion to prevent against losses in the unlikely event of default.
Forward-Looking Statements
The information in this news release includes certain forward-looking statements that are based upon management's expectations and assumptions about certain risks and uncertainties that can affect future events. Although management believes these assumptions and expectations to be reasonable on the date of this news release, these risks and uncertainties may cause actual events to differ material from management's those contained in this news release. The risks and uncertainties include, but are not limited to, continuing as a going concern, availability and cost of our present vendors and suppliers, and absence of any change in government regulations or other costs associated with data transmission over the Internet or termination of transmissions in foreign countries.