LONG BEACH, Calif., Oct. 14, 2008 (GLOBE NEWSWIRE) -- City Loan Inc. (OTCBB:CYLN) announced today the appointment of David Burke as the Company's permanent Chief Financial Officer, replacing the interim CFO, effective September 29, 2008.
Mr. Burke served as a Vice President of J.P. Morgan Chase & Co. from 2001 to 2003 and as a Vice President of Citibank from 2004 to 2006. Subsequent to his employment at Citibank, Mr. Burke served as Vice President of Finance at Tarrant Apparel Group ("Tarrant") from 2006 to March 2007 before being promoted to the position of Chief Financial Officer of Tarrant from March 2007 to November 2007.
Commenting on the recent hiring, City Loan Inc. CEO Mr. William R. Atkinson stated, "We are pleased to announce the addition of such a highly accomplished financial professional to our corporate team. David Burke possesses extensive senior management experience at a number of major financial and business organizations. I am extremely confident in his ability to help City Loan efficiently grow its business over the near-term."
The newly appointed Chief Financial Officer stated, "I'm delighted to join City Loan Inc. The auto title loan market is one of the fastest emerging credit markets in the United States today." Mr. Burke concluded, "My background has involved helping companies successfully navigate through various stages of growth and I'm excited to be joining City Loan to participate in its growth strategies and planning."
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.