Business Editors
CHICAGO--(BUSINESS WIRE)--May 22, 2000
Sonoma Financial Corporation/Victormaxx Technologies, Inc. (OTCBB: VMAX) one of the largest payday advance operations in the greater Chicago area, announced today it was unable to timely file its annual 10-K for 1999 with the SEC by May 17, 2000, which is the date established by the National Association of Securities Dealers (NASD), for the group of OTC Bulletin Board companies of which the Company is a part. As a result, beginning May 18, 2000, the Company's stock will be traded temporarily over the counter on the pink sheets. The Company is working to have the filing completed as soon as possible, so that the Company's stock will once again be traded on the OTC Bulletin Board. The Company has been informed by the market makers, who presently trade the Company's stock on the OTC Bulletin Board, that they will still trade the Company's stock on the pink sheets. The Company believes that while the Company's stock is listed, the Company's shareholders will still be able to trade in the Company's stock.
"Our staff, accountants, and legal counsel are continuing to work diligently to file all the necessary documents in a very short time. At that time, the Company will move forward to be reinstated as a Bulletin Board stock, and should accomplish that task in a matter of weeks," states Terrence L. Donati, President Sonoma Financial Corp.
A complete investor package for Sonoma Financial is available at http://www.e-relations.com/vmax.
About Sonoma Financial Corporation:
Sonoma Financial Corporation operates three subsidiaries, two of which focus on consumer lending and one is a collection agency. Payday Check Advance, Inc. and Money Market, Inc. are financial service companies that operate a chain of stores devoted to providing low documentation, short-term consumer loans. Sonoma intends to become the national leader in the "Payday Loan" market by strategic acquisition and penetrating new markets. E-Star Systems, Inc., is an industry specific collection service addressing the needs of the short-term loan industry. Sonoma Financial is currently the only publicly traded company with a sole focus on `payday advances'. Ace (NASDAQ:AACE), First Cash Financial Services (NASDAQ: FCFS) and Pinnacle Business Management (OTCBB: PCBM), have proven the viability of the concept in other markets, but are not specifically focused in this area. American Nortel Communications (OTCBB: ARTM) a shareholder.
Safe Harbor Disclaimer:
This release may contain certain forward-looking statements regarding the Company's expected performance for future periods, and actual results for such periods may materially differ. Such forward-looking statements involve certain risks and uncertainties, including but not limited to risks of changing market conditions in the overall economy and the industry, consumer demand, additional financing requirements, the opening of new stores, the success of the Company's acquisition strategy and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.
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