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Clearwater, Florida,
- January 7, 2003 - Nicholas
Financial, Inc. (Nasdaq, NICK), today announced the opening of two Business
Development Centers in Cincinnati and Toledo, Ohio. The two new locations continue
the Company's expansion into the Midwest, which was launched in the summer of 2002,
with the opening of offices in Cleveland and Columbus, Ohio. The Company also
expects to complete construction of a second Business Development Center in Cleveland
by the end of January 2003. This will bring the total number Nicholas Financial
locations in Ohio to five (5).
Commenting on the Company's decision to move into Ohio, President Peter Vosotas, stated,
"We have done an extensive analysis of the marketplace with regard to specialized vehicle
financing. All of our data indicates that we can build a very solid and profitable
business in Ohio. The Company has been doing business in the state since late 2001 and
we are very pleased with the results to date. We will continue to monitor these Business
Development Centers very closely and if our projections are met, we intend to open
additional offices."
Founded in 1985, with current assets of $83,713,000 as of September 30,
2002, Nicholas Financial is one of the largest publicly traded specialty
consumer finance companies based in the Southeast. The Company has
approximately 5,000,000 shares of common stock outstanding and has
reported increased revenues and earnings for the past 12 years. For an
index of Nicholas Financial Inc.'s news releases or to obtain a specific
release, visit our web site at www.nicholasfinancial.com.
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