CLEARWATER, Fla., May 10, 2022 (GLOBE NEWSWIRE) — Nicholas Financial, Inc. (NICK) today announced the appointment of Michael Rost as interim CEO of the company effective May 9, 2022. Mr. Rost has worked with the Company for more than 20 years, most recently in the position of Vice President of Branch Operations. The Board appointed Mr. Rost in connection with the resignation of Douglas Marohn from his position as President and Chief Executive Officer of the Company.

Jeffrey Royal, Chairman of the Company’s Board of Directors, commented: “The board is excited to have Mike assume executive leadership on an interim basis. Mike has been successfully managing branches for many years, increasing originations and maintaining strict discipline on loan terms. We believe that Mike’s close involvement in the Company’s operations positions him to lead the Company effectively following Doug’s departure. The Board intends to begin the search for a permanent President and CEO shortly, and hopes that Mike will be a candidate.”

About Nicholas Financial, Inc.

Nicholas Financial, Inc. (NICK, Financial) is a specialty consumer finance company, operating branches in the southeastern and midwestern states of the U.S. The Company is primarily engaged in the acquisition and maintenance of auto installment finance contracts (“Contracts”) for the purchase of new and used cars and light trucks. In addition, Nicholas Financial originates direct consumer loans (“Direct Loans”) and sells products related to consumer finance. For an index of new releases from Nicholas Financial, Inc or for a specific release, please visit our website at www.nicolasfinancial.com.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent the Company’s current expectations or beliefs regarding future events. Statements other than those of historical fact, as well as those identified by words such as “anticipate”, “estimate”, “intend”, “plan”, “expect”, “project”, “believe”, “may”, “will”. ”, “should”, “would”, “could”, “likely” and any variations of the foregoing and similar expressions are forward-looking statements. Such forward-looking statements are inherently subject to risks and uncertainties. The actual results and financial condition of the Company may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results or performance to differ from expectations expressed or implied by such forward-looking statements include the following: the continuing impact of the COVID-19 pandemic and mitigation efforts by governments and related effects in our financial condition, business operations and liquidity, our customers, our employees and the economy in general; recently enacted, proposed, or future legislation and how it is implemented; the Company’s success in finding a suitable permanent replacement for Mr. Marohn; changes in the US tax code; the nature and extent of regulatory authority, particularly discretionary authority, that may be exercised by regulators, including, but not limited to, the Securities and Exchange Commission (SEC), the Department of Justice, the U.S. Consumer Financial Protection Bureau and the individual state regulators that have jurisdiction over the Company; the unpredictable nature of regulatory proceedings and litigation; employee misconduct or third party misconduct; uncertainties associated with management personnel turnover and the effective succession of senior management; media and public characterization of consumer installment loans; labor conflict; the impact of changes in accounting rules and regulations, or their interpretation or application, which could materially and adversely affect the Company’s reported consolidated financial statements or require material changes or delays in the issuance of the Company’s audited consolidated financial statements ; the Company’s evaluation of its internal control over financial reporting; changes in interest rates; risks related to the acquisition or sale of assets or businesses or other strategic initiatives, including increased loan delinquencies or net charge-offs, loss of key personnel, integration or migration issues, failure to achieve anticipated synergies, increased maintenance, registration and customer retention costs; risks inherent in granting loans, including repayment risks and collateral value; cybersecurity threats, including the potential misappropriation of assets or sensitive information, data corruption or operational disruption; our reliance on debt and the potential impact of limitations on the Company’s modified revolving credit facility or other impacts on the Company’s ability to borrow money on favorable terms, or at all; the timing and amount of revenue that the Company may recognize; changes in current income and expense trends (including trends affecting delinquencies and charge-offs); the impact of extreme weather events and natural disasters; changes in the Company’s markets and general changes in the economy (particularly in the markets served by the Company). All forward-looking statements and cautionary statements included in this document are made as of the date hereof based on information available to the Company as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements or warning statement.

Contact: Irina Nashtatic NICK
Nicholas Financial, Inc.
corporate headquarters
2454 McMullen-Booth Rd.
Building C, Suite 501
Clearwater, FL 33759
CFO
Phone # (727)-726-0763
Website: www.nicolasfinancial.com

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