Pawn Shop Operation Plans Online Presence

Westminster, CO-based US Pawn Inc. signed an agreement with Sirco
International in Stamford, CT whereby Sirco’s subsidiary, WebQuill Internet Services LLC, will
provide development and management services for US Pawn’s new e-commerce and
auction sites.

When completed, US Pawn said its sites will offer selected items from its
13-store inventory of more than 75,000 items directly to Internet customers.

Eventually the company will link other pawnshops into the auction site and
take a commission on sales of their items, Phil Davis, a company spokesman,
told Reuters.

But the traditional pawnshop small loan service will not be offered online
right away because of regional and local laws that have to be accounted for,
Davis said.

“Though the rapid growth and
development of the Internet, e-commerce and online auctions has greatly
impacted many industries, none will be more positively affected than the pawn
industry,” said Charles C. Van Gundy, US Pawn’s CEO.

“Due to the very nature of our business, we come into possession of
many items, which are both unique and valuable. Informed consumers have always
canvassed pawnshops looking for rare musical instruments, jewelry and other
collectibles at bargain prices. Though the use of the Internet, we will be
able to offer potential customers the ability to search our inventory for
specific items.”

Henry Azer, WebQuill’s CEO, said: “US Pawn will be offering its own
merchandise to online consumers and will therefore be able to provide its
customers with a guarantee of the nature and condition of the items to be
auctioned. We are excited about the potential of these sites and look forward
to working with US Pawn.”

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