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EFGO [ Esprit Financial Group, Inc ]
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[QUOTE]Originally posted by dalton05: [QB] NUMBERS - YESSSSSSSSSSSSSSS News for 'EFGO' - (Esprit Financial Group Inc. (Esprit) (EFGO.PK) Releases Financial Statements for 1st quarter 2007) LAS VEGAS, May 15, 2007 /PRNewswire-FirstCall via COMTEX/ -- Esprit FinancialGroupInc. (ESPRIT) (EFGO.PK) [URL=http://www.espritfinancialgroup.com]www.espritfinancialgroup.com[/URL] released its quarterly financial statements today.The Company made significant progress in the last quarter of 2007, showing a netprofitof $2,753.00 versus a loss in the previous quarter of $168,409.00, an improvement of over $170,000.00. Income increased by 25% in the current quarter.The net profit includes $40,000.00 in accrued development costs. On an adjustedbasis,profit, excluding planned web development, would be $42,753.00, or about $.07 cents per 100k shares outstanding.With a commitment to running a lean operation, the monthly burn rate (operatingexpenses)has also been reduced by about 28%. Key savings have been achieved in rent & utilities and salaries, wages and benefits partially offset byoutsourcingwebsite development. The savings achieved are in excess of $70,000.00.Cash on hand increased by $523,307.00 from $342,208.00 to $865,515.00, due tocertainrecently announced financing activity and the sale of the Global-Vision company.Importantly, the current revenue run rate is adequate to maintain ongoing operations as an ongoing concern.Esprit CEO Garr Winters commented; "This is a first step for us, as we move theCompanyforward towards our goal of providing a diversified portfolio of Internet enabled financial products and services. The first quarter results donotinclude the revenue streams of any of our new divisions. We do not foresee a major impact on revenue immediately, but do anticipate gradual and significantgrowthof top-line revenue through the rest of the year as the new products and services go live and begin to ramp up to full operation. In short, we have a stable base, and envision continued long-term growth moving forward. Our strongcurrentasset position gives us the ability to execute on our long-term strategic plan without delays".Winters added; "We are currently putting some realistic numbers together on apragmaticbasis to generate revenue targets. This will require some serious analysis, as many of the contracts being developed can have a significant impactonoverall revenue. Realistically, we won't close every deal we're working on.Ourapproach will be to err on the side of caution. We hope to be able to provide more detailed guidance in the near future".The financial statements are available for download at the corporate website ontheTown Hall page http://espritfinancialgroup.com/Forum.html and are currentlyinthe queue to be posted to the Pink Sheets, where they should be publicly available shortly.About Esprit Financial Group Inc. Esprit Financial Group Inc, (formerly Cash Now Corporation) is a public companyengagedin a diversified number of online financial services. PayDay Loans: The Company is a pioneer in the payday loan industry, andcontinuesto develop the most comprehensive menu of services in the cash advance industry and will retain the Cash Now brand for many of these services.Operationsinclude licensing of a comprehensive suite of Internet-based payday loan and check cashing software and private label back end office systems forthesub prime market, under the Cash Now banner [URL=http://www.cashnow.org.]www.cashnow.org.[/URL] The Company also operates [URL=http://www.cashnow.net,]www.cashnow.net,[/URL] which generates leads of consumers looking forpaydayloans on behalf of our licensees. The company's proven business model comprises operations in the U.S. and Canadian markets as well as several foreignmarkets.Additionally, the Company's website is the most advanced payday-lending portal, offering key insight to clients and potential clients alike.Forex: Additionally, the Company's Forex Trading division offers an innovativelow-costonline Forex trading service at [URL=http://www.cashnow.com.]www.cashnow.com.[/URL] The Company acts as an Introducing Broker for Advanced Markets, Inc., and is targeted to serious daytraders.All transactions are handled on a streaming pass-through basis. There is no trading desk, and no manipulation of quotes that lag the actual interbankmarket.Importantly, traders can continue to trade actively even during volatile periods that result from major news events of publishing of market reports.Advanced Electronic Funds Management: The Company's Advanced Electronic FundsManagement(AEFM) division offers Cash Now Check 21 - an advanced checking clearing service that can significantly reduce holdback periods by bankinginstitutions,particularly valuable for international markets. Its EM2 (Electronic Money Management System) product is a comprehensive e-wallet capableofmanaging multiple bank accounts, remitting funds worldwide and provide banking capabilities to consumers without requiring that they have a bankaccount.Structured Debt Resolution: This division will offer services that allow banks,financialinstitutions and other creditors to invite defaulted clients to negotiate a settlement online, in a neutral and non-confrontational manner,bypassingtraditional collection calls and mail delivered notices of default. [/QB][/QUOTE]
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