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EFGO [ Esprit Financial Group, Inc ]
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[QUOTE]Originally posted by brackep: [QB] Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces Pilot Project Of The Worldwide EFT+ Services in China with a Beijing Based Bank Tuesday June 12, 6:30 am ET LAS VEGAS, June 12 /PRNewswire-FirstCall/ - Esprit Financial Group Inc.'s (ESPRIT) (EFGO.PK) [URL=http://www.espritfinancialgroup.com]www.espritfinancialgroup.com[/URL] senior management team had the pleasure of touring the offices and meeting the staff in the Beijing office of International Express Payment Corp.(IEXPay), as well as touring the recently announced EFGO office space. The first meeting with a well known Chinese bank, with over 150 branches primarily in the Beijing area, took place today. The initial meeting went smoothly, and discussions suggested that there will be interest in Cash Now Worldwide EFT+ services on a pilot project basis, or the Check 21 clearing service as it is commonly known in the industry. China clears a very large number of USD denominated checks, and the ability to reduce the time required to clear these checks from several weeks to a mere 3-4 business days struck a very strong chord. [b]Initial analyses suggest the revenue potential from this service alone could reach USD $12 - $15 million.[/b] Esprit has received the first, of what they hope will be several, formal requests for proposal from a previously disclosed financial institution. Working with IEXPay, Esprit has established the protocols under which Chinese financial services projects will be managed. This will ensure ongoing local management in the powerhouse Chinese market. The Esprit team was also warmly welcomed by delegations of local businessmen and bankers, as well as local university contacts in a number of social gatherings arranged on Esprit's behalf. Esprit CEO Garr Winters advised, "We have been extremely warmly welcomed in Beijing. Our hosts have gone out of their way to ensure that Esprit management has been treated graciously, and our itinerary, while a bit hectic, ensures our time here will be as productive as possible. We will continue to provide updates for our shareholders as timely and comprehensively as possible, as we make our way through a hectic week of business meetings." Winters added, "Negotiations in China follow relatively strict protocols. To respect these practices, we have agreed not to disclose the name of potential bank clients or the project parameters until the results of the pilot project are evaluated. We feel it is important that our shareholders and other stakeholder groups understand these restrictions and appreciate the full potential financial impact of some of these potential deals, even when full details cannot be released as we otherwise might like." In closing Esprit CEO Garr Winters said, "[b]in issuing the forward revenue guidance recently released by Esprit, we took a very conservative outlook on the revenue stream of our Check 21 product line. Pending the return of the pilot project we may have to restate the forward revenue guidance to reflect the aforementioned revenue possibilities.[/b]" Esprit Financial Group, Inc. is currently featured at http://www.audiostocks.com. Additionally, a recent CEO interview by Wallst.net. can be reviewed at [URL=http://www.wallst.net/audio/audio.asp?ticker=EFGO&id=3421.]www.wallst.net/audio/audio.asp?ticker=EFGO&id=3421.[/URL] [/QB][/QUOTE]
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