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EFGO [ Esprit Financial Group, Inc ]
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[QUOTE]Originally posted by gramlich: [QB] 01.04.08Additional details on Reverse Merger with Good LifePosted in Announcements at 3:38 pm by admin We have had a number of enquiries regarding the press release announcing the finalization of the reverse merger with Good Life. Additional details that will answer most of these questions are noted below. There will be additional major transactions to be announced shortly. The Closing of the reverse merger with Good life is the first step of the plan. The initial recapitalization process was designed to achieve two objectives: 1. Prepare the Esprit Shell to acquire Canden Financial Group.2. Protect investors from artificial manipulation from naked short selling by significantly reducing the number of shares outstanding, and canceling all outstanding share certificates and re-issuing share certificates exclusively to legitimate shareholders. Additionally, the Company has changed its name to Monarc Corporation, again, in anticipation of the acquisition of Canden Financial Group. The second stage of the plan will see all of the assets of Good Life (including Esprit operations) vended in to another Pink Sheet company that is fully listed (versus trading on an unsolicited basis) shortly. Current Esprit shareholders will receive a special stock dividend of shares in the destination shell, resulting in shareholdings in both companies. The need for this second stage became evident in the last quarter of 2007. Despite important advances and announcements made by Esprit, the share price appeared to be manipulated to keep it trading well below its true value. After extensive consideration, management believed that this manipulation was facilitated by two key factors; 1. The stock was trading on an unsolicited basis only, and there was less transparency regarding bid/ask prices as a result.2. The number of shares outstanding was too large for the purposes of Good Life. It was therefore decided to vend the assets of Good Life into a fully listed Pink Sheet shell. The Company is currently completing the filings necessary to complete this second stage of the reverse merger with Good Life. We had hoped to have this completed before the year end, but the holiday season took its toll. The third stage of the plan is to complete the acquisition of Canden Financial Group into the Esprit Shell. The Company has effected a name change with the Nevada Secretary of State to Monarc Corporation. We are also awaiting updates to the Company officers to work through the system. Ultimately, Good Life China will be a fully listed Pink Sheet company, and Esprit will acquire Canden Financial Group and move forward as Monarc Corporation. The share structure of each Company will be significantly improved for the benefit of their respective investors. As originally noted, current shareholders will receive shares in both companies. We shall see [/QB][/QUOTE]
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