-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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quote:Originally posted by BooDog: possible gapper. nice white candle.
i should stick to posting the links.
Lookin good!!
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
I agree Brackep - i would like to see a steady rise instead of going big one day then heading down the next.People hold on when it's a steady rise as oppose to going up big in one day they panic and sell.
Posts: 1086 | Registered: Oct 2005
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quote:Originally posted by dalton05: I agree Brackep - i would like to see a steady rise instead of going big one day then heading down the next.People hold on when it's a steady rise as oppose to going up big in one day they panic and sell.
posted
News for 'EFGO' - (Esprit Financial Group, Inc. (EFGO.PK) Announces Plans to Purchase International Express Payment Corp. (iexpay Jianxi))
LAS VEGAS, NV, May 18, 2007 /PRNewswire-FirstCall via COMTEX/ -- EspritFinancialGroup, Inc. (PINK SHEETS:EFGO.PK) announced today that further discussions with International Express Payment (Jiangxi) Corp. have resultedintoconsideration of an acquisition of iexpay Jiangxi by Esprit.
Further to the press release by Esprit issued on May 17 2007, Esprit has agreedtohire founders and principal shareholders Robert Xu and Peter He as of today'sdatemoving forward. Both Robert and Peter will work in concert with Esprit's project manager of EM2 Jack Chang to speed up the process of making iexpayJianxian open loop payment system so to enable Esprit to begin generating revenues at the earliest.Continued in-depth discussions between Esprit and iexpay Jiangxi have promptedtheparties to consider a friendly takeover of Jiangxi by Esprit. Robert Xu hassaid"We are very thankful and excited about this opportunity with Esprit, as weseea huge up side potential for the iexpay Jianxi under the Esprit umbrella. I'm very impressed with the operations of Esprit and the ability of themanagementof this company"
CEO Garr Winters noted; "Our discussions have proven very fruitful. The moretimewe spend with each other, the greater the synergies that become apparent. Through our discussions, both Robert and Peter have recognized the opportunitieswithinEsprit to further grow.
Winters added; "We will continue discussions through the weekend, and early partofnext week. The key areas of discussion will now focus on corporate valuationandconducting due diligence of iexpay Jiangxi. It is anticipated that once thisdealis consummated, consideration will be a 10% cash and 90% stock transaction.Thepurchase of iexpay Jianxi is valued at about $ 2,500,000.00 USD.
Esprit will issue restricted shares in exchange for controlling ownership ofiexpayJiangxi. Mr. Winters added this should put to rest the issue as to why Esprit increased the outstanding share structure several months ago once and forall.This needed to be done to allow Esprit to acquire growth opportunities, andtofurther seek out additional revenue producing opportunities to add to Esprit's group.In addition, both Peter and Robert commutative remuneration will be pegged totheperformance and the success of the iexpay Jianxi. Mr. Winters added, in keeping with Esprit's key management and performance pay structure both PeterandRobert will be paid $1.00 annually plus favorable stock options".
Although Mr. Xu and Mr. He own a substantial majority of the iexpay Jianxi.Esprit'smanagement will want to consult with minority shareholders as well, in keeping with Esprit's good corporate philosophy of open dialogue andconsultationwith all stakeholder groups large or small".
Iexpay Jiangxi is a federally incorporated company in Canada, with corporateofficesheaded by Robert Hu in Toronto, Ontario, Canada and operational and programming support offices with approximately 20 support staff managed by PeterHelocated in Jiangxi, China. Iexpay Jianxi owns several trademarks and proprietary patents in China of the iexpay Joangi payment system.Winters concluded; "We see tremendous growth opportunities in the Asian market.Thisdeal will not only provide a solid platform from which to maintain continued growth within China, but will also provide a very cost-effectivecenterof operations from which we can develop future growth from other Asian countries. The Advanced Electronics Fund Management division, headed by JackChang,has previously identified the Asian market as a key geographic center of operations, and opened an office in Hong Kong. Once this transaction isconsummated,we will move all operations to iexpay Jiangxi's office in China. As International Express Payment Corp head office is located in Toronto Canada,theirCanadian operations with Esprit's operations in Toronto should be a relatively seamless and easy process with little or no business interruptions.As Monday May 21 2007 is a Federal holiday in Canada, and Esprit will not haveanopportunity to seek external due diligence of this purchase with Canadian governing bodies, Esprit management foresees that further guidance regardingthisacquisition and discussions will not be forthcoming until at least the middle of next week.About International Express Payment (Jiangxi) Corp.
Jiangxi is the leading online payment platform in China. Owned and operated byInternationalExpress Payment Corporation, it utilizes and integrates the world leading online technology and banking facilities. 21 major banks in China havesignedpayment agreements with Jiangxi. The company is dedicated to providing secure and efficient customer services for online payment transaction and hasestablishedoperational strategic partnerships with these financial institutions offering online payment services. Jiangxi services currently cover over 2.7billiondomestic and international bank cards.
Posts: 1086 | Registered: Oct 2005
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posted
Dalton!*$ gotta do sumtin about dat word wrap!
lmao
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
*********.com Announces Profile Coverage of Esprit Financial Group, Inc. Monday May 21, 7:00 am ET
DALLAS, May 21, 2007 (PRIME NEWSWIRE) -- John Pentony, Publisher of *********.com, announced today that the web site has initiated Profile Coverage of Esprit Financial Group, Inc. (Other OTC:EFGO.PK - News). Esprit Financial Group (formerly Cash Now Corporation) is a pioneer in the payday loan industry, developing the most comprehensive menu of services in the cash advance industry. The company's proven business model includes licensing its advanced software applications to third parties in Canada, The U.S. and in International markets. Cash Now's Web site is the most advanced payday-lending portal, offering a secure processing 'vault' to manage sensitive financial information, as well as credit adjudication and its core license payday loan license program, Payday Express; and a payday loan and check cashing license known as Check Express. To view the *********.com Profile for Esprit Financial Group, Inc., please visit:
To feature your publicly traded company in our alerts, or to discuss our complete services, please contact: John Pentony at (469) 252-3031 or email publisher**********.com. Our services include our Morning, Midday, and After The Bell news releases. Additionally, we profile publicly traded companies on our web site, we do interviews with CEOs or other key executives on our web site, and we have our financial writers cover our companies.
ADVERTISEMENT
Information in this press release may contain 'forward-looking statements.' Statements describing objectives or goals or the Company's future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the 'Safe Harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, risks relating to the ability to close transactions being contemplated, risks related to sales, continued acceptance of Esprit Financial Group's products, increased levels of competition, technological changes, dependence on intellectual property rights and other risks detailed from time to time in Esprit Financial Group's periodic reports filed with the regulatory authorities.
Disclosure: Pentony Enterprises LLC expects to be compensated 13,333,333 free trading shares from a non controlling third party for profile coverage. Pentony Enterprises LLC is not a registered investment adviser or broker/dealer. Pentony Enterprises LLC makes no recommendation that the purchase of securities of companies profiled in this web site are suitable or advisable for any person or that an investment in such securities will be profitable. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk. It is the policy of Pentony Enterprises LLC to sell all shares of this and any company featured. Anyone considering any company we feature in consideration for free trading shares should consider this.
Contact: *********.com John Pentony, Publisher (469) 252-3031 Publisher**********.com
-------------------------------------------------------------------------------- Source: *********.com; Esprit Financial Group, Inc.
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Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces Upcoming "Cash Now Card" Monday May 21, 12:36 pm ET
LAS VEGAS, May 21 /PRNewswire-FirstCall/ - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com is pleased to announce that the international banking arrangements for its prepaid Visa card are now in place with a USA based issuer. ADVERTISEMENT
Esprit's Advanced Electronic Funds Management (AEFM) management team has completed setting up the banking relationships in the USA necessary to go live with its prepaid Visa Cash Now card. The website, located at www.cashnowcard.com is nearing completion, and currently operating in a Beta format. Even though the site is not live, it has been collecting debit card applicants' contact information from interested consumers. Marketing activities have been restricted to organic search engine placement. To date, Esprit has collected roughly 10,000 opt-in contact details from consumers interested in this product.
Esprit management has projected that the Cash Now Card division should be in a position to attract mid 5 figure to low 6 figure sign up rate (50,000 to 100,000 customers) within the next 18 to 24 months, once the site goes live, and sales and marketing programs are initiated. This product should, by our estimates, be capable of generating about 1.5 to 2 million dollars in revenue on an annualized basis at the end of this time frame. Importantly, customer life cycles average about 5.2 years according to industry experts. This creates a compounding monthly revenue stream as Esprit builds its base of cardholders over the next few years.
Jack Chang, head of Esprit's AEFM division, will be supervising the integration of the issuing bank's Internet enabled back office reporting software, working in concert with the UK processor, Credit Card Solutions UK (CCS). The Cash Now Card program should go live within the next 30-45 days. He also noted: "Esprit's service capabilities went through a due diligence process with our issuing International Banking suppliers. We have been given a green light, and can begin completion of the software interface and back-end reporting systems that will tie into our issuing bank's systems."
Demand for this type of International product is strong. Trends indicate the most sought after payment system applications worldwide are:
- Money Transfer (Remittance)
- Payout (B2B & B2C)
- Payroll
The international prepaid Visa card is a fully functional prepaid Visa card that can be issued to residents of most countries around the world (a similar MasterCard program will be available for U.S. citizens).
The Cash Now Card product features all of the normal benefits of a prepaid Visa card. The Esprit product will feature advanced capabilities that include:
- ATM withdrawals & POS purchases worldwide
- Bill payments, signature-based purchases, mail order, telephone order and online purchases
- Card-to-card transfer of funds
- Payroll functionality for simplified payroll functionality where funds can be batch loaded electronically directly to employees with the Cash Now Visa Card. This is a major benefit for overseas workers and residents native to less developed countries where employees may not have full banking benefits.
- Check Cashing - The cashed amounts can be put on the cards. This approach will minimize the amount and handling of cash at Cash Now licensees' storefronts.
- Money Transfers - The recipients can be International Debit Card holders. Money can be card-to-card transferred via the senders' cards.
Esprit CEO Garr Winters added: "Our AEFM division continues to ramp up operations for our various International financial services on a fast track basis. We are ahead of schedule on a number of products and financial services, and will be able to launch sales and marketing initiatives for some products to bring revenues on stream, ahead of our initial third quarter of this year projections."
In other company news, Esprit Financial Group, Inc. is currently featured at Stock Guru, where a profile and other information may be obtained. To view the *********.com Profile for Esprit Financial Group, Inc., please visit: http://www.*********.com/profiles/efgo.
In closing, Esprit CEO Garr Winters noted: "It has come to our attention that there are rumors circulating in the investment community about a possible reverse split of EFGO stock and an increase of the authorized share structure. I wish to take this opportunity to stress this point yet again, that there are no such plans to do any of this in the foreseeable future. We ask our stakeholders to please check with reliable and official source of information suppliers such as www.pinksheets.com and our corporate web sites or the town hall at www.cashnow.com/espritfinancialgroup. As previously announced we do have an agreement in principle with Jianxi (iexpay.cn) for a revenue sharing relationship and both sides have expressed interest for the Company to be acquired by Esprit. As Esprit had provisioned for this or similar purchases some time ago, there is no impact on the number of authorized shares, and any shares issued related to this acquisition will be in the form of restricted stock, and thus, will have no impact on trading until they are vested. This week we plan to complete our due diligence process of this acquisition and we will continue to report information in a prudent manner.
About Esprit Financial Group Inc.
Esprit Financial Group Inc. is a public company engaged in a diversified number of online financial services.
PayDay Loans: The Company is a pioneer in the payday loan industry, and continues to develop the most comprehensive menu of services in the cash advance industry and will retain the Cash Now brand for many of these services under the Cash Now banner, www.cashnow.org. The Company also operates www.cashnow.net, which generates leads of consumers looking for payday loans on behalf of our licensees.
Forex: Additionally, the Company's Forex Trading division offers an innovative low-cost online Forex trading service at www.cashnow.com. The Company acts as an Introducing Broker for Advanced Markets, Inc., and is targeted to serious day traders.
Advanced Electronic Funds Management: The Company's Advanced Electronic Funds Management (AEFM) division offers Cash Now Check 21 - an advanced checking clearing service that can significantly reduced holdback periods by banking institutions, particularly valuable for international markets. Its EM2 (Electronic Money Management System) product is a comprehensive e-wallet capable of managing multiple bank accounts, remitting funds worldwide and provide banking capabilities to consumers without requiring that they have a bank account.
Structured Debt Resolution: This division will offer services that allow banks, financial institutions and other creditors to invite defaulted clients to negotiate a settlement online, in a neutral and non-confrontational manner, bypassing traditional collection calls and mail delivered notices of default.
Safe Harbor Statement
Information in this press release may contain 'forward-looking statements.' Statements describing objectives or goals or the Company's future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the 'Safe Harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, risks relating to the ability to close transactions being contemplated, risks related to sales, continued acceptance of Esprit Financial Group's products, increased levels of competition, technological changes, dependence on intellectual property rights and other risks detailed from time to time in Esprit Financial Group's periodic reports filed with the regulatory authorities.
-------------------------------------------------------------------------------- Source: Esprit Financial Group
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News for 'EFGO' - (Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces CEO Interview on ******************.com)
LAS VEGAS, NV, May 22, 2007 /PRNewswire-FirstCall via COMTEX/ -- EspritFinancialGroup Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com is pleased to announce that Esprit CEO Garr Winters was interviewed today by******************.com.The Interview covers a wide range of news regarding Esprit, including plans fortheCompany's various divisions and a perspective on where the Company is headedoverthe next 12 - 18 months.
The interview reveals that, unlike most Pink Sheet companies, Esprit isoperational,generating revenue, and was in the black for the first quarter of the year. Even more significant, is the fact that the Company, unlike the vastmajorityof Pink Sheet companies, has sufficient funds in place to conduct business and execute its growth plans.It is anticipated that the interview will be made available sometime on the 23rdofMay at www.******************.com.
With the objective of broadening awareness of Esprit's business accomplishments,andin order to build the Company's shareholder base, Esprit has engaged severalInvestorRelations agencies, including:
Posts: 1086 | Registered: Oct 2005
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posted
I'll be looking forward to that tomorrow. Got 3 agencies paying attention to them now. Let's hope this release tomorrow bumps this back up to the 0008/0009 range without it tanking back down in the days that follow.
Posts: 263 | Registered: Feb 2007
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-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
News for 'EFGO' - (Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces Strategic Marketing Alliances for the "Cash Now Card")
LAS VEGAS, May 23, 2007 /PRNewswire-FirstCall via COMTEX/ -- Esprit FinancialGroupInc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com is pleased to announce that it has reached an agreement in principle with several major creditcardissuers through their agents for access to their data base of credit card applicants who have been refused or denied (DRC) regular credit cards. Esprithasbeen given permission to access and mine the data to solicit new customers for its Cash Now prepaid credit card products of its Advanced Electronic FundsManagement(AEFM) division.
These consumers have been denied credit and labeled DRC for various reasons,rangingfrom poor credit history or negative credit remarks to name a few. The size of the DRC database is literally millions of credit card applicants.Mr. Winters, Esprit's CEO has said "Simply put, the entire database would bejusttoo overwhelming for Esprit's needs at this time. We are most definitely interested in taking on as much as we can handle, in an effort to speed up ourgoalof 50,000 subscribers. Traditionally the conversion rate of the DRC applications to prepaid credit cards is quite high, as the applicants creditdenialnotice from the issuing bank does not resolve the fact that they still need Visa or a Master Card type services."Esprit prepaid credit card solutions offer credit card applicants advanced features not usually available on traditional prepaid credit cards. A goodexampleis our ability to offer the DRC client a micro loan through our Payday Loan division. This feature should enable Esprit to convert a higher ratio ofapplicantDRC prospects than industry guidelines.
Prepaid credit cards generate excellent margins, and minimal credit risk, due tothefact that the credit limits of each card are based on funds deposited by thecardholder.The data mining analysis of the database of DRC clients will be optimized tosearchfor DRC applicants that would be candidates to cross-market other financial service solutions from the AEFM portfolio. Many DRC clients may beinterestedin Esprit's EM2 products that would allow them to transfer funds to family and relatives abroad. Esprit's financial solutions for this market are atthevery leading edge of the industry, allowing quick transit times for the funds and lower transfer fees than options such as Western union.Another important aspect of the Cash Now card prepaid credit card is the factthatthese products continue to generate a recurring monthly stream of revenue over extended periods of time. This creates a compounding monthly revenue streamasEsprit builds its base of cardholders over the next few years, i.e., if theCompanyadds 500 new customers per month over a period of 12 months, by year-end there will be 6,000 prepaid credit cards generating monthly income.The fee for use of the DRC data mine is contingent upon the size of the order,recencyof the applications and other factors and will be paid in cash from Esprit's operational funds.In closing, Esprit CEO Garr Winters added: "Our AEFM division continues to rampupoperations for our various International financial services on a fast trackbasis.We are ahead of schedule on a number of products and financial services, and will be endeavoring to launch sales and marketing initiatives for some oftheseproducts ahead of our initial estimates of the third quarter of this year. The obvious goal is to bring these revenue streams online as quickly aspossible."Esprit management projects that the Cash Now Card division should be in a position to attract 50,000 to 100,000 customers within the next 18 to 24 months.Thisproduct should, by our estimates, be capable of generating about $1.5 to $2.0 million in revenue on an annualized basis at the end of this time frame.Esprit Financial Group, Inc. is currently featured at AudioStocks.com, *********.com and ******************.com, where profiles and other informationmaybe obtained.
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Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces Strategic Alliance with Credit Card Solutions UK Ltd. Thursday May 24, 6:00 am ET
LAS VEGAS, NV, May 24 /PRNewswire-FirstCall/ - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com is pleased to announce that it has retained the services, and will be working with Credit Card Solutions UK Ltd. (CCS) as part of a strategic alliance to offer foreign denominated debit and prepaid credit cards as well as advanced Electronic Funds Transfers (EFT) to financial institutions in Asia, South America and Africa. Other opportunities may be pursued as they arise. ADVERTISEMENT
Esprit will pay initial set-up and administrative fees of $75,000 in cash to Credit Card Solutions for provision of the back-end services. Going forwards, CCS will provide management of the processing services and payment system infrastructure for the financial services being offered in these markets.
Jack Chang, head of Esprit's Advanced Electronic Funds Management (AEFM) division has previously worked in collaboration with CCS, providing the added benefit of actual project experience between Esprit and CCS.
Esprit CEO Garr Winters advised, "We are continuing to bring operational capabilities online within the AEFM division. This specific alliance will allow Esprit to execute contracts for these services within our targeted geographic and industry target markets. It brings the division significantly closer to generating revenue streams from these particular financial services."
In other Company news, the PayDay Loans division announced the sale of a new ATM license for the city of Edmonton, the capital of Alberta, Canada with a population base of over 1 million people.
posted
Just listened to the interview. Would have been nice to hear more about the share structure. A lot to look forward to in the months to come. They are also working on a debt resolution platform. That could be pretty big if it works out. If they are finished getting rid of the big holders that wanted out and stop diluting this could start to move. Lotta shares out there for sure.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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News for 'EFGO' - (Espirit Financial Group and Credit Card Solutions form prepaid card alliance)
May 25, 2007 (Datamonitor via COMTEX) -- Esprit Financial Group has announcedthatit has retained the services and will be joining forces with Credit Card Solutions UK as part of a strategic alliance to offer foreign denominated debitandprepaid credit cards, as well as advanced electronic funds transfers, to financial institutions in Asia, South America and Africa.Under the terms of the agreement, Espirit will pay an initial set-up and administration fee of $75,000 in cash to the UK company for provision of theback-endservices. Looking forward, Credit Card Solutions will then manage the processing services and payment system infrastructure for the financial servicesbeingoffered in these markets.
Esprit CEO Garr Winters commented: "We are continuing to bring operationalcapabilitiesonline within the AEFM division. This specific alliance will allow Esprit to execute contracts for these services within our targeted geographicandindustry target markets. It brings the division significantly closer to generating revenue streams from these particular financial services."URL: http://www.datamonitor.com
Republication or redistribution, including by framing or similar means,isexpressly prohibited without prior written consent. Datamonitor shall not be liable for errors or delays in the content, or for any actions taken in reliance thereonCopyright (C) 2007 Datamonitor. All rights reserved
Posts: 1086 | Registered: Oct 2005
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LAS VEGAS, NV, May 25 /PRNewswire-FirstCall/ - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) (DBA Cash Now) www.espritfinancialgroup.com is pleased to announce that the new Cash Now Payday Loan software will begin testing in Beta mode on Monday, May 28th.
ADVERTISEMENT
The software company hired to assist in re-engineering and enhancing the existing Cash Now Pay Day advance e5 software platform is completing final programming over the long weekend. Esprit will deploy the beta version of the software on the corporate online demo servers, and will send out an open invitation to the pre registered industry users, to test drive this new and exciting solution.
Mr. Garr Winters, Esprit's CEO, has said "This platform upgrade will enable the Company to transact live real time processing in the various international markets for which it has previously announced licensing agreements, as well as being designed to allow the Company to add new language and currency modules without extensive reprogramming to the core system. Key international markets for expansion of PayDay loan software licensing services include the Asian market - specifically China and Japan. Potential new licensees have been sitting on the fence waiting for the new e5 system to be released before they committed. We see a strong sales potential for this product which results will soon begin to show. For those unfamiliar with Cash Now's e5 system, Cash Now was the pioneer and one of the 1st companies to embrace and introduce the Internet payday advance loans in live or real time access concept. The Trust Vault system, designed developed and managed by the company remains to be the workhorse CSR solution for us and is considered an industry leading utility tool.
Mr. Winter's concluded this mid 6 figure platform upgrade, is within our planned budget and provisioned some time ago. The settlement will be made with our existing operating cash reserves, without disturbing our current authorized and or outstanding stock structure. This is not only a solid investment in our business, but a fundamental infrastructure stepping stone that will not only allow us to remain competitive, increase our revenue and profits, but will also allow us to look at cross-selling the PayDay loan services to prospective clients and through strategic partnerships already under development within the Advanced Electronic Funds Management division."
Esprit's financial forecasters and advisors foresee respectable profit margins for the company over the 3-4 year life cycle of the product.
Esprit Financial Group, Inc. is currently featured at http://www.audiostocks.com. Additionally, a recent CEO interview by Wallst.net. Can be reviewed at
posted
"At the most conservative estimates we will be 100 times larger than the original company (CHNW)" ~Garr Winters
Posts: 263 | Registered: Feb 2007
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Esprit Financial Group, Inc. (Pinksheets: EFGO.Pk) Announces Agreement in Principle with Union Bank of Nigeria (Press Release)
Las Vegas, NV, May 29, 2007 (Pink Sheets News Service) — LAS VEGAS, NV, May 29 - Esprit Financial Group, Inc. (PINK SHEETS:EFGO.PK) announced today that the executive committee of one of Africa's largest banking institutions, Union Bank of Nigeria, have given provisional approval for dialogue to move towards contractual agreements for the implementation of a new issuing payment platform.
Esprit's Advanced Electronic Funds Management (AEFM) division will be providing merchant account services, stored value credit and debit cards and international funds clearing services as part of its EM2 service capabilities in conjunction with its credit card financial services supplier, Credit Card Solutions UK Ltd (CCS).
Esprit's AEFM division head Jack Chang will program manage the implementation for Union Bank. It is anticipated that this project could go live as early as the third quarter of this year.
The agreement calls for Esprit to deliver an initial 100,000 stored value cards by August, 2007.
Jack Chang, head of the AEFM division, noted; "We have always maintained that there is a tremendous pent-up demand for advanced electronic funds management services in less developed countries internationally. This is especially true in the African and South American regions. Africa is experiencing a major growth surge, and financial institutions are rapidly adopting new technologies to broaden their service capabilities to attract new customers and cross-sell new services to existing ones. There is strong demand for electronic payment services in the region and continual strengthening of the internet and ATM backbone across both urban and rural areas".
The revenue sharing arrangement between the various suppliers calls for Esprit to receive 1/3rd of net revenues generated through this contract.
Esprit CEO Garr Winters commented; "We're obviously pleased as punch to make this announcement. Things are ramping up fairly quickly in our AEFM division. This contract confirms our business model to go after international markets as a top priority. Garr added; "Jack is an absolute first rate resource, and we are fortunate indeed to have him onboard. Now that he has the solid financial backing and a management team that can provide marketing and sales support, we're putting the 'pedal to the metal' to close new deals on an accelerated basis. There are a number of exploratory contract discussions that have been ripening slowly and quietly in the background. We're now ready to start harvesting this "low-hanging fruit". ".
In other Company news, Winters explained; "Just so that there is no confusion, this is a separate and unrelated contract from the Chinese Jiangxi deal announced on May 17th, 2007. The due diligence process is taking somewhat longer than originally anticipated. This is actually a good sign, as there is a lot more value in the Jiangxi than we expected. We should be in a position to make our final determination in the next 30 to 45 days on this important transaction.
About Union Bank of Nigeria: Union Bank of Nigeria Plc http://www.unionbankng.com was established in 1917 as a Colonial Bank with its first branch in Lagos. Today, Union Bank remains one of the best capitalized banks in Nigeria. It has the largest shareholders' funds of N100.500 billion and operates through 379 network of branches that are well spread across the country, all of which are on-line, real time.
Today, the Bank is a leading regional bank in sub-Sahara Africa in terms of its diverse investments across the globe. A glance at the Bank's financial summary reveals its solidity. As at 31st March, 2006, the Bank's gross earnings was was N66.576 billion; profit before tax was N 13.536 billion; total assets was N 667.766 billion; and shareholders' fund was N 100.500 billion. About Credit Card Solutions UK Ltd Credit Card Solutions UK Ltd (CCS) (www.creditcardsolutionsuk.com) is a consultancy firm which since early 2005 has been consulting in the area of prepaid debit implementation strategies specifically across the Europe, Middle East and African (EMEA) region, expanding into Asia Pacific and Latin America during 2006. By developing relationships with issuing banks and transaction processors CCS guides its corporate clientele to the most appropriate product offering based on a detailed requirements assessment process and guidance by an internal financial advisory counsel. About Esprit Financial Group Inc. Esprit Financial Group Inc www.espritfinancialgroup.com is a public company engaged in a diversified number of online financial services. These include: ? PayDay Loans: A pioneer in the payday loan industry, the Company licenses comprehensive software solutions to industry participants, under the Cash Now banner at www.cashnow.org . ? Forex: The Company's Forex Trading division offers an innovative low-cost Forex trading service at www.cashnow.com targeted to active day-traders. ? Advanced Electronic Funds Management: This division offers a number of class leading financial services that facilitate a variety of Internet based international electronic funds transfer and cash management solutions. ? Structured Debt Resolution: This division will offer streamlined, cost effective alternative services to facilitate the negotiation of debt settlement online. Safe Harbor Statement Information in this press release may contain 'forward-looking statements.' Statements describing objectives or goals or the Company's future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the 'Safe Harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, risks relating to the ability to close transactions being contemplated, risks related to sales, continued acceptance of Esprit Financial Group's products, increased levels of competition, technological changes, dependence on intellectual property rights and other risks detailed from time to time in Esprit Financial Group's periodic reports filed with the regulatory authorities. SOURCE Esprit Financial Group Inc. cashnowcorp*cashnow.com Investor Relations: 1-954-376-8622
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Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces Prepaid Branded Stored Value Card Program for Cruise Line Wednesday May 30, 6:00 am ET
LAS VEGAS, May 30 /PRNewswire-FirstCall/ - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com announced today that its first credit card branded stored-value debit card program has been secured to service a major cruise line's employees on an international basis. The cruise line will begin dispersing payroll using the Company's stored-value debit cards to its crew members. ADVERTISEMENT
Currently, like most international shipping vessels, sailors are paid in cash - typically U.S. dollars - in International Waters. During shore leave, crew members are often required to pay exorbitant amounts to change their U.S. dollars into local currency at merchants in close proximity to their ship, making purchases very expensive. Normal banking activities most people take for granted are also problematic, as transferring funds to family members internationally is expensive and cumbersome.
Esprit, in conjunction with its strategic partners, offers an effective alternative that will greatly benefit crew members. The cruise ship company will load cash value onto a branded stored value debit card. The card will be accepted wherever MasterCard credit cards are accepted. Additionally, funds can be transferred internationally to family members easily via card to card transfers.
These stored-value debit cards look like a typical MasterCard, and benefit from the universal acceptance provided by a major credit card. However, they carry only the stored-value of cash that has been loaded onto the card by the cruise line. There is no credit agreement or monthly billing. The dollar value available is stored on the card, and is depleted as purchases are made. These cards will be accepted at nearly every international destination.
Jack Chang, head of Esprit's Advanced Electronic Funds Management (AEFM) division, noted, "This first contract represents an excellent beginning for our merchant marine stored debit card program. Modern cruise ships often have more crew members than passengers, and the largest ships can accommodate over 3,000 passengers. With several hundred cruise ships worldwide, this represents an attractive market for Esprit".
Chang added, "More importantly, our stored value debit cards represent an ideal solution for the merchant marine market in general. Sailors on cargo ships face the same dilemma as those on cruise ships. According to the 2005 CIA World Factbook, the world total number of large merchant ships (1,000 Gross Register Tons) is over 30,000. This represents a very significant market sector where we will enjoy a 'first mover' advantage."
Esprit's AEFM division will also be pursuing market opportunities in other sectors where its payroll debit card solution can be of benefit. Examples include many manufacturing operations with hourly or casual workers, as well as the agricultural sector where migrant workers are employed.
Esprit Financial Group, Inc. is currently featured at AudioStocks, where a profile and other information may be obtained by visiting http://www.audiostocks.com. Additionally, the Company's CEO, Garr Winters, was recently interviewed by Wallst.net which can be reviewed at www.wallst.net/audio/audio.asp?ticker=EFGO&id=3421.
About Esprit Financial Group Inc.
Esprit Financial Group Inc. is a public company engaged in a diversified number of online financial services. These include:
- PayDay Loans: A pioneer in the payday loan industry, the Company licenses comprehensive software solutions to industry participants, under the Cash Now banner at www.cashnow.org.
- Forex: The Company's Forex Trading division offers an innovative low- cost Forex trading service at www.cashnow.com targeted to active day- traders.
- Advanced Electronic Funds Management: This division offers a number of class leading financial services that facilitate a variety of Internet based international electronic funds transfer and cash management solutions.
- Structured Debt Resolution: This division will offer streamlined, cost effective alternative services to facilitate the negotiation of debt settlement online.
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Let's hope this release tomorrow bumps this back up to the 0008/0009 range without it tanking back down in the days that follow.
