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SGMG(.22) Updates Shareholders on Financing MINNEAPOLIS, May 16 /PRNewswire-FirstCall/ -- Spectre Gaming, Inc. (OTC Bulletin Board: SGMG) (the 'Company') is providing the following information to update the Company's liquidity situation and anticipated financing needs, as originally disclosed in the Company's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2006 (which report was filed with the SEC on April 17, 2007).
The Company has recently sold in an interim financing, approximately $1,005,000 in short-term promissory notes. As disclosed in the Company's Annual Report, the short-term promissory notes are being offered and sold as an interim financing prior to the closing of our offer to lower the exercise price of our outstanding warrants to $0.25 cents per share. The offering of shares of common stock in connection with the warrant re-pricing must, as a condition to any offer, sale and closing with respect to such securities, raise a minimum of $3.5 million. The offering of common shares in the warrant re-pricing and the offering of short-term promissory notes in the interim financing are intended to provide the Company with needed working capital. Offers and sales of securities in the offerings are being made only to accredited investors.
Securities offered and sold in the warrant re-pricing and any interim financing, including but not limited to the short-term promissory notes, have not and will not be registered under the Securities Act of 1933 upon their issuance, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The disclosure about the ongoing offerings of securities contained in this release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company, and is made only as permitted by Rule 135c under the Securities Act.
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UDTT(.004) Receives Purchase Order for One Hundred Anthrax Test Kits From Dubai-Based, Gulf Security Solutions UDTT to Make First Sale of Anthrax Detection Kits in the United Arab Emirates Universal Detection Technology (www.udetection.com) (OTCBB: UDTT), a developer of early-warning monitoring technologies to protect people from bioterrorism and a provider of counter terrorism training and solutions, announced today that it received a purchase order for one hundred Anthrax Test Kits from Gulf Security Solutions in Dubai.
"This is a major milestone for our company as we begin marketing our counterterrorism solutions in the Middle East and Persian Gulf area," said Jacques Tizabi, CEO of Universal Detection Technology. "This is obviously a region in the world where security is of great concern and we are excited to have our first sale of bio-warfare detection kits there," he added.
Universal Detection Technology has co-developed a real-time Anthrax detection system, called BSM-2000, with NASA's Jet Propulsion Laboratory. The technology was recently featured on NBC News. To view the video clip, please go to: http://www.udetection.com/pressroom-video-NBC1006.htm.
For more information, please visit www.udetection.com or email us at info*udetection.com.
About Universal Detection Technology
Universal Detection Technology is a developer of monitoring technologies, including bioterrorism detection devices. The Company on its own and with development partners is positioned to capitalize on opportunities related to Homeland Security. For example, the Company, in cooperation with NASA, has developed a bioterror 'smoke' detector that detects certain biohazard substances. For more information, please visit http://www.udetection.com.
Forward-Looking Statements
Except for historical information contained herein, the statements in this news release are forward-looking statements that involve known and unknown risks and uncertainties, which may cause the Company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.
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MCMV(.15) Principal Shareholder Signs Stock Purchase Agreement Microsmart Devices, Inc. (OTCBB: MCMV), announced today that its President and principal shareholder executed a Stock Purchase Agreement on May 11, 2007, that closed on May 15, 2007, which will result in a change in control of Microsmart. The closing of the Stock Purchase Agreement will not change the “shell company” status of Microsmart, which will continue to seek to acquire a business or company or other opportunity for it and its shareholders’ benefit.
Additional information regarding the Stock Purchase Agreement and other Transaction Documents is contained in Microsmart’s 8-K Current Report dated May 11, 2007, which was filed with the Securities and Exchange Commission on May 15, 2007.
Forward-looking statements in this release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties and other risks detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.
Microsmart Devices, Inc. Mark L. Meriwether, 801-201-7635
Source: Business Wire (May 16, 2007 - 4:06 PM EDT)
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WGLTE(.0001) Retains Giles Communications to Market the WGL Million Dollar Shootout (MDSO) in the U.S. Market WGL Entertainment Holdings, Inc. (OTCBB: WGLTE) announced today that effective May 15, 2007 it has retained the services of Giles Communications (www.giles.com) of New York, a leading Public Relations and Sports Marketing firm.
"We offer expertise that is deep as well as broad. We have the dedication, personal touch and quick response time that our clients have come to rely upon. When you sign on to work with Giles, you know exactly who your account team will be. Our associates are industry pros who know how to develop a story -- and have extensive experience at leading consumer newspapers, magazines and trade publications. We consistently deliver an unprecedented level of results, year after year. Our list of longstanding clients is proof of that success," said Mark Jeffers, V.P Giles Communications and WGL account executive.
"Giles has major contacts in the television industry and has worked for many of the leading corporate sponsors in the world. They are a perfect fit to represent the MDSO in the U.S. market and have the necessary resources to place the MDSO in multiple venues," said Mike Pagnano, CEO, WGL Entertainment Holdings, Inc.
WGL Entertainment Holdings, Inc., through its subsidiary WGL Entertainment, is the producer of the WGL Million Dollar Shootout Reality Television Series and several other made for T.V. sports entertainment events scheduled to be produced in 2007 and beyond.
To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.
For more information contact: Michael Pagnano WGL Entertainment Holdings, Inc. 1-407-328-8538
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SOLM(.33) Reports Financial Results for the Quarter Ended March 31, 2007 TARPON SPRINGS, Fla., May 16 /PRNewswire-FirstCall/ -- Solomon Technologies, Inc. (OTC Bulletin Board: SOLM), a developer and manufacturer of high-efficiency regenerative electric power drive systems as well as high- voltage, high-power direct current power supplies and power supply systems, today announced its operating results for the quarter ended March 31, 2007. The Company filed its Form 10-QSB with the Securities Exchange Commission on May 15, 2007.
Revenue for the quarter ended March 31, 2007 was $1.4 million, an increase of $1.4 million compared with $0.005 million for the quarter ended March 31, 2006. Revenues in the Company's Power Electronics Division contributed all of the growth as a direct result of the acquisition of Technipower LLC, which closed August 17, 2006. Revenue in the Motive Power Division was $0.03 million compared with $0.005 million in 2006. This revenue shift reflects the Company's effort to focus on building critical mass of revenue and profitability through product diversification into Power Electronics as a complement to its Motive Power products and technology.
Gross profit for the quarter ended March 31, 2007 was $0.65 million, up dramatically compared with the gross profit of $0.003 million for the quarter ended March 31, 2006. Net cash used by operating activities was ($0.47) million for the quarter ended March 31, 2007 compared with ($0.19) million used in the quarter ended March 31, 2006.
The Technipower acquisition is having a significant positive impact on the 2007 financial statements and the investment the Company is making in new product and market development is resulting in solid sales growth. Order backlog at March 31, 2007 was at an all-time high of approximately $3 million, up from $2.5 million at December 31, 2006.
'The growth in order backlog for our Power Electronics Division is particularly encouraging given that 48% of the backlog now consists of new products developed within the past 24 months. Our strategy is taking shape - and the segmented results provide some early evidence that we will orient our business decisions towards adding incremental revenue on an accretive basis,' commented Gary Brandt, Chief Executive Officer. 'Our financial results reveal the profitability inherent in the Power Electronics division and give us confidence that the investment we are making in new product development will contribute to improved profitability.'
Operating loss for the quarter ended March 31, 2007 was ($0.85) million compared with an operating loss of ($1.1) million for the same period in 2006. The increased gross profit was partially offset by the increased operating expenses associated with both financing activities and the Technipower acquisition. The Company has increased its investment in R&D, on an annualized basis, by over $1.0 million. These R&D investments are being made to drive the strategic shift in the Power Electronics business towards industrial high-voltage, high-power electrical energy conversion devices to accelerate future revenue growth. These initiatives are expected not only to drive revenue growth in Power Electronics but also to benefit the Motive Power division as it targets new markets.
Loss applicable to common stockholders for the quarter ended March 31, 2007 was ($5.7) million, or ($0.16) per share, compared with ($7.6) million, or ($0.43) per share, for the same period in 2005. Major contributors to the reduction in loss applicable to common stockholders for the first quarter (as compared with 2006) were non-cash charges of $5.6 million related to the extinguishment of debt in the prior year which were somewhat offset by the non-cash interest expenses incurred in first quarter 2007 related primarily to the Debentures described below.
Available cash balance at March 31, 2007 was $1,106,014. The Power Electronics Division experienced positive cash flow of approximately $0.1 million during the first quarter, which was more than offset by the corporate costs, combined with the costs associated with the Motive Power Division.
On January 17, 2007, the Company sold an aggregate of $5,350,000 principal amount of Variable Rate Self-Liquidating Senior Secured Convertible Debentures due March 17, 2008. The Company used approximately $3,350,000 of the net proceeds of the Debentures to redeem 2,873,492 shares of Series C preferred stock, approximately $768,250 of the net proceeds to pay down a promissory note and other obligations and retained approximately $1,018,000 of the net proceeds as working capital.
In December 2006, the Company entered into a letter of intent to acquire Deltron, Inc., a North Wales, Pennsylvania based manufacturer of power supplies and related equipment with manufacturing operations in Reynosa, Mexico. Deltron provides precision linear and switching power supplies and power supply systems for applications where power density and functionality are critical. Management currently anticipates that the acquisition will close during the second quarter of 2007.
In December 2006 the Company signed a financing term sheet for a credit facility to be used exclusively for acquisitions. The term sheet contemplates a facility of up to $10 million on a standby basis secured by the acquired assets and guaranteed by the Company. The Company intends to use the facility to strike more quickly at unique smaller acquisition opportunities that are consistent with its growth plans.
'We have taken steps to establish a strong platform from which we expect to add revenue on an accretive basis,' said Gary Brandt. 'With one acquisition pending and others contemplated, we are committed to building a business which not only addresses the growing market demand for high-efficiency power electronics and energy conversion devices, but also delivers positive financial returns. In order to put the Company in a position to consistently achieve positive cash flows we are working to establish a critical mass within our Power Electronics business which is expected to provide sufficient cash flow to support our investment in Motive Power products and related technologies.'
CONFERENCE CALL SCHEDULED
The Company has scheduled a conference call with investors on Friday, May 18, 2007 at 9:00 AM Eastern Daylight Savings Time, to discuss the Company's financial results for the year first quarter ended March 31, 2007.
Gary G. Brandt, Chief Executive Officer will be joined on the call by Gary Laskowski, Chairman of the Company's Board of Directors, Michael D'Amelio, Director and Secretary of the Company and Sam Occhipinti, Chief Financial Officer to review the Company's financial and operational highlights.
Interested parties should call 1-800-819-9193 (US and Canada) or 1-913-981-4911 (International) five minutes in advance to participate. The call will also be open to all interested investors through a live audio Web broadcast accessible at the Solomon Technologies, Inc. corporate website, www.solomontechnologies.com. For those unable to listen to the live broadcast, the call will be archived on the above-mentioned site.
Information about Solomon Technologies, Inc.:
Solomon Technologies, Inc., through its Motive Power and Power Electronics divisions, develops, licenses, manufactures and sells precision electric power drive systems, including those utilizing its patented Electric Wheel(TM), Electric Transaxle(TM) and hybrid and regenerative technologies as well as direct current power supplies and power supply systems requiring high levels of reliability and ruggedness for defense, aerospace, marine, commercial, automotive, 'hybrid-electric' and 'all-electric' vehicle applications.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements regarding Solomon Technologies, Inc. in this release that are not historical in nature, particularly those that utilize the terminology such as 'may,' 'will,' 'should,' 'likely,' 'expects,' 'anticipates,' 'estimates,' 'believes,' or 'plans,' or comparable terminology, are forward-looking statements based on current expectations about future events, which management has derived from the information currently available to it. It is possible that the assumptions made by management for purposes of such statements may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Important factors known to management that could cause forward-looking statements to turn out to be incorrect are identified and discussed from time to time in the company's filings with the Securities and Exchange Commission. The forward- looking statements contained in this release speak only as of the date hereof, and the company undertakes no obligation to correct or update any forward- looking statements, whether as a result of new information, future events or otherwise.
PART I FINANCIAL INFORMATION
Item 1 . Financial Statements
Solomon Technologies, Inc. Condensed Consolidated Balance Sheet March 31, 2007 (Unaudited)
Assets Current assets
Cash $1,106,014 Accounts receivable, net 870,306 Inventories 1,462,112 Due from related parties 22,826 Deferred debt costs 139,754 Prepaid expenses and other current assets 124,292 3,725,304
Noncurrent assets Property and equipment, net 116,407 Goodwill 2,873,576 Intangible assets 1,823,868 4,813,851
$8,539,155
Liabilities and Deficiency in Assets Current liabilities Revolving note payable to bank $950,000 Accounts payable 823,085 Accrued compensation 2,466,182 Other accrued expenses 608,357 Capital lease obligations 6,972 Notes payable 187,000 Notes payable to related parties 1,837,085 Convertible debentures payable 2,889,458
9,768,139
Deficiency in Assets Common stock, par value $0.001 per share; authorized 100,000,000 shares; 36,089,533 issued and outstanding 36,089 Additional paid-in capital 43,237,742 Accumulated deficit (44,502,815) (1,228,984)
$8,539,155
Solomon Technologies, Inc. Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended March 31, 2007 2006 As Restated
Net sales $ 1,431,597 $5,365 Cost of goods sold 779,287 2,569 Gross profit 652,310 2,796
Operating expenses: Selling, general and administrative 1,251,938 1,098,755 Research and development 253,664 - 1,505,602 1,098,755
Operating loss (853,292) (1,095,959)
Other expenses Interest expense (3,444,608) (727,965) Loss on extinguishment of redeemable preferred stock and other debt - (5,667,569) (3,444,608) (6,395,534)
Net loss (4,297,900) (7,491,493)
Preferred stock dividends (1,413,031) (60,000) Loss applicable to common stockholders $(5,710,931) $(7,551,493)
Basic and diluted net loss per common share $(0.16) $(0.43)
Weighted average common shares outstanding - basic and diluted 35,465,709 17,740,475
Solomon Technologies, Inc. Condensed Consolidated Statement of Cash Flows (Unaudited)
Three Months Ended March 31, 2007 2006 As Restated
Operating activities
Net loss $(4,297,900) $(7,491,493)
Adjustments to reconcile net loss to cash used by operations Loss on extinguishment of redeemable preferred stock and other debt - 5,667,569 Stock based compensation to employees and directors 204,629 - Common stock and warrants issued for services 156,765 394,399 Accretion, dividends, and amortization of debt costs included in interest expense 3,182,328 698,257 Depreciation 10,328 1,824 Amortization 98,581 20,692 Change in operating assets and liabilities Accounts receivable 6,135 - Inventories (32,863) 2,569 Prepaid expenses and other current assets (101,515) - Accounts payable and accrued expenses 301,834 515,237 Net cash used by operating activities (471,678) (190,946)
Investing Activities Purchase of equipment (21,533) (1,962) Net cash used by investing activities (21,533) (1,962)
Financing Activities Proceeds from issuance of notes payable to related parties - 197,000 Repayments of notes payable to related parties (40,000) - Proceeds from revolving note payable 200,000 - Proceeds from issuance of converible promissory notes 5,135,913 - Repayments of notes payable (526,150) - Redemption of preferred stock (3,350,020) - Proceeds from Rule 16B 32,950 - Repayments from related parties 52,489 - Repayment of capital lease obligations (3,734) - Net cash provided by financing activities 1,501,448 197,000
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PNAMF(.105) Not Proceeding with Huicicila Property Pan American Gold Corporation (OTCBB:PNAMF) (“Pan American”) has not met its option payment obligations for the Huicicila (Miravalles) property in Nayarit State, Mexico, and will not be proceeding with the project.
Pan American also announces that Eugene Schmidt has resigned as Vice President of Exploration and as Director of the Company to pursue other interests in the resource exploration industry. The board of directors of Pan American thanks Mr. Schmidt for all his efforts and wishes him success in his future endeavors.
Pan American Gold Corporation is a Canadian-based mineral exploration company listed on the OTC Bulletin Board (Symbol: PNAMF).
Pan American Gold Corporation Investor Relations Steve Bajic, 604-288-8376
Source: Business Wire (May 16, 2007 - 4:31 PM EDT)
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UCPI(.34) Announces Its South Creole Prospect is Now Online and Producing at a Daily Rate of 2.8 Mmcf of Gas and 58 Barrels of Condensate Which Doubles the Company's Revenue Unicorp, Inc. (OTCBB:UCPI) announced today its South Creole Prospect located in Cameron Parish, Louisiana is now online and currently producing at a rate of approximately 2.8 Mmcf per day of gross gas production and 58 barrels of condensate. At this rate, this well will double Unicorp’s existing monthly revenue to over $250,000 and brings the company to profitability, excluding non-cash charges. The South Creole Prospect was drilled to a depth of approximately 11,300 feet targeting the Planulina A formation. Total reserves are estimated to be in excess of 2.5 Bcf of natural gas with associated condensate reserves. Unicorp has a 28.3% before payout working interest and an approximate 21% before payout net revenue interest in the well.
About Unicorp
Unicorp, Inc is primarily engaged in the acquisition, development, exploration and production of crude oil and natural gas. Its focus is on aggressively acquiring working interests in crude oil and natural gas properties with the intent of exploration and development or by enhancing production through the use of modern development techniques such as horizontal drilling, satellite technology and 3-D seismic. The company’s goal is to achieve a high return on its investment by limiting its up-front acquisition costs, by quickly developing its acquisitions and by practicing a sound and smart approach to oil and gas exploration and development.
Safe Harbor Statement
This press release contains statements that may constitute forward-looking statements, including the company’s ability to successfully acquire oil and gas properties and drill commercial wells. These statements are based on current expectations and assumptions and involve a number of uncertainties and risks that could cause actual results to differ materially from those currently expected. For additional information about Unicorp’s future business and financial results, refer to Unicorp’s Quarterly Report on Form 10-QSB for the quarter ended March 31, 2007, and Annual Report on Form 10-KSB/A (First Amendment) for the year ended December 31, 2006. Unicorp undertakes no obligation to update any forward-looking statement that may be made from time to time by or on behalf of the company, whether as a result of new information, future events or otherwise.
Unicorp, Inc., Houston Carl A. Chase, 713-402-6717 Investors*unicorpinc.net
Source: Business Wire (May 16, 2007 - 4:31 PM EDT)
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NEW YORK, NY--(MARKET WIRE)--May 16, 2007 -- The Board of Directors of Pharm Control Ltd. (Other OTC:PMCL.PK - News) has decided to dividend out to shareholders one new share of Natural Medicines AG for every three shares of Pharm Control Ltd. held by shareholders of record on Friday, July 13, 2007. ADVERTISEMENT
Discussions with European investment bankers have revealed to Company management that the anticipated trading level for the new European entity will be in the area of 0.25 Euros.
This dividend will be paid after the 8 new for 5 old dividend payment of Pharm Control Ltd. at the end of June.
Pharm Control Ltd.'s management anticipates the name change and CUSIP number change to become effective any day now and will follow up with another shareholder update along with the name of the new transfer agent once all is completed.
About Pharm Control Ltd.
Pharm Control Ltd. is a leading medicine Research and Development company that is devoted to developing medicines that allow patients to live longer, healthier, and more productive lives. The Company's founders have invested over 10 years of research discovering and developing new and effective non-synthetic medicines to fight disorders and sickness in the modern world.
Safe Harbor Statement
The preceding includes forward-looking statements, which involve known and unknown risks, and uncertainties, which may cause the company's actual results in future periods to differ materially from forecasted results. Any forward-looking statements above are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including, without limitation, competition, intellectual property rights, litigation, needs of liquidity, and other risks detailed from time to time in the company's reports filed with the SEC. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, but not limited to, continued acceptance of the company's products and services, competition, new products and technological changes, as well as any and all "other risks" associated with business.
Contact: Contact: Pharm Control Ltd. Eugene Kron Vice President Email: pmclinfo*yahoo.com Tel: (212) 252-4521 [/qb][/QUOTE]
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Allied Security Innovations, Inc. (Formerly DDSI) First Quarter Reports 23.3% Gross Profit Increase
SEA GIRT, N.J., May 17, 2007 /PRNewswire-FirstCall via COMTEX/ -- Allied Security Innovations, Inc. (Pink Sheets: ASVN) -- an industry leader in the development of Homeland Security and other commercial security related products -- announced results for the first quarter 2007. Revenues for the quarter grew 13.9 percent from the same period in 2006, an increase of $ 120,983. Gross profit over the period rose $134,474, an increase of 23.3 percent. "We are managing our operation with the objective of sustained growth. The demand for our products is a key component to our increased revenues," said Anthony Shupin, CEO of ASI. "However, it is our talented employees and management team that are enabling us to increase efficiency and open the doors for new opportunities. This increase in revenue is more noteworthy because it comes with a decrease in total operating expenses of 5.7 percent, or $30,075, despite our emphasis on increased quality control, new product development, and improved plant/production facilities."
Late last year, ASI announced that it would focus on increasing revenue, while controlling expenses and improving operations. The company intends to continue to execute its plan to increase operational efficiencies, maintain high levels of client satisfaction, refine and develop new products and expand sales and distribution channels to meet market demand.
"Our earnings before interest, taxes and depreciation increased 154 percent to $60,949, compared to a loss of ($112,600) in the first quarter of 2006" adds ASI CFO Michael Pellegrino. "This is a good indication that our plan is working."
About Allied Security Innovations, Inc.
The company, based in Sea Girt, NJ, develops and markets integrated enterprise-wide image applications specifically designed for criminal justice organizations. Customers include states, cities, counties, corrections, justice, and public safety agencies. Additional information is available online, at http://www.ddsi-cpc.com.
Its subsidiary, CGM Applied Security Technologies, Inc., based in Somerset, NJ, is a leading manufacturer and distributor of Homeland Security products, including indicative and barrier security seals, security tapes and related packaging security systems, protective security products for palletized cargo, physical security systems for tractors, trailers and containers, as well as a number of highly specialized authentication products. Additional information is available online, at http://www.cgmsecuritysolutions.com.Posts: 65 | Registered: Mar 2006
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EFGO(.0008) Announces Agreement in Principle with International Express Payment Corp. Serving Over 20 Chinese Banking Institutions)
LAS VEGAS, NV, May 17, 2007 /PRNewswire-FirstCall via COMTEX/ -- EspritFinancialGroup, Inc. (PINK SHEETS:EFGO.PK) announced today that it has signed an Agreement in Principle with International Express Payment (Jiangxi) Corp.Espritis to provide advanced electronic funds management services (EM2) to Jiangxi's current customer base and its network of over 20 Chinese-based banks.Jiangxi operates a proprietary Chinese based "closed loop payment system" whichworkssimilar to a Paypal(TM) type online payment service. Jiangxi, currently has contractual agreements with 21 Chinese based banks, providinginternet-enabledpayment systems, on their proprietary closed loop payment system. This current closed loop payment system provides services restricted tomemberbanks and merchants whose customers subscribe to Jiangxi system. Currently, services are limited to electronic funds transfer within this closedloopsystem.
With this new Agreement, Esprit will greatly expand Jiangxi's service capabilityfroma 'closed loop' to an 'open loop' system that can access a much larger poolofinternational banks and financial institutions. Esprit's Advanced ElectronicFundsManagement products, particularly EM2 and prepaid branded credit and debit card products greatly add service capabilities in demand by Jiangxi's customers.WithEsprit's international financial services capabilities, clients will enjoy a competitive differential advantage versus other China-based 'closed loop'electronicpayment providers.
The agreement covers current clients as well as any additional banks that maycomeon-stream to the current closed loop payment system. The partial list of member banks includes: - Bank of China
- Bank of Beijing - Agricultural Bank of China
- ICBC - China Merchants Bank
- China Everbright Bank - Industrial Bank Co., Ltd
- China Construction BankThe agreement specifies that all revenue derived from this agreement will bespliton an equal 50%/50% basis between the two parties. Both parties have agreed that this joint project shall commence immediately on execution of theagreement.Forward looking revenue projections for this service shows possible revenue streams on a conservative outlook basis of about 3 million dollarsannuallyto an optimistic outlook of as much as 10 million dollars annually. The evergreen or recurring revenue stream may have a life cycle for as much as 7 to15years. We plan on posting our forward looking projections of this joint project in the Town Hall in the near future.Jack Chang, head of the AEFM division, has said "Esprit will deploy our proprietary EM2 money transfer system onto Jiangxi's existing 'closed loop'networkproviding a tremendous improvement in service capabilities. Existing Jiangxi customers will still enjoy all the benefits associated with the currentsystem,but will now have a greatly expanded number of payment and funds transfer capabilities on a truly international basis.Esprit CEO Garr Winters notes; "This is the first of many financial contractswhichwe anticipate signing as the Company moves forward. This demonstrates proof of concept regarding the capabilities of our new AEFM division headed byJackChang. Jiangxi has recognized that our capabilities are right at the leading edge of international funds management, and that there is more to begainedby working with us on a joint venture basis than by trying to build an open international funds network themselves".Winters added: "With the 2008 Olympics quickly approaching we realize that timeisof the essence. We see a huge opportunity and are eager to tap into this surge of new users. Our agreement calls for a rapid forward implementation oftheopen loop payment system. Jiangxi has confirmed to the Esprit management that the member banks will start actively promoting the EM2 open loop paymentsystemto their customers and Jiangxi will work with Esprit to market these new service capabilities to Jiangxi's installed customer base.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.
About Esprit Financial Group Inc.Esprit Financial Group Inc, is a public company engaged in a diversified numberofonline 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 www.cashnow.org. The Company also operates www.cashnow.net, 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 www.cashnow.com. 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 reduced 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.
Safe Harbor StatementInformation in this press release may contain 'forward-looking statements.'Statementsdescribing objectives or goals or the Company's future plans are also forward-looking statements and are subject to risks and uncertainties, includingthefinancial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated.Forward-lookingstatements in this news release are made pursuant to the 'Safe Harbor' provisions of the United States Private Securities Litigation Reform Actof1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, risks relating to theabilityto close transactions being contemplated, risks related to sales, continued acceptance of Esprit Financial Group's products, increased levels ofcompetition,technological changes, dependence on intellectual property rights and other risks detailed from time to time in Esprit Financial Group's periodicreportsfiled with the regulatory authorities.
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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