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CORRECTION: Esprit Financial Group Inc. (Esprit) ( EFGO.PK) Announces Acquisition of Check 21 China
CORRECTION: Esprit Financial Group Inc. (Esprit) ( EFGO.PK) Announces Acquisition of Check 21 China.
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[{"type":"text","content":"Esprit Financial Group Inc. (Esprit) ( EFGO.PK) Announces Acquisition of Check 21 China (Press Release)\n\nLas Vegas, NV, Jun 25, 2007 (Pink Sheets News Service) -- LAS VEGAS, NV, June 25, 2007 - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK ) www.espritfinancialgroup.com as previously announced, Esprit's management team visited China in conjunction with International Express Payment Corp. (IEXPay) This trip was focused on developing business opportunities available for Esprit through IEXPay, and was part of the due diligence process for the acquisition, as disclosed May 16, 2007. \n\nThe China trip identified a number of excellent business opportunities that will be pursued aggressively. As a result of the due diligence process, Esprit had the opportunity to fully explore and understand the corporate structure of IEXPay and the nature of the relationship between the two related companies founded by the same two principals, Robert Xia and Peter He. \n\nEsprit has decided not to move forward with the acquisition of IEXPay, and instead, acquire it's sister Company Check 21 China, Inc. The Due diligence process revealed that the business pursuits of Check 21 China are more in-line with Esprit's current business focus and short-term strategic needs. \n\nCheck 21 China 's focus is on rolling out 'Check 21' services to its client base of Chinese banks, which it shares with IEXPay. This is a service that can be rolled out immediately, and begin delivering revenue in a relatively short time-frame. To date, a total of approximately 30 banks have expressed interest in 'Check 21' services \n\nThe 'Check 21' program delivers a much improved capability for these banks to clear U.S. denominated checks. 'Check 21' service is particularly attractive for international financial transactions paid by U.S. denominated checks, and shorten the time required to clear these check from a typical 30-45 days to 3 business days. Esprit feels that Check 21 China represents an opportunity to deliver revenue in a significantly shorter time-frame, with a scalable business model that is directly variable as the Companies continue to expand the customer base of participating banks. \n\nMost Chinese banks handle U.S. denominated checks, whether payroll checks for U.S. citizens working in China, or for export related payments to international destinations. Importa...