Business
Esprit Financial Group (EFGO) To Uplist to Fully Reporting Pink Sheet Status
Esprit Financial Group (EFGO) To Uplist to Fully Reporting Pink Sheet Status.
About this update from Flexpower Inc
[{"type":"text","content":"LAS VEGAS, NV, Monday December 3, 2007 - Esprit Financial Group (Esprit) (EFGO)CEO Mr. Garr Winters announced the Company's intent to achieve fully reporting Pink Sheet company status.\n\nMr. Winters advised; \"One of the final objectives for Esprit this year was to uplist to either a fully reporting Pink Sheet or OTCBB, based on results related to potential deals in China. With the recently announced merger with Haorizi, Esprit management believes it is in the best interests of our shareholders to become a fully reporting Pink Sheet company\". \n\nIn order to execute the reverse merger with Haorizi, it was necessary to set up a Special Purpose Company (SPC), as previously announced, due to the Chinese regulatory environment. The regulations related to SPCs mandates that the Company can only begin trading as a Pink Sheet company, and preclude uplisting to an OTCBB or major exchange. \n\nTo that extent, management has negotiated and signed a preliminary Letter of Intent with an existing fully reporting Pink Sheet Company to achieve this objective in as short and cost-effective manner as possible.\n\nIt is anticipated that this transaction will take the form of a 'purchase of assets' ideally for a combination of stock and cash. The intent is to complete this transaction before December 31st,2007 in concert with the finalization of the paperwork for the merger with Haorizi. \n\nA new ticker symbol and name change to Good Life China will immediately follow the transaction. One of the objectives of this approach is to minimize the number of days during which trading of EFGO is suspended due to ticker symbol and name changes.\n\nOnce the Company merges with the fully reporting entity, we will immediately apply for a name change to Good Life China and a new Ticker symbol.\n\nIf the merger and uplisting can be completed simultaneously, the transactions will be vastly simplified. Current EFGO shareholders will receive shares in the new Company on a 'pari passu' basis. Management will be providing ongoing updates on these developments as they become available.\n\n\nAbout Esprit Financial Group Inc. \n\nEsprit Financial Group Inc. is a public company engaged in a diversified number of online financial services. These include: the Payday Loan Software division; Forex Trading; Advanced Electronic Funds Management; and Specialized Investment ...