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Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces Memorandum of Understanding to Acquire Canden Financial Group Inc.
Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces Memorandum of Understanding to Acquire Canden Financial Group Inc..
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[{"type":"text","content":"\nToronto Canada, December 10th, 2007 - Esprit Financial Group Inc. (EFGO.PK) www.espritfinancialgroup.com DBA Good Life China www.goodlifechina.com announced that it has signed a Memorandum of Understanding to acquire Canden Financial Group Inc. (http://candenfinancial.com) on an all stock basis. The Mina Mar Group Inc. www.minamargroup.com acted as financial advisors in the transaction.\n\nCanden provides financing services related for the rental or lease of specialized beverage control solutions for the hotel and hospitality industries, on behalf of a Denmark manufacturer with which Canden is associated. This includes advanced beverage dispenser tracking systems that monitor, report and provide inventory control over beverage dispensing in a restaurant or bar environment. \n\nCanden CEO Steen Elgaard advised; \"We are very excited about the opportunity to access the public markets. With EFGO being a dually listed company we see strong possible growth in both the German and USA market. We have several multi-million dollar contracts on the cusp of coming to fruition. We expect to issue announcements over the next couple of quarters as we move forward with EFGO. We know that the current EFGO management and their advisors have been searching for high growth operating companies for some time now and we are delighted that they see as much potential in Canden as we do. Elgaard added; \"We have been very impressed with Garr Winters and his practical, common sense approach to this acquisition\". \n\nEsprit CEO Winters noted; \"We choose Canden for several reasons. One of the most important ones to me is that we were able to verify their growth and future opportunities. Secondly our CFO is also on retainer to Canden. This gave us a great level of comfort with their financials and growth projections. We feel that the Canden acquisition will provide excellent value to Esprit shareholders. \n\nWe anticipate our shareholders will be very pleased to retain EFGO shares as we move forward with Canden, in addition to the shares they will receive once Good Life is vended in to the fully reporting issuer. \n\nI am very disappointed that the market has not yet recognized the significant increases in the Company's valuation in light of recent announcements. Good Life has achieved remarkable success to date, and we have every confidence that the ch...