Business
Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces Pilot Project Of The Worlwide EFT+ Services in China with a Beijing Based Bank
Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces Pilot Project Of The Worlwide EFT+ Services in China with a Beijing Based Bank.
About this update from Flexpower Inc
[{"type":"text","content":"LAS VEGAS, NV, June 12 - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com the senior management team had the pleasure of touring the offices and meeting the staff in the Beijing office of International Express Payment Corp.( IEXPay), as well as touring the recently announced EFGO office space.\n\nThe first meeting with a well known Chinese bank, with over 150 branches primarily in the Beijing area, took place today. The initial meeting went smoothly, and discussions suggested that there will be interest in Cash Now Worldwide EFT+ services on a pilot project basis, or the Check 21 clearing service as it is commonly knows in the industry. \nChina clears a very large number of USD denominated checks, and the ability to reduce the time required to clear these checks from several weeks to a mere 3-4 business days struck a very strong chord. Initial analyses suggest the revenue potential from this service alone could reach USD $12 - $15 million.\n\nEsprit has received the first, of what they hope will be several, formal request for proposal from a previously disclosed financial institution.\n\nWorking with IEXPay, Esprit has established the protocols under which Chinese financial services projects will be managed. This will ensure ongoing local management in the powerhouse Chinese market.\n\nThe Esprit team was also warmly welcomed by delegations of local businessmen and bankers, as well as local University contacts in a number of social gatherings arranged on Esprit's behalf.\n\nEsprit CEO Garr Winters advised; \"We have been extremely warmly welcomed in Beijing. Our hosts have gone out of their way to ensure that Esprit management has been treated graciously, and our itinerary, while a bit hectic, ensures our time here will be as productive as possible. We will continue to provide updates for our shareholders as timely and comprehensively as possible, as we make our way through a hectic week of business meetings\".\n\nWinters added; \"Negotiations in China follow relatively strict protocols. To respect these practices, we have agreed not to disclose the name of potential bank clients or the project parameters until the results of the pilot project are evaluated. We feel it is important that our shareholders and other stakeholder groups understand these restrictions and appreciate the full potential financi...