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Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces Prepaid Branded Stored Value Card Program For Cruise Line
Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces Prepaid Branded Stored Value Card Program For Cruise Line.
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[{"type":"text","content":"LAS VEGAS, NV, May 30, 2007 - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com announced today that it's first credit card branded stored-value debit card program has been secured to service cruise line employees on an international basis.\n\nThe cruise line will begin dispersing payroll using the Company's credit card branded stored-value debit card program to its crew members. \n\nCurrently, like most international shipping vessels, sailors are paid in cash - typically U.S. dollars - in International Waters. During shore leave, crew members pay exorbitant amounts to change currency in close proximity to their ship, making purchases very expensive. Banking is also problematic and transferring funds to family members is expensive and cumbersome.\n\nEsprit, in conjunction with its strategic partners, offers an effective alternative that will greatly benefit crew members. The cruise ship company will load cash value onto a branded stored value debit card. The card will be accepted wherever MasterCard credit cards are accepted. Additionally, funds can be transferred to family members easily via a card to card transfer. \n\nThese stored-value debit cards look like a typical MasterCard, and benefit from the universal acceptance provided by a major credit card. However, they carry a stored-value of cash. There is no credit agreement or monthly billing. The dollar value available is stored on the card, and is depleted as purchases are made. These cards will be accepted at nearly every international destination.\n\nJack Chang, head of Esprit's Advanced Electronic Funds Management (AEFM) division, noted; \"This first contract represents an excellent beginning for our merchant marine stored debit card program. Modern cruise ships often have more crew members than passengers, and the largest ships can accommodate over 3,000 passengers. With several hundred cruise ships worldwide, this represents a attractive market for Esprit\".\n\nChang added; \"More importantly, our stored value debit cards represent an ideal solution for the merchant marine market in general. Sailors on cargo ships face the same dilemma as those on cruise ships. According to the 2005 CIA World Factbook, the world total number of merchant ships of 1,000 Gross Register Tons is over 30,000. This represents a very significant market sector where w...