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Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces Signing of Contract with UNION Bank of Nigeria PLC, Improved Financial Terms for Esprit
Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces Signing of Contract with UNION Bank of Nigeria PLC, Improved Financial Terms for Esprit.
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[{"type":"text","content":"LAS VEGAS, NV, May - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com is pleased to announce that the Contract with Union Bank of Nigeria has been signed earlier this week. Additionally, the financial terms of Esprit's participation have been renegotiated to significantly improve Esprit's financial participation.\n\nEarlier yesterday, the Bank announced:\n\nUnion Bank of Nigeria PLC has signed on a consortium, with the world-renowned electronic banking guru and co-inventor of Automated Teller Machine (ATM), Mr. Jack Chang, as lead consultant. \n\nThis will enable it to play a leadership role in the transformation of electronic banking in Africa.\n\nThe full text of the Bank's press release can be viewed at http://www.guardiannewsngr.com/sunday_magazine/article17 and http://allafrica.com/stories/200705280217.html among other news portals. It will also be posted in the Town Hall page at Eprit's website; www.espritfinancialgroup.com. \n\nAs previously announced, Jack Chang will be the project manager for the consortium, The original revenue sharing arrangement within the consortium was to split up revenues between the consulting and service supply parties, with Esprit receiving a 1/3rd portion of the net revenues. \n\nEsprit has renegotiated with one of the consortium members, and has improved its financial participation significantly. The new revenue sharing arrangement will see revenue from these services split on a 2/3rd 1/3rd basis, in favor of Esprit. In exchange, the other consortium member will receive stock options for Esprit Financial stock with a strike price set significantly above the current trading value. \n\nMr. Jack Chang noted; \"We have worked hard to put this agreement in place. I am gratified to have guided this project through to this stage, and look forward to working with the Union Bank of Nigeria team to oversee the implementation process\".\n\nMr. Garr Winters, Esprit CEO added; \"This is a great personal breakthrough for Jack and excellent news for our shareholders. This really puts our Advanced Electronic Funds Management division on the map. Under Jack's guidance, the division is well on its way to fulfilling its potential\". \n\nEsprit Financial Group, Inc. is currently featured at http://www.audiostocks.com. Additionally, a recent CEO interview by Wallst.net.can be reviewed a...