Business
Esprit Financial Group Inc. (Esprit) (EFGO.PK) Appoints New Director and Plans to Achieve Broker-Dealer Status in Forex Trading Division
Esprit Financial Group Inc. (Esprit) (EFGO.PK) Appoints New Director and Plans to Achieve Broker-Dealer Status in Forex Trading Division.
About this update from Flexpower Inc
[{"type":"text","content":"LAS VEGAS, NV, June 6, 2007 - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com announced today that it will be pursuing status as a broker-dealer for its Forex trading division and, in a related move, has appointed Peter Presland as a director of the Company.\n\nPeter Presland is currently responsible for Forex operations based in the Company's Florida office. With significant Forex trading experience, he is in the process of obtaining a Series 3 license for commodities and futures contracts. The Series 3 exam is specific to the futures and commodities market. It is administered through the NASD testing network, but it is a NFA (National Futures Association) license. \n\nOnce completed, Esprit will be qualified as a broker- dealer for Forex trading, which will provide the additional vertical integration that has been a stated objective of the Company.\n\nAs previously announced, Esprit has set the objective of acquiring broker-dealer status either through acquisition of an existing broker-dealer or other opportunities. As a licensed series 3 broker-dealer, the Company will have additional revenue opportunities currently not available to it as an Introducing Broker. \n\nThe Company has also applied for membership in the NFA. The National Futures Association (NFA) is the industrywide, self-regulatory organization for the U.S. futures industry. They act to develop rules, programs and services that safeguard market integrity, protect investors and help ensure Members meet their regulatory responsibilities.\n\nRichard Sciacchetano, head of Esprit's Forex Trading division comments; \"This is an exciting development for our Forex trading capabilities. Our shareholders are familiar with our objective of achieving broker-dealer status. Simply put, this opens up additional revenue opportunities for us. Importantly, this is much less capital-intensive than acquiring an existing broker-dealer, and significantly less complex. It also provides assurance of continuity of operations, given that culture clash and continuity of management is always a consideration in traditional acquisitions and mergers\".\n\nEsprit CEO Garr Winters added; \"In keeping with our philosophy of finding creative approaches to generate additional value for our shareholders, we will accomplish our objectives in a simple, straightforward manne...