Business
Esprit Financial Group Inc. (Esprit) (EFGO.PK) Discovers New Low-Cost ATM Supplier During China Travel
Esprit Financial Group Inc. (Esprit) (EFGO.PK) Discovers New Low-Cost ATM Supplier During China Travel.
About this update from Flexpower Inc
[{"type":"text","content":"LAS VEGAS, NV, June 19, 2007 - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com announced today that it met and entered discussions with a Chinese ATM manufacturer based in Beijing, for the supply of ATM units for Esprit's AEFM (Advanced Electronic Funds Management) and PayDay loan divisions.\n\nCurrently, Esprit has been utilizing the 3800 series model ATM from Tidel EasyPoint. On a tour of the Chinese manufacturer, Esprit management benefited from demonstrations of ATMs with similar capabilities to the 3800 that could be purchased at a significant discount to the current supply contract that Esprit has in place.\n\nThe ATM industry has mushroomed with rapid growth, surprisingly being fuelled by private label industry participants rather than traditional Banking institutions. For the most part, ATMs in high traffic or high volume retail locations are most commonly serviced by private ATM operators - convenience store locations, race tracks and casinos are typical highly valued real estate. \n\nThe United States now has the largest ATM market, with somewhere between 420,000 and 450,000 ATMs, in the world. Today, worldwide ATM deployment is estimated to be 1.5 million, and the market is worth approximately $14 billion per annum, and growing at a healthy clip.\n\nAs can be imagined, competition is tough. Given the essential commodity nature of ATM machines, most competitors can easily meet the service requirements of potential customers. Most relationships have some form of revenue sharing that 'pays the rent' for the retail location. \n\nATM machines have long been an established part of Cash Now's PayDay loan business. However, growth opportunities within the AEFM division are very attractive, especially in foreign markets. With a new supply arrangement in place with our new Beijing manufacturer, Esprit will enjoy a decided pricing advantage in its sales efforts. With aggressive marketing, this element of financial service provisions could show strong accelerated growth.\n\nGarr Winters, Esprit CEO commented; \"To be frank, it was an unexpected bonus from our trip to China. We will be kicking the tires on a couple sample units, but it looks like we have just identified a pricing advantage that will give us a leg up on our competition. ATM service capabilities have broad applications to a wide variety o...