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Esprit Financial Group Inc. (Esprit) (EFGO.PK) Provides $250,000 Mezzanine Financing to Global Vision Holdings, Inc (GVHL).
Esprit Financial Group Inc. (Esprit) (EFGO.PK) Provides $250,000 Mezzanine Financing to Global Vision Holdings, Inc (GVHL)..
About this update from Flexpower Inc
[{"type":"text","content":"July 5 - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com is pleased to announce it has provided $250,000 in funding to Global Vision, which is to assist in the finalizing the acquisition of International Express Payment (IEXPay). \n\nThe funding is in the form of subordinated debt, and carries an annual interest rate of 15%, payable twice a year beginning Dec 31st, 2007. Debt repayments begin March 31st, 2009 at the rate of $50,000 per quarter in 5 instalments. \n\nAdditionally, stock warrants have been granted, under the following terms;\n?\tThe lesser of $100,000 worth of stock, the face value of the debt still outstanding, or 5% of the outstanding stock as of December 31st each year at a strike price based on the average price per share traded in the previous 90 days.\n?\tThe stock warrants can only be exercised once in a calendar year, beginning June 30th, 2009.\n\nEsprit CEO, Garr Winters, announced; \"This is a win-win for both companies. As previously disclosed, Esprit has maintained a 23% interest, in GVHL we maintain the upside opportunity to benefit from the long-term potential we see in GVHL and IEXPAY while limiting our financial obligations and exposure. The result is that Esprit keeps both deals in friendly and cooperative hands\". \n\nWinters added; \"We had hoped to develop synergies between the two companies to develop complementary financial services within the incredibly attractive Chinese market. We have now made arrangements to share resources such as the costs of travel, China based operations, and some daily operations. We saw this as a natural fit that Esprit provide this interim funding to accelerate the growth of both companies\".\n\nAbout Esprit Financial Group Inc. \nEsprit Financial Group Inc. is a public company engaged in a diversified number of online financial services. These include:\n?\tPayDay Loans: A pioneer in the payday loan industry, the Company licenses comprehensive software solutions to industry participants, under the Cash Now banner at www.cashnow.org . \n?\tForex: The Company's Forex Trading division offers an innovative low-cost Forex trading service at www.cashnow.com targeted to active day-traders. \n?\tAdvanced Electronic Funds Management: This division offers a number of class leading financial services that facilitate a variety of Internet based inte...