Business
Esprit Financial Group Inc. (Esprit) (EFGO.PK) Receives RFP for an Internet-Enabled Payroll Services for Local Government in Jiangxi Province
Esprit Financial Group Inc. (Esprit) (EFGO.PK) Receives RFP for an Internet-Enabled Payroll Services for Local Government in Jiangxi Province.
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[{"type":"text","content":"LAS VEGAS, NV, June 13, 2007 - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com received a Request for Proposal (RFP) today for an online payroll system for government employees in Jiangxi Province.\n\nThe Esprit senior management team had a very satisfactory meeting today with local government officials, who wish to develop and deploy an online payroll system wherein government employees could be paid via Internet or at ATM style kiosks throughout the Province. With a population of roughly 65 million people living in Jiangxi Province, this is a very significant undertaking for both Esprit as well as the local government.\n\nWith a proposed project budget estimated to run approximately USD $40 million, Esprit will be looking for additional strategic private sector partners to fund development costs and assist with the deployment.\n\nThe Government officials have requested that the project go forward as a privately funded initiative, and that the private sector partners will subsequently participate on a revenue sharing basis from all transaction fees generated by the system. \n\nFees would be levied on each transaction using the system, representing a recurring monthly revenue stream anticipated to run into millions of dollars on an annualized basis. \n\nEsprit CEO Garr Winters explains; \"This type of project represents a significant initial investment from the private sector, with excellent long-term rewards. Upon deployment, there will be a Government guaranteed subscriber base, generating a recurring stream of revenue and account activity on a monthly basis. Much like a toll-road, employees/government departments will pay transaction fees each time funds are deposited or withdrawn using the online payroll system. \n\n\"We will be able to put a pretty solid estimate together of payroll throughput based on existing data from the current payroll systems. Additionally, we know that this project will generate revenues on a long-term basis as the source of revenue is tied to ongoing payroll payments\".\n\nWinters added; \"This is an ambitious project a little bigger than our initial expectations when we landed in China. .We will be looking to bring the requisite private-sector funding from strategic partners and capital markets in the U.S., or possibly Europe. We envision putting a consortium together wh...