TORONTO, Dec. 12- Esprit Financial Group Inc. (EFGO.PK) www.espritfinancialgroup.com DBA Good Life China www.goodlifechina.com is pleased to announce that it has completed the formulation of a Belize Special Purpose Company (SPC). The name of the SPC is Asia Pacific Enterprises Limited a Belize company, company # 67568. The sole purpose of the SPC is for the acquisition of Hebei Haorizi Company Ltd, a China based Company and the acquisition and the sale of assets as previously announced.
Under the Chinese law an SPC is required in order to comply with the Chinese regulations and acquisitions of any Chinese entity. The Mina Mar Group Inc. www.minamargroup.com acted as advisors to the company in this transaction and formulation.
Esprit CEO Winters noted "Everything is coming together and in a timeframe we originally estimated. The next step for us is to finish off the US paperwork in concert with the Belize SPC, and submit all of this to the reporting issuer. We have been working very close with them we do not foresee any delays in the closing of this transaction. We also expect to be in a position to close on the Canden transaction, very soon after the SPC and Hebei Haorizi is finalized. In anticipation of this we have asked Canden CEO Steen Elgaard and their team, to prepare a forward guidance outlook which we may issue prior to the closing of the Canden transaction. I believe our shareholders will be pleasantly surprised. I know this is worth repeating, soon after the closing of the asset sale and the SPC transaction, EFGO shareholders will retain all of their shares, and in addition they will receive additional stock with the reporting issuer.
About Esprit Financial Group Inc.
Esprit Financial Group Inc. is a public company engaged in a diversified number of online financial services. These include: the Payday Loan Software division; Forex Trading; Advanced Electronic Funds Management; and Specialized Investment Banking and Financial Advisory Services.
About Good Life Group Limited.
Good Life Group Limited operates a rapidly growing chain of franchised convenience stores based in Hebei Province, China. It employs advanced retail concepts such as e-commerce enabled POS/back office systems, and achieves significant economies of scale on the supply side of the business. It will be expanding geographically to neighboring Provinces, as well as offering a growing number of additional products and services, such as financial products, as it moves forward.
About Canden Financial Group Inc.
Canden Financial Group Inc. provides financing for the lease or rental of easy-to-use and affordable profit control systems that control and monitor wait staff performance in hotel and restaurant bar settings. The systems provide protection against retail shrink from practices such as over-pouring, give-a way's or theft, as well as monitoring inventory levels to ensure an adequate supply of beverages are available as needed. The Company website can be found at: http://candenfinancial.com
Safe Harbor Statement
Information in this press release may contain 'forward-looking statements.' Statements describing objectives or goals or the Company's future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the 'Safe Harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, risks relating to the ability to close transactions being contemplated, risks related to sales, continued acceptance of Esprit Financial Group's products, increased levels of competition, technological changes, dependence on intellectual property rights and other risks detailed from time to time in Esprit Financial Group's periodic reports filed with the regulatory authorities.
SOURCE Esprit Financial Group Inc.