LAS VEGAS, NV, June 12 - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com the senior management team had the pleasure of touring the offices and meeting the staff in the Beijing office of International Express Payment Corp.( IEXPay), as well as touring the recently announced EFGO office space.
The first meeting with a well known Chinese bank, with over 150 branches primarily in the Beijing area, took place today. The initial meeting went smoothly, and discussions suggested that there will be interest in Cash Now Worldwide EFT+ services on a pilot project basis, or the Check 21 clearing service as it is commonly knows in the industry.
China clears a very large number of USD denominated checks, and the ability to reduce the time required to clear these checks from several weeks to a mere 3-4 business days struck a very strong chord. Initial analyses suggest the revenue potential from this service alone could reach USD $12 - $15 million.
Esprit has received the first, of what they hope will be several, formal request for proposal from a previously disclosed financial institution.
Working with IEXPay, Esprit has established the protocols under which Chinese financial services projects will be managed. This will ensure ongoing local management in the powerhouse Chinese market.
The Esprit team was also warmly welcomed by delegations of local businessmen and bankers, as well as local University contacts in a number of social gatherings arranged on Esprit's behalf.
Esprit CEO Garr Winters advised; "We have been extremely warmly welcomed in Beijing. Our hosts have gone out of their way to ensure that Esprit management has been treated graciously, and our itinerary, while a bit hectic, ensures our time here will be as productive as possible. We will continue to provide updates for our shareholders as timely and comprehensively as possible, as we make our way through a hectic week of business meetings".
Winters added; "Negotiations in China follow relatively strict protocols. To respect these practices, we have agreed not to disclose the name of potential bank clients or the project parameters until the results of the pilot project are evaluated. We feel it is important that our shareholders and other stakeholder groups understand these restrictions and appreciate the full potential financial impact of some of these potential deals, even when full details cannot be released as we otherwise might like.
In closing Esprit CEO Garr Winters said in issuing the forward revenue guidance recently released by Esprit we took a very conservative outlook on the revenue stream of our Check 21 product line. Pending the return of the pilot project we may have to restate the forward revenue guidance to reflect the aforementioned revenue possibilities".
Esprit Financial Group, Inc. is currently featured at http://www.audiostocks.com. Additionally, a recent CEO interview by Wallst.net. can be reviewed at www.wallst.net/audio/audio.asp?ticker=EFGO&id=3421.
About Esprit Financial Group Inc.
Esprit Financial Group Inc. is a public company engaged in a diversified number of online financial services. These include:
? PayDay 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 .
? Forex: The Company's Forex Trading division offers an innovative low-cost Forex trading service at www.cashnow.com targeted to active day-traders.
? Advanced Electronic Funds Management: This division offers a number of class leading financial services that facilitate a variety of Internet based international electronic funds transfer and cash management solutions.
? Structured Debt Resolution: This division will offer streamlined, cost effective alternative services to facilitate the negotiation of debt settlement online.
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.
espritfinancialgroup@gmail.com
Investor Relations: 1-954-376-8622