LAS VEGAS, NV, June 21 - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com announced today that it will begin wholesaling ATM machines to the North American market.
Following up on negotiations with a Chinese manufacturer, the Company has assessed the viability of profitably wholesaling ATMs to retail distributors. The Company has traditionally offered turnkey systems to licensees of its Cash Now PayDay loan software.
Esprit now has direct access to manufacturing capability in China and can aggressively compete at the wholesale level, offering significant savings to companies focussed on developing private ATM retail network deployment.
The Company will offer ATMs with packaged software ready for deployment. If desired, Esprit can also provide turnkey systems complete with processing capabilities through its own providers.
The ATM market continues to show healthy growth. Much of this is through private service providers, rather than the traditional banks. Generic ATMs are increasingly available in most high traffic locations. It has been proven that consumers are prepared to pay additional processing fees in exchange for the convenience of not having to hunt down ATMs from their bank's network. As of 2003, private ATMs represented over 64% of all ATMs deployed in the U.S.
As noted by ATM Marketplace.com, "the move from OS/2 to Windows has facilitated change by opening standards and levelling playing fields. No longer locked by proprietary protocols and platforms, financial institutions large and small are leveraging their options to achieve best-of-breed solutions".
Worldwide ATM deployment is estimated to be 1.5 million, and the market is worth approximately $14 billion per annum, and growing. The United States now has the largest ATM market, with somewhere between 420,000 and 450,000 ATMs.
Esprit CEO Garr Winters, notes that; "Our intent is to keep things very simple out of the starting gate. Our positioning will be based on value; offering competitive products at lower prices than traditionally available to smaller private network operators. These units are essentially 'plug and play'. With the increasingly open standards of ATM related software, we believe that in the longer term, we will also focus on becoming a VAR (value added retailer) of different software solutions, which plays to our traditional expertise in Internet enabled financial solutions".
Winters added; "This will be the first short-term sales initiative stemming from our recent trip to China. We think that there is an opportunity to seize market share, as the ATM industry is maturing, and the market will split between high-end ATMs with advanced software capabilities and basic 'meat and potatoes' workhorses that can be deployed quickly and easily. The latter is where we are taking dead aim".
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