LAS VEGAS, NV, June 19, 2007 - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com announced today that it met and entered discussions with a Chinese ATM manufacturer based in Beijing, for the supply of ATM units for Esprit's AEFM (Advanced Electronic Funds Management) and PayDay loan divisions.
Currently, Esprit has been utilizing the 3800 series model ATM from Tidel EasyPoint. On a tour of the Chinese manufacturer, Esprit management benefited from demonstrations of ATMs with similar capabilities to the 3800 that could be purchased at a significant discount to the current supply contract that Esprit has in place.
The ATM industry has mushroomed with rapid growth, surprisingly being fuelled by private label industry participants rather than traditional Banking institutions. For the most part, ATMs in high traffic or high volume retail locations are most commonly serviced by private ATM operators - convenience store locations, race tracks and casinos are typical highly valued real estate.
The United States now has the largest ATM market, with somewhere between 420,000 and 450,000 ATMs, in the world. Today, worldwide ATM deployment is estimated to be 1.5 million, and the market is worth approximately $14 billion per annum, and growing at a healthy clip.
As can be imagined, competition is tough. Given the essential commodity nature of ATM machines, most competitors can easily meet the service requirements of potential customers. Most relationships have some form of revenue sharing that 'pays the rent' for the retail location.
ATM machines have long been an established part of Cash Now's PayDay loan business. However, growth opportunities within the AEFM division are very attractive, especially in foreign markets. With a new supply arrangement in place with our new Beijing manufacturer, Esprit will enjoy a decided pricing advantage in its sales efforts. With aggressive marketing, this element of financial service provisions could show strong accelerated growth.
Garr Winters, Esprit CEO commented; "To be frank, it was an unexpected bonus from our trip to China. We will be kicking the tires on a couple sample units, but it looks like we have just identified a pricing advantage that will give us a leg up on our competition. ATM service capabilities have broad applications to a wide variety of our potential international client base. This is one more piece of good news from a hectic week in China".
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.
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