LAS VEGAS, NV, June 14, 2007 - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com received a Request for Proposal (RFQ) today for a credit adjudication service to be implemented for a group o banks' objectives are to improve the performance of their overall loan portfolio, and reduce the number of loan defaults and delinquent accounts.
With the Chinese economy in overdrive, financial institutions want to maximize the opportunities to service the increasing levels of disposable income, while limiting unnecessary exposure to credit risk.
The group was attracted to Esprit after discovering our capabilities in the Australian PayDay loan market. The Company's Cash Now proprietary 'E5' credit adjudication system was successfully implemented in the Australian market, after being perfected in the North American market. The system includes a quick credit scoring analysis capability that is consumer friendly in terms of length and disclosure requirements, but robust enough to appropriately categorize the level of risk with any given loan application.
Importantly, the system was developed to allow lenders to assess credit risk even in the absence of traditional credit indicators such as loan history, payment patterns, and other third party verification. This is vital in the Chinese context, where financial institutions may not have the metrics and predictive payment behaviour of consumers that is taken for granted in North America.
What impressed the Chinese banks was the proprietary rule-based capabilities of the Cash Now 'E5'credit adjudication system, specifically designed to evaluate risk where there was little or no credit history.
Esprit has developed a method based on the patterns with which customers answer questions about their loan requests to provide sufficient input upon which to base a scientific evaluation, rather than reliance on strictly traditional business techniques. The 'E5' Validity Scale takes most of the guesswork out of the loan approval process.
Garr Winters, CEO of Esprit commented; "We were quite surprised and flattered that the banks were familiar with our success in the Australian market, and were aware of our loan risk assessment capabilities. This may prove to be a very unexpected dividend over and above the original intent of developing our 'E5' system for the PayDay loan industry. We will begin working on a formal proposal immediately upon our return to North America".
Winters added; "We are a little surprised to discover that there is demand for a variety of our service capabilities beyond our initial anticipations. We hope to build strong relationships that will blossom into additional service contracts as the Chinese banking sector branches out to new service capabilities included within our AEFM EFT+ portfolio of products".
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About Esprit Financial Group Inc.
Esprit Financial Group Inc. isements 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 s 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.
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