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Monday, 12/10/2007 9:05:37 AM

Monday, December 10, 2007 9:05:37 AM

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Captskip · 2007-12-10T14:05:37.6130000Z

EFGO (.0003) News!: Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces Memorandum of Understanding to Acquire Canden Financial Group Inc. TORONTO, Dec 10, 2007 /PRNewswire-FirstCall via COMTEX/ -- Esprit Financial Group Inc. (EFGO.PK) www.espritfinancialgroup.com DBA Good Life China www.goodlifechina.com announced that it has signed a Memorandum of Understanding to acquire Canden Financial Group Inc. ( http://candenfinancial.com) on an all stock basis. The Mina Mar Group Inc. www.minamargroup.com acted as financial advisors in the transaction. Canden provides financing services related for the rental or lease of specialized beverage control solutions for the hotel and hospitality industries, on behalf of a Denmark manufacturer with which Canden is associated. This includes advanced beverage dispenser tracking systems that monitor, report and provide inventory control over beverage dispensing in a restaurant or bar environment. Canden CEO Steen Elgaard advised; "We are very excited about the opportunity to access the public markets. With EFGO being a dually listed company we see strong possible growth in both the German and USA market. We have several multi-million dollar contracts on the cusp of coming to fruition. We expect to issue announcements over the next couple of quarters as we move forward with EFGO. We know that the current EFGO management and their advisors have been searching for high growth operating companies for some time now and we are delighted that they see as much potential in Canden as we do. Elgaard added; "We have been very impressed with Garr Winters and his practical, common sense approach to this acquisition." Esprit CEO Winters noted; "We choose Canden for several reasons. One of the most important ones to me is that we were able to verify their growth and future opportunities. Secondly our CFO is also on retainer to Canden. This gave us a great level of comfort with their financials and growth projections. We feel that the Canden acquisition will provide excellent value to Esprit shareholders. We anticipate our shareholders will be very pleased to retain EFGO shares as we move forward with Canden, in addition to the shares they will receive once Good Life is vended in to the fully reporting issuer. I am very disappointed that the market has not yet recognized the significant increases in the Company's valuation in light of recent announcements. Good Life has achieved remarkable success to date, and we have every confidence that the chain will continue to grow at a dramatic rate. With the Canden acquisition, we are adding another high growth company to the fold, with revenue opportunities well beyond our original capabilities when we were strictly a PayDay loan company. This provides EFGO shareholders with ownership in two public companies that are achieving remarkable growth." Winters added; "I'd also like to acknowledge the Mina Mar Group, who were instrumental in structuring the Canden transaction. They have shown exceptional professionalism, knowledge, patience and fairness through the process as they acted for both sides in this transaction." The Canden acquisition is contingent upon the completion of the asset sale and uplisting of Esprit with China Good Life, which EFGO management expects to complete in the next several business days. EFGO will then move forward with the Canden business unit as the primary operating business. Esprit management will also apply for a name change, a new CUSIP and a new ISIN number along with a new ticker symbol to reflect the change in the company's operations. The Company will continue to issue information and updates regarding these and other transaction through a combination of its Town Hall as well as press releases as appropriate. Mr. Winters cautioned; "It has come to our attention that there are several Investor Awareness type message boards that are harbouring our staunchest critics intent on distributing negative information and misinformation on a organized wide scale basis, including sending out unsolicited emails. These are individuals who clearly seem to have their own agenda and who seem to be relentless in their endeavours to an obsessive level, thwarting months of hard work and undermining the efforts of the Company to bring value to its shareholders. Frankly, we cannot understand their behaviour, or what purpose their endless tirades serve. I would like to take this opportunity to invite any of these critics to come forward and identify themselves to us and provide any proof they feel they have on any conspiracy theories or improper activity conducted by the Company. We are prepared to address these allegations head-on in public. In the meantime, I encourage our shareholders to visit our corporate Town Hall for regular corporate updates, and to speak to their licensed financial representative for any investment advice regarding the Company." 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 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. SOURCE Esprit Financial Group www.prnewswire.com Copyright (C) 2007 PR Newswire. All rights reserved -0- KEYWORD: Ontario INDUSTRY KEYWORD: FIN OTC SUBJECT CODE: TNM

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