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Trading never stopped. Trading cert. takes 3 business days. The same as settling any stock transaction. There were isolated accounts of it taking 4 days to settle, but they is not the rule.
Worried, I'm not worried, why worry
Me worry? not me. Ha Ha ha ha ha ha
Who me.....? I would know about anything like that.LOL
Thanks Recon, that's much easier than what I was doing. Paste and copy each part to trantslate.
Tell me this is not set up, When Garr was telling us about uplisting to a pink or OTCBB. He had already decide. I agree with Van this has been planned out for weeks/months. Everything they've planned will fall into place. It's done. We might as well enjoy the ride or bail. It's either going to be a great investment or a very good lesson.
Well, it will decide if the wife gets a diamond or Zirconim. LOL
On Nov. 28
Merger PR
I have another key objective that I would really like to fulfill before I step down. That is to see Esprit up-list to a fully reporting Pink Sheet or OTCBB status.
Town Hall
Then on Dec. 3rd 2 business days later
One of the final objectives for Esprit this year was to uplist to either a fully reporting Pink Sheet or OTCBB, based on results related to potential deals in China. With the merger with Haorizi management believes it is in the best interests of our shareholders to become a fully reporting Pink Sheet company.
I thought maybe I missed the break down, The way he worded it.
The only numbers I have seen are the 10% stake in Good Life. Which could mean, I said could, a 10 to 1 R/S and Good life getting the other 9 shares. Just a thought.
Has anyone else seen anything?
previously disclosed parameters"
Does anyone know what these were?.
Management Discussion and Analysis - Esprit Financial Group (EFGO) CEO Issues Forward Guidance For Q1 Of 2008 Dec 2, 2007
Forward Guidance For Q1 Of 2008
LAS VEGAS, NV, Monday December 3, 2007 - Esprit Financial Group (Esprit) is
pleased to present it's shareholders with forward guidance for the first quarter of 2008.
Mr. Garr Winters, Esprit's outgoing CEO, announced "I’d like to take the opportunity to
share our vision moving forward, regarding the Company’s North American as well as
China based operations.
As you can imagine, the last 6 months have been extremely busy for us. We’ve just
returned from China this past weekend, and this is our first opportunity to lay out some of
the plans following the recently announced merger with Hebei Haorizi Company Ltd.
(Haorizi, or Good Life).
The merger with Haorizi represents an incredible opportunity for rapid and sustained
growth for our shareholders. CEO Dongmei Jia has done a remarkable job building a
retail chain of 1,600 stores within Hebei Province in less than a decade. Working on a
franchise retail business model, Haorizi has developed a very sophisticated web-enabled
operational environment.
We’d like to put the Haorizi chain store success into context of the overall Chinese
economy as well as political policies for economic development”.
Overview of Haorizi:
Nearly half of the Chinese labour force works in the agricultural sector. However,
agriculture represents only 12.5% of the GDP (Gross Domestic Product). Outside of the
major cities such as Beijing and Shanghai, retail shopping concepts that we take for
granted are very new to China.
In 1998, Ms. Dongmei Jia and other investors launched Haorizi, in conjunction with the
Hebei Province Supply and Market Association. Haorizi has thrived well beyond
expectations, and has become an award winning example of the type of retail concept that
the Government is working very hard to encourage.
In February 2005, The Ministry of Commerce of the People’s Republic of China
(MOFCOM) launched the Universal Rural Retailing Network Project to gradually push
ahead the establishment of chain store businesses across the country. Economic research
studies have shown that the replacement of traditional family shops with chain stores
brings significant economic benefits to local economies.
In terms of products and services, their is a similar political mandate to provide improved
access to key infrastructure services such as mail; Internet access; banking services etc.
This alignment of Haorizi’s corporate objectives with key economic development
policies provides tremendous positive momentum to continue rapid expansion of the
chain into neighbouring Provinces as Haorizi looks for Geographic expansion outside of
the Hebei Province.
Haorizi has established a business model that is designed to support very rapid expansion
of their operations. Working on a franchise system, the Company is freed from the daily
operational issues of running corporately owned stores. Haorizi provides franchisees
with a complete turnkey retail system, and represents these franchisees as a buying group
to generate significant economies of scale on the supply side of retail operations.
On the supply side, Haorizi is using advanced web-enabled purchasing systems to
optimize logistics, and push efficiencies of modern IT capabilities down the line on both
the supply side and retail side of the business. These modern practices reduce costs and
improve operational efficiencies across the board.
In short, Haorizi’s success is based on retail best practices stemming from modern
electronic management of retail operations. Its success is based on its Information
Technologies and supply side buying operations. As the Company continues its
expansion, it will build out more logistics centers to support expanded geographic
operations.
Business Plans call for a total of 4,000 franchised stores (an increase of 250%) and a total
of 8 logistics centers (up from 3) by the end of 2008. Within Hebei Province alone, the
Company estimates market demand for another 6,600 stores.
It will also be expanding into new product and service areas that are in strong demand,
and for which there is significant political desire to deploy more aggressively throughout
China.
These corporate and political objectives are the reason that Haorizi saw an excellent fit
with Esprit, and embraced the merger. Esprit has developed significant web-enabled
business processes that can be adapted to Haorizi’s operations.
Additionally, Esprit has developed a number of products and services that will fit
extremely well with Haorizi’s plans to expand its product and service capabilities through
its vast network of retail stores. This includes the sophisticated online small loan (payday
Loan) facility, ATM operations and Check 21 services among others
As we continue to move forward together, we will be making ongoing announcements
regarding the technology transfers and utilization of different product and service areas,
as well as the prioritization of their implementation.
Uplisting:
In order to execute the reverse merger with Haorizi, it was necessary to set up a Special
Purpose Company (SPC), as previously announced, due to the Chinese regulatory
environment. The regulations related to SPCs mandates that the Company can only begin
trading as a Pink Sheet company, and preclude uplisting to an OTCBB or major
exchange.
One of the final objectives for Esprit this year was to uplist to either a fully reporting
Pink Sheet or OTCBB, based on results related to potential deals in China. With the
merger with Haorizi management believes it is in the best interests of our shareholders to
become a fully reporting Pink Sheet company.
To that extent, management has negotiated and signed a preliminary Letter of Intent with
an existing fully reporting Pink Sheet Company to achieve this objective in as short and
cost-effective manner as possible.
It is anticipated that this transaction will take the form of a ‘purchase of assets’ ideally for
a combination of stock and cash. The intent is to complete this transaction before
December 31st, in concert with the finalization of the paperwork for the merger with
Haorizi. Current shareholders of EFGO and Haorizi would receive shares in the new
Company “pari passu” in line with the previously disclosed parameters.
A new ticker symbol and name change to Good Life China will immediately follow the
transaction.
It should be noted that the shares Haorizi receives will be restricted shares under Rule
144, and thus will not be part of the float in the open market.
If the merger and uplisting can be completed simultaneously, the transactions will be
vastly simplified. Current EFGO shareholders will receive shares in the new Company
on a pari-passu basis. Management will be providing ongoing updates on these
developments as they become available.
One of the objectives of this approach is to minimize the number of days during which
trading of EFGO is suspended due to ticker symbol and name changes.
Once the Company merges with the fully reporting entity, we will immediately apply for
a name change to Good Life China and a new Ticker symbol.
It should be noted that Esprit considered using one of the IFGX division shell companies
for this type of transaction. However, these shells are not currently trading, and have not
been assigned ticker symbols. The time frame to complete the process to get them listed
and trading is too long for this to be considered a viable option.
North American Operations:
At this time, the plan calls for the North American operations to continue on as a separate
division. These operations will be monitored as profit centers, and on the assumption that
they continue to operate profitably, the division will continue to roll out its expansion
plans in line with previous announcements.
In the 1st quarter of 2008 EFGO plans to reposition the IFGX division to return it to a
B2B sub prime lender and factoring business including invoice discounting. Although
IFGX has provided us with great results in its short lifespan as a company broker, new
legislation recently came into effect that limits the number of transactions that IFGX
would be allowed to execute to a maximum of 2 per year, every other year.
Esprit will also be looking to sell off certain non performing assets such as our
www.iefranchise.com portal the www.cashnext.com www.loanconsultant.com and
various dormant domain names. Additionally, if the uplisting proceeds as desired, EFGO
will becomes a shell company, and can also be sold to third parties.
It is the intention of EFGO management to use the proceeds from these asset dispositions
to buy back shares of EFGO and retire them to treasury.
Company Valuation:
Although it is a little early in the game, some considerations regarding the Company
valuation and market capitalization are in order.
With a current run rate of over $100 million USD, and the Company running well ahead
of its original projections of $2.3 million USD, to which the net income from North
America needs to be added, we feel confident that the market will view the stock as being
significantly undervalued.
This is especially true if the Company comes anywhere near its projected growth rate to
4,000 store locations by the close of 2008.
We will be providing more guidance on the updated financial projections for the year as
soon as possible.
Short or “Oversold” Positions:
There has been widespread speculation that there is a significant short position out on the
stock. While it is impossible to prove on a definitive basis, it is our understanding that
any short position, if it exists, will need to be covered before the stock begins trading
under a new ticker symbol. The transfer agents will require a full accounting of all stocks
held and certification of ownership prior to issuing stock under the new ticker symbol.
Obviously, this will put substantial pressure on any holders who have profited by
overselling the EFGO stock. If the short sellers do not cover their position, they will be
facing a failure to deliver, and the very significant consequences that entails.
Forward Guidance from Haorizi:
We also wish to advise our shareholders that Goodlife China and Ms. Dongmai Jai will
issue a forward guidance on the Goodlife China operation shortly and we will follow that
up with a revenue guidance for both China and North American operations and an update
on our up listing plans to become a fully reporting pink sheet company, together with
updates on any new Corporate Governance and privacy policies.
Additional news and details will be posted as they become available at;
www.goodlifechina.com (English investor relations site) and www.haorizi.com
(Chinese corporate site).
NEWS!!!!!Pink Sheets Financial Reports
Management Discussion and Analysis - Esprit Financial Group (EFGO) CEO Issues Forward Guidance For Q1 Of 2008 Dec 2, 2007 Dec 2, 2007
http://www.pinksheets.com/otciq/ajax/showFinancialReportById?id=13018
November 28 morning, Inc. Hebei good day commercial financing Esprit Group and the United States cooperate in the restructuring and listing signing ceremony in Hebei good life held at the headquarters of the municipal government Zhang Diankui, deputy mayor of Shijiazhuang, Tang Min of the Deputy Secretary-General,省商务厅Chen deputy director of Beijing, the construction of the market system in the horse-Director and other leading attended the signing ceremony.
Commercial Co., Ltd., Hebei good life is the focus of commerce in our province circulation enterprises, since the 1998 inception has been focused on the development of urban and rural retail market and rapid development. Starting in 2006 the company's operating model to develop e-commerce and logistics in rural areas were allocated services, the new model to the development of the company a broader space, the company currently has shops 1600 more than three logistics of distribution centers, distribution in Shijiazhuang, Cangzhou, Beijing and Tangshan, and other regions. During a recent period, the characteristics of good life business model and enormous growth potential, which has attracted many domestic and foreign investors. Esprit Group of the United States of financing is a listed company, was established in 1998 and registered in the United States Nevada, the main business diversification Internet financial services, including small business loans, automatic teller machines, electronic funds management, operations throughout North America, Australia, has more than 400 service outlets. Although the two companies country, trade, but through modern means of developing China's rural market shared vision to bring the linked together. After six months
The full time communication, communication, negotiation, the two sides agreed to cooperate reorganization, Esprit financing Group will advance into 5 million US dollars acquisition of good days 10 percent stake, good day in this way into a private funds, is expected in 2008 before New Year's Eve in the United States the listing, when "good old days" will account for the total equity of 90%, general manager贾冬梅will assume the post of CEO of a listed company. The listing for the company through the restructuring of the logistics business development and rural structures from the rapid development of trade financing channels for the good old days of business services in the rural areas bring new management concepts, business model and advanced management techniques for building a new socialist countryside do a greater contribution.
http://www.haorizi.com/gsdt/gsdt.html
.<font color=#ff4500> Is it tomorrow yet? Where's the news?
This is a great article, it starts out like the one everyone has read but has alot more insight mid way through. good find. Still a little hard to follow, hopefully we will get the rest in english tomorrow. Strange there isn't a english report out there some were.
Good article, Did you notice this part?
Hebei good day commercial Co. is expected in the next three weeks inherent listed on the Nasdaq
yes
Here's todays email.
Subject:Re: Good Life Investors Relation Contact Form
Date:Friday, November 30, 2007 2:27:58 PM
[View Source]
Hi XXXX,
I am not privey to all the details. I know that a Special Purpose Corporation was set up to enable the merger. Once the troops are back next week, we will start issuing more information.
I can tell you this: The deal has to be equitable for all parties, that includes Efgo and its shareholders as well as Hebei Haorizi.
Hebei Haorizi is HUGE. Take our top-line revenue and multiply by a hundred. Then double it and more for next year and each year after. This is a tremendous growth opportunity.
The key things to keep track of are the Company's valuation as an ongoing business, and the market cap as reflected in the share price. Unrealistic expectations of fantasy share prices are only conceivable if the Company's stock makes a huge run, and investors pile-in. This does happen, but we don't want to encourage it. It only creates big winners and then bigger losers.
As I read things, investors will be rewarded handsomely in the short term. More importantly, if the Company sustains its historical and current growth rates, while expanding its product and service portfolio, this has the makings of becoming a very solid, mid-cap Company that could graduate to the more senior exchanges.
The time frame is likely 3-5 years.
In the short-term, it is possible we will see a short squeeze. In the longer term, outstanding growth and profitability are the objectives.
Note: we will have to cut back on replies to personal emails. It just won't be sustainable. Look for weekly updates in the Town Hall, and a series of press releases in the coming weeks and months.
Regards,
Irwin
Any guesses on the new company name. ie; Esprit Good Life [ESGL]
Qestion; when the private company pays for the shell(who is us) Who gets the money if we have merged?
The transaction involves the private and shell company exchanging information on each other, negotiating the merger terms, and signing a share exchange agreement. At the closing the public shell company issues a substantial majority of its shares and the board control to the shareholders of the private company. The private company shareholders pay for the shell and contribute their private company shares to the shell company and the private company is now public.
Hey,
Did anyone else notice the new web site, under North America Operations, mentions nothing about www.IFGX.com nor the ATM.com
I wonder what happen or what we are doing with them.
Garr needs to meet certain price initiatives in order to get his compensation for the year.
Funny, out of all the silly questions we ask T/H this year, we have never ask what his milestones were.
.0014
Well, it's 9AM in beijing. Let get some more news..........
Thanks for the chart
Stay tune Vols hopes to be out shortly he has some news, I think.
Did anyone else notice the new web site, under North America Operations, mentions nothing about www.IFGX.com oor the ATM.com
I wonder what happen or what we are doing with them.
Here's what I've translated from the Chinese site Haorizi so far.
Corporate Profiles:
Good day commercial stake was founded in August 1998, has always been committed to the retail chain operations, a positive for the building, sales and logistics network to continuously expand new markets, new ideas and new models. Hebei Province is currently agricultural products, agricultural production materials, and daily consumer goods sales of the three major areas of one of the leading enterprises. Total assets of nearly 150 million yuan, under the logistics companies, trade companies, technology companies and other seven subsidiaries. In Beijing, Shijiazhuang, Cangzhou already completed three to the logistics of the regional distribution center for the shop network, with 1,200 more than franchising and network member shops.
Our mission:
Build service chain stores in China's urban and rural network of purchasing and marketing business platform.
http://www.haorizi.com/jtjj/jtgk.html
Honorary aptitude
Company Honors
China Chain Store and Franchise Association Member units
Chinese enterprises franchise record
ISO9000 international quality system certification enterprise
China Green Food Association executive director will be flat
The Ministry of Commerce, "000 million rural village market project" excellent pilot enterprises
Hebei Province, one of the leading enterprises focus on circulation
Chairman of the Association of Hebei Province chain unit
Hebei Enterprise Information Application Demonstration units
Hebei consumer trust units
Model e-commerce enterprises in Hebei Province
Most market competitiveness of Hebei Enterprises
Credit Qualification
Famous Chinese commercial enterprises
China business services brand-name enterprises
ICBC credit rating of AA Enterprises
Commercial brand-name enterprises in Hebei Province
Commercial services brand-name enterprises in Hebei Province
http://www.haorizi.com/jtjj/ryzz.html
Good day logistics companies
To logistics services for the main business operation, the face of the rapid urban and rural consumer goods manufacturers at the regional level agents and standardization warehousing, distribution and retail channels - building services.
Cangzhou, Shijiazhuang regional logistics center with a total distribution radius of 150 km, Beijing allocated a total distribution logistics center radius of 50 km.
Good day logistics plan in three to five years in the Beijing-Tianjin - Hebei area building 19 logistics centers with a total of approximately 8,000 vendors, 50,000 network provides distribution shops
http://www.haorizi.com/jtjj/wlgs.html
Good day-commerce company
Brand operators to standardize trade and agricultural trade business as a core business, organizations for urban and rural areas, supermarkets, community shops, village shops differentiated commodity business and services.
The whole country for agricultural products, native products, standardization of products for licensing investment. Through B2B trading site and an easy access to good day regional logistics network-store sales.
In three to five years, the agricultural products trade volume reached 1 billion yuan.
http://www.haorizi.com/jtjj/smgs.html
Dynamic Matrix Network Technology (Beijing) Ltd.
2005 operation, three years of experience in retail e-commerce operations, in 2007 and technology universities in Beijing, networks and application software development.
Gigabit fiber access protection with the information flow, professional database management, category analysis, Member services.
Have independent intellectual property products: logistics trading platform, Internet banking payment platform, supply chain SCM system, CRM system, MIS / POS management information systems, sensor networks and monitoring systems.
Major service
Logistics were assigned: to serve suppliers, network shops.
Network Bank to pay: Industrial and Commercial Bank of China, the Agricultural Bank of China Construction Bank and other major banks to become strategic partners, protection payments, secure, reliable and timely settlement.
Joining shops: shops provide category management services to help store management Invoicing, direct profit and loss accounting.
Vendor: online inquiries, marketing, sales promotion, clearing.
http://www.haorizi.com/jtjj/jzdl.html
Thanks, It's much easier on the eyes. Tomorrow we run.... I hope. GL
Please stop screaming
Tomorrow we go for the .0004-.0005
ME THINKS WE MIGHT BE ON ERE WAY!!
Who's paying who?
The merger, will include both cash and stock together with $5,000,000 in special financing through existing preferred shares and common stock.
Here's what I've translated from the Chinese site Haorizi so far.
Corporate Profiles:
Good day commercial stake was founded in August 1998, has always been committed to the retail chain operations, a positive for the building, sales and logistics network to continuously expand new markets, new ideas and new models. Hebei Province is currently agricultural products, agricultural production materials, and daily consumer goods sales of the three major areas of one of the leading enterprises. Total assets of nearly 150 million yuan, under the logistics companies, trade companies, technology companies and other seven subsidiaries. In Beijing, Shijiazhuang, Cangzhou already completed three to the logistics of the regional distribution center for the shop network, with 1,200 more than franchising and network member shops.
Our mission:
Build service chain stores in China's urban and rural network of purchasing and marketing business platform.
http://www.haorizi.com/jtjj/jtgk.html
Honorary aptitude
Company Honors
China Chain Store and Franchise Association Member units
Chinese enterprises franchise record
ISO9000 international quality system certification enterprise
China Green Food Association executive director will be flat
The Ministry of Commerce, "000 million rural village market project" excellent pilot enterprises
Hebei Province, one of the leading enterprises focus on circulation
Chairman of the Association of Hebei Province chain unit
Hebei Enterprise Information Application Demonstration units
Hebei consumer trust units
Model e-commerce enterprises in Hebei Province
Most market competitiveness of Hebei Enterprises
Credit Qualification
Famous Chinese commercial enterprises
China business services brand-name enterprises
ICBC credit rating of AA Enterprises
Commercial brand-name enterprises in Hebei Province
Commercial services brand-name enterprises in Hebei Province
http://www.haorizi.com/jtjj/ryzz.html
Good day logistics companies
To logistics services for the main business operation, the face of the rapid urban and rural consumer goods manufacturers at the regional level agents and standardization warehousing, distribution and retail channels - building services.
Cangzhou, Shijiazhuang regional logistics center with a total distribution radius of 150 km, Beijing allocated a total distribution logistics center radius of 50 km.
Good day logistics plan in three to five years in the Beijing-Tianjin - Hebei area building 19 logistics centers with a total of approximately 8,000 vendors, 50,000 network provides distribution shops
http://www.haorizi.com/jtjj/wlgs.html
Good day-commerce company
Brand operators to standardize trade and agricultural trade business as a core business, organizations for urban and rural areas, supermarkets, community shops, village shops differentiated commodity business and services.
The whole country for agricultural products, native products, standardization of products for licensing investment. Through B2B trading site and an easy access to good day regional logistics network-store sales.
In three to five years, the agricultural products trade volume reached 1 billion yuan.
http://www.haorizi.com/jtjj/smgs.html
Dynamic Matrix Network Technology (Beijing) Ltd.
2005 operation, three years of experience in retail e-commerce operations, in 2007 and technology universities in Beijing, networks and application software development.
Gigabit fiber access protection with the information flow, professional database management, category analysis, Member services.
Have independent intellectual property products: logistics trading platform, Internet banking payment platform, supply chain SCM system, CRM system, MIS / POS management information systems, sensor networks and monitoring systems.
Major service
Logistics were assigned: to serve suppliers, network shops.
Network Bank to pay: Industrial and Commercial Bank of China, the Agricultural Bank of China Construction Bank and other major banks to become strategic partners, protection payments, secure, reliable and timely settlement.
Joining shops: shops provide category management services to help store management Invoicing, direct profit and loss accounting.
Vendor: online inquiries, marketing, sales promotion, clearing.
http://www.haorizi.com/jtjj/jzdl.html
How about this, That will take care of any shorts
The merged companies will undergo a name change, including a new ticker symbol and CUSIP number prior to December 31 2007.
At some point these shares should turn into a very hot commodity. May take weeks or months but eventually this should move in the .001-.005s.
Soon in my opinion and higher!!
November 28, 2007 - 7:30 AM EST
Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces Reverse Merger with Hebei Haorizi Company Ltd, a China based Company
BEIJING, Nov. 28 /PRNewswire-FirstCall/ - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) is pleased to announce that it has signed a firm and binding agreement to complete a reverse merger with Hebei Haorizi Company Ltd., a China based company.
The merger, will include both cash and stock together with $5,000,000 in special financing through existing preferred shares and common stock.
Hebei Haorizi conducts business primarily in the Hebei Province China. Haorizi translates to the equivalent of 'Good Life' in English. Their Chinese corporate site can be viewed at www.haorizi.com and a new English website has been set up to provide an overview of the two merged companies at www.goodlifechina.com.
The formal press conference and the signing ceremony between Ms. Jongmei Jia and Mr. Garr Winters was held the morning of November 28th, at the headquarters of Good Life in Shijiazhuang China. The event was a major business story in the city of Shijiazhuang and press coverage was carried on Hebei TV, The Hebei Daily News, The Yanzhao Dushi Bao and Hebei radio.
Some of the attendees at the ceremony were;
- Deputy mayor of Shijiazhuang - Zhang Diankui,
- Deputy of the Secretary-General for Hebei Province - Tang hua ming;
- Mr. Chen deputy director of Beijing
- Mr Tang Min Deputy Secretary General
- Ms. Ma Yu Director of State Development Hebei Province
Mr. Johnason Xie, Vice President of Good Life advised; 'We have been searching a long time for a suitable merger candidate with which to go public, and we see Esprit as a perfect match with what they bring to the table. Esprit's management team, their existing infrastructure, their technology and experience in my opinion is the best that we have seen period. We have been approached by many public companies and Esprit fits us and our vision like a custom made glove. We see this merger as a WIN-WIN proposition.'
Esprit and Good Life management, estimate that the formal completion of the merger will take place as soon as the necessary filings with various authorities are completed, with a date most likely before December 31, 2007.
Good Life is one of the most successful, fastest growing, and most recognizable retail chains of Convenience style stores in Hebei Province, China (population 65 million), with 3 distribution centers servicing its 1,600 locations and over 2,000 merchant suppliers.
'Good life one of the most e-commerce and web enabled companies in China with a very comprehensive and sophisticated back office currently in operation. This is something that Good Life is extremely proud of,' added Esprit consultant Mr. Robert Xu, 'and rightfully so. Simply put, Good Life is very good at what they do.'
The merged companies will undergo a name change, including a new ticker symbol and CUSIP number prior to December 31 2007.
Good Life has grown at a meteoric rate since it was founded in 1998. It will close the year with approximately 1,600 stores operating under the Haorizi - Good Life retail banner by year's end. Total gross sales through the chain, which is run as a franchise operation, will exceed $100 million USD,
Its five year business plan sees Chinese operations growing to 20,000 stores as it expands geographically to neighboring Provinces.
Current Esprit CEO Garr Winters will step aside after the closing of the transaction, with Good Life founder Ms. Dongmei Jia assuming the CEO role for the merged companies.
Mr. Winters added, 'Dongmai Jia is an incredible, amazing and a capable woman, who has put together an impressive organization. The Esprit - Hebei Haorizi union will provide the new management with many tools already in place at Esprit such as the Check21 service and Esprit's sub prime back office utilities such as the Trust vault and the E5 system. With Good Life's infrastructure and revenue stream in place coupled with what Esprit brings to the table this should appease even the worst critics who tend to look at the share value like a slot machine rather then a long term business goal, which we have always maintained we were striving to achieve.'
Good Life's advanced e-commerce enabled IT platform and back-office services for its franchised network of 1,600 Good Life convenience stores network will allow for rapid deployment of these services in a short period of time.
Good Life, will utilize Esprit's existing E5 lending system, training and back office capabilities, and plans to role out some of these new financial products together with crop insurance for farmers in its local marketing areas, in the 1st half of 2008.
Esprit CEO Garr Winters said, 'We are tremendously excited about this merger, which takes both companies to new heights. Good Life is growing at an incredible pace, and we have been extremely impressed with their business models, as well as their incredible growth rates. I would like to thank all members of our respective teams for their commitment and diligence in making this deal happen. This merger can best be described as a gold fish swallowing a whale. The sheer size, infrastructure and upside potential of Good Life is simply overwhelming. In my opinion with this merger firmly in place the sky is the limit for our newly formed company. The opportunities in China are just staggering and with this merger and with Ms. Dongmei Jia in the driver's seat we see a huge upside for the company and our shareholders.'
Good Life founder President and CEO Ms. Dongmei Jia has said we are extremely pleased with this merger as well. Although the two companies do business in 2 different countries our services are similar for the sub prime market. We both shared the vision to bring the linked businesses together through modern means of the Internet for the rural development in China. After six months of full time communications, negotiation, and meetings the two sides agreed to cooperate in the reorganization and the merger, believing that the two sides will further expand their business, and achieve even greater development for the benefit of the shareholders. The merger of Good Life with Esprit and our current logistics, business development and rural structures will allow a rapid development of trade and financing channels for the Good Life lending business services in the rural areas. The addition and experiences of Esprit bring us new concepts, a new business model (payday loans) and advanced management techniques for building a greater company and a great organization.
In closing, Mr Winters added, 'As our shareholders know, I have another key objective that I would really like to fulfill before I step down. That is to see Esprit up-list to a fully reporting Pink Sheet or OTCBB status. I only have one month left to make that happen, so we will continue pushing the pedal to the metal a bit longer.' Winters adds, 'I can safely say that we are currently in the final stages of making this up listing happen and we have identified several possible candidates whose proposals we are entertaining at a serious and final level. We also have several other ways to make this up list happen with internal assets of IFGX, however the management plans on reviewing all of its options and those that are the most beneficial to its current shareholders before making a final decision.'
Additional news and details will be posted as they become available at; www.goodlifechina.com (English investor relations site) and www.haorizi.com (Chinese corporate site).
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 Good Life Group Limited.
Good Life Group Limited operates a rapidly growing chain of franchised convenience stores based in Hebei Province, China. It employs advanced retail concepts such as e-commerce enabled POS/back office systems, and achieves significant economies of scale on the supply side of the business. It will be expanding geographically to neighboring Provinces, as well as offering a growing number of additional products and services, such as financial products, as it moves forward.
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
Source: PR Newswire (November 28, 2007 - 7:30 AM EST)
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It's about lunch time, thing are slowing. It will pick up again after meal time. And I believe PRs will start flowing soon. JMO
Another reason you may not be able to buy at ask is, we buy 4 pionts out (.0000) MM and some others can buy 5 pionts out (.00000)
So even if it looks like .0002 it could be.00022-.00024