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EFGO Reverse Merger, China
The GREEN MONSTER, hang on for the Chinese Walmart. CEO Garr Winters, Mr XU and all parties involved with EFGO have put to geather IMO the PINK Sheet Blue Chip Reverse Merger of the year and maybe Decade.
We could see another MSFT in the making.
China is the place to be period. Thanks to all here for their great DD, you know who you are and so do the one’s who never post here but read this board to get credible DD done by you.
This is just the beginning IMO and I see many more doors opening with the newly formed Company Hebei Haorizi that conducts business primarily in the Hebei Province China. Haorizi translates to the equivalent of "Good Life" in English. Their Chinese corporate sight 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..
Garr says it well
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.'
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=efgo#getNews
Link on info
Posted by: MARINE-1
In reply to: None
Date:11/27/2007 7:15:59 PM
Post #of 75318
http://www.petitiononline.com/mrktrfrm/petition.html
4Godnwv IMO
I mentioned the buying, as for the selling phanthom shares IMO, NSS.
4Godnwv
some savy investors that see the potential, or some other investors or ? who are forced to,
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Well....I do have a theory, but I think I'll give everyone else a chance to engage their own brains.
Just for the exercise, let's say that I 'know' that OA is 180 degrees off. Let's say that it is not MT and Pedro selling and that it is not current shareholders buying. (well not big volume anyway)
Who else could be doing the buying and selling here?
And the candidates are...?
Allinxxl one year was stated
That would be Jan 2008, Garr became CEO Jan 2007. We are almost there.
******************************************************
Posted by: Allinxxl
In reply to: EFGoVols who wrote msg# 75152
Date:11/26/2007 2:50:05 PM
Post #of 75183
And they promised us a 10+ PR and a Shock and Awe PR! Remember that! I asked the IR about that and he said Winters said 12 months and now its 11th month. I said so whats next both BIG prs and and and all in 1 month and IR said If thats what it takes ... So I dunno. 12 months is 12 months A deal is a deal! it will be an interesting month thats for sure IMO
EFGoVols yep I like that Dream
I also like the fact as you stated, there are posters here that do real DD with facts and links.
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That's funny BigDogs, because I had a dream that in two weeks or so, EFGO R/M'erd and went to a higher exchange, then even a bigger opportunity arose around Christmas and my wife finally realized that my efforts over the last year wasn't in vain, LOL, Have you seen that commercial where the guy calls from Vegas and explains to his wife that he's down $5,800 and says "here, that's like a dollar" and his wife says "here, that's like about 6 grand" Kinda like that I guess : )
Has this happened with EFGO
By some.
1. Be anonymous
2. Use 10% fact. 90% suggestion. The facts will lend credibility to your suggestions.
3. Let others help you learn about the stock. Build rapport and a support base before initiating your bashing routine.
4. Enter w/ humor and reply to all who reply to you.
5. Use multiple ISP's, handles and aliases.
6. Use two (2) or more aliases to simulate a discussion.
7. Do not start with an all out slam of the stock. Build to it.
8. Identify your foes (hypesters) and the boards "guru" Use them to your advantage. Lead them do not follow their lead.
9. Only bash until the tide/momentum turns. Let doubt carry it the rest of the way.
10. Give the appearance of being open minded.
11. Be bold in your statements. People follow strength.
12. Write headlines in caps with catchy statements.
13. Pour it on as your position gains momentum. Not your personality.
14. Don't worry about being labeled a "basher". Newbies won't know your history.
15. When identified put up a brief fight, then back off. Return in an hour unless your foe is a weak in reasoning powers.
16. Your goal is to limit the momentum of the run. Not to tank the company or create a plunge in the stock; be subtle and consistent.
17. Kill the dreams of profits, not the company or the stock.
18. Use questions to create critical thinking. Statements to reinforce facts.
19. DO NOT LIE, DO NOT NAME CALL and DO NOT USE PROFANITY.
20. Encourage people to call the company. 99% won't. They'll take your word for claims made. If they do call you can always find something that is inaccurate in how they report their findings.
21. Discourage people for taking the companies word for anything. Encourage them to call the company. They won't out of laziness.
22. If the companies history/PR's are negative constantly point to that. Compile a list of this data prior to beginning your efforts.
23. If the price rises blame it on the hype or the PR, temporary mass reaction, the market, etc. Anything but the stock itself.
24. If other posters share your concerns, play on that and share theirs too.
25. Always cite low volume, even when it's not.
26. Three or four aliases can dominate a board and wear down the longs.
27. Bait the hypesters into personal debates putting their focus/efforts on you and not the stock or facts. Divert their attention from facts. Show them the facts from a "different angle."
28. Promote other stocks that would-be investors can turn to instead of the one your bashing.
30. Do not fall for challenges on the "values" of what you are doing, it's a game and you are playing it with your own rules.
Then this PR on Steve Edwards hired
Mr Edwards is very savy on Reverse Mergers
Esprit Financial Group Inc. (Esprit) (EFGO.PK) IFGX Division appoints Steve Edwards Vice President, Business Development North America
LAS VEGAS, Oct 09, 2007 /PRNewswire-FirstCall via COMTEX/ -- Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com announced today the hiring of Steve Edwards as Vice President, Business Development for its IFGX division, responsible for the North American market. Mr. Edwards has extensive experience in sales development in a number of different industries, including the Financial Sector.
Commenting on the appointment, CEO Garr Winters said: "We are very excited with the way things are proceeding for IFGX. While there has been a lot of focus on our new opportunities in China, we have also made significant progress attracting interest from North American based companies. The IFGX division has been progressing much more quickly than anticipated. We have brought Steve in to take on responsibility for this area and relieve pressure and allow senior management to retain primary focus on business developments in China. Steve brings with him a wealth of experience in sales and he has been very pro-active in taking charge of this important division in the short time he has been with the Company."
Esprit's IFGX.com will primarily provide financial consulting to assist companies wishing to enter the public markets, primarily through reverse mergers with shell companies controlled by Esprit. The division will also provide merchant banking services, providing clients with assistance in raising funds to fuel growth.
Esprit Financial is very bullish on growth with a number of new exciting business opportunities in the offing. Over the last few months the Company has been acquiring shell companies with this purpose in mind.
Winters added: "We are now pretty well geared up to bring a number of projects on line in the coming months. We have also recently launched a website devoted to IFGX - www.ifgx.com - to support the growth of this division".
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 IFGX Specialized Investment Banking and Financial Advisory Services.
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
www.prnewswire.com
Remember this PR Longs
Esprit Financial Group Inc. (Esprit) (EFGO.PK) IFGX Division to assist Chinese companies entering public markets
LAS VEGAS, Sept 27, 2007 /PRNewswire-FirstCall via COMTEX/ -- Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com announced today that it has been approached by a number of Chinese companies seeking public listings in North America or Europe.
Esprit's IFGX.com operations will be brought into play, in order to provide the public shells required and to provide financial consulting services and guidance to assist these companies in the process. A good percentage of these companies are large corporations with multi-million dollar run rates and hundreds, if not thousands, of employees.
Esprit CEO Garr Winters stated, "We are very excited about these opportunities. They represent an excellent win-win proposition for our Chinese clients and us. This is a very ambitious series of undertakings, and we have been working quietly on them for the past couple of months."
The Company has delayed announcing these projects previously to avoid undue speculation, and to take the time to reaffirm that these deals can reasonably be expected to proceed forward. They are material in nature to the ongoing operations of Esprit, and represent a significant new revenue stream.
As many shareholders are aware, the Company has been acquiring shell companies over the past few months. It is Esprit's intent to use some or all of these shells for these deals.
While we believe in the potential success of these projects, it must be said that they represent very ambitious plans that require harmonizing Chinese regulations with those of the U.S. and/or possibly the Frankfurt or London exchanges. As such, we project that these initial deals will take the better part of 6 - 9 months to bring to fruition.
Esprit can anticipate revenues of 5% - 10% of the total value of the deal in cash and stock, based on typical fee structures for clean shells. Further announcements will be made as Esprit signs contracts with each of the Companies.
Winters added, "Esprit consultant Robert Xu has played a pivotal role in bringing these deals to the table. His extensive contacts in the Jiangxi Province have enabled the Company to move at an accelerated pace, rather than coming into the Chinese market from a cold start."
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 IFGX Specialized Investment Banking and Financial Advisory Services.
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
www.prnewswire.com
Copyright (C) 2007 PR Newswire. All rights reserved
-0-
KEYWORD: Nevada
INDUSTRY KEYWORD: FIN
Grandfather provision SHO
The Securities and Exchange Commission (SEC) has amended Regulation SHO to eliminate the “grandfather provision” and will take effect on October 15, 2007.
SEC Regulation SHO sets out rules governing short sales, including the mandatory close-out requirement that applies to securities in which a substantial amount of fails to deliver have occurred (“threshold securities”). Clearing agency participants and broker-dealers for which they clear positions (“participants”) must take immediate action to close out a fail to deliver position in a Threshold Security that has lasted for 13 consecutive settlement days by purchasing securities of like kind and quantity (“close-out requirement”).
The amendment eliminates one of the exceptions to the Close-out Requirement for fails to deliver established prior to a security becoming a Threshold Security (“grandfather provision”). The amendment requires Participants to close out any previously-grandfathered fails to deliver in a security that is on the Threshold Security List on October 15th. The close-out must occur within 35 consecutive settlement days of October 15th. If a security becomes a Threshold Security after October 15th, all fails to deliver must be closed out within 13 consecutive settlement days.
What do I have to do on or after October 15th?
This amendment does not require NASDAQ to make any changes to its Threshold Security List. However, Participants should ensure that they close out previously-grandfathered fail to deliver positions within the time frames established by the amendment. Participants that do not close out these fail to deliver positions within 35 days will, by rule, be prohibited from accepting any short sale orders or effecting further short sales in these securities until the entire fail to deliver position is closed out.
Grandfather provision SHO
The Securities and Exchange Commission (SEC) has amended Regulation SHO to eliminate the “grandfather provision” and will take effect on October 15, 2007.
SEC Regulation SHO sets out rules governing short sales, including the mandatory close-out requirement that applies to securities in which a substantial amount of fails to deliver have occurred (“threshold securities”). Clearing agency participants and broker-dealers for which they clear positions (“participants”) must take immediate action to close out a fail to deliver position in a Threshold Security that has lasted for 13 consecutive settlement days by purchasing securities of like kind and quantity (“close-out requirement”).
The amendment eliminates one of the exceptions to the Close-out Requirement for fails to deliver established prior to a security becoming a Threshold Security (“grandfather provision”). The amendment requires Participants to close out any previously-grandfathered fails to deliver in a security that is on the Threshold Security List on October 15th. The close-out must occur within 35 consecutive settlement days of October 15th. If a security becomes a Threshold Security after October 15th, all fails to deliver must be closed out within 13 consecutive settlement days.
What do I have to do on or after October 15th?
This amendment does not require NASDAQ to make any changes to its Threshold Security List. However, Participants should ensure that they close out previously-grandfathered fail to deliver positions within the time frames established by the amendment. Participants that do not close out these fail to deliver positions within 35 days will, by rule, be prohibited from accepting any short sale orders or effecting further short sales in these securities until the entire fail to deliver position is closed out.
garde54 got it
right on!
Posted by: garde54
In reply to: veloyt who wrote msg# 72359
Date:11/1/2007 5:45:03 PM
Post #of 74984
how about Western Union - the remittance of money - Eft and Chang, was that about remittance using atms and cards ? IMO !
Go efgo go !!!
Everbright Bank teams with Western Union to offer money transfers
+ -
10:57, November 24, 2007
China Everbright Bank said on Friday it is teaming up with Western Union Co. to provide international money transfer services from Dec. 1.
The services will be offered at 400 Everbright Bank branches in36 major Chinese cities, featuring money transfers to and from more than 200 countries and territories, said Li Ziqing, vice president of the bank.
With Everbright Bank, Western Union is expanding in economically developed cities throughout China -- a complement to the company's existing network, which includes 25,000 locations set up through the stated-owned Postal Savings Bank and the Agricultural Bank of China.
The transfer service is a key step for Western Union to develop its business in China, which remains an attractive market, said Ian Marsh, Western Union Asia-Pacific executive vice president.
"Whenever we detect a gap in our network, we will find a financial institution to fill it," said Marsh. Everbright Bank was chosen as a partner because "it focuses on city-level locations," he said.
Increasing numbers of Chinese are moving abroad to study or work, it said, suggesting the Chinese remittance market is still expanding.
Western Union is not the only global money transfer company that sees China as a major market.
Last month, MoneyGram International president Phil Milne said that his company believes "the Asia-Pacific markets, especially the Chinese mainland, have excellent prospects."
MoneyGram International entered China in 1994. Cooperating with ICBC, the Bank of Communications and China Construction Bank, it has been expanding rapidly in northeast China and the coastal provinces of Guangdong, Fujian and Zhejiang, which are home to many overseas Chinese.
China's smaller commercial banks report better performance
+ -
10:59, November 24, 2007
China's city-level commercial banks recorded an average non-performing loan (NPL) ratio at four percent for this year, down form the 15.26 percent level at the end of 2003, according to Jiang Dingzhi, deputy head of the China Banking Regulatory Commission.
Jiang said smaller commercial banks nationwide, including rural cooperative banking institutions, are developing in a healthier way, with their capital adequacy and assets quality improved substantially.
City commercial banks had their average capital adequacy ratio raised to 8.6 percent this year, up from the -1.6 percent at the end of 2003.
Rural cooperative banking institutions reported 183.1 billion yuan in combined net assets, and their capital adequacy ratio averaged 9.1 percent, as against the -6.8 percent four years ago.
They had made losses for 10 consecutive years but reversed the situation last year, when they garnered 18.6 billion yuan in net profits, compared with 550 million yuan of losses in 2003.
According to Jiang, some city commercial banks expanded their business geographically and began raising money on domestic equity markets.
Bank of Shanghai, Bank of Beijing and Bank of Ningbo have launched branches in areas outside their base cities. Bank of Nanjing, Bank of Ningbo and Bank of Beijing have went public on A-share markets.
There are in China 115 city commercial banks and more than 30,400 rural cooperative banking institutions.
4Godnwv appreciated
All is well IMO, Spain is part of the European Union which IMO will do better than the US Makets. It also opens a whole other line of networking for the PDR Exchange IMO.
MT, Pedro and IR are doing a good job.
****************************************************************
Good Afternoon PNMS shareholders,
I had a long conversation with MT on Wednesday night. While he would not give me specific information, especially regarding timelines, he did say that progress was being made on several fronts. I came away from the conversation with the opinion that the exchange will be up and running soon. Those who have access to the exchange are probably well aware of how close they are to trading again and what the actual status is. While the exchange itself is public knowledge, the beneficiaries trading on it are not, i.e some info is never going to be made public knowledge.
The recent posts of the Moneda site seems to confirm my impression that they are also getting closer to a simple solution for moving cash in and out of the fundacion. Again, if my understanding is correct, they have done a very clever job of setting things up so that members have access to info, while 'outsiders' are left in the dark and coming to the conclusion that nothing is going on.
MT mentioned that he had been spending quite a bit of time in Spain and that there were opportunities that could/would benefit the PDR exchange. Again, he would not give specifics, so neither can I.
We spoke briefly about who is selling (I have my opinion) and who is buying, a question that some never seem to want to broach. There are several possibilities and each person will have to come to their own conclusions. It is entirely possible that no one is doing either. It is also possible that there are buyers taking shares at this level from whoever is selling (again I have my opinion but I did not get it from MT) Think Spain.
As for the company selling, MT asked the same question that I have. Why? (At least at this level)
I have heard numerous theories concerning all of this, but the only one that makes sense would be intentional manipulation to depress the share price while someone loads. Again, this is all conjecture on my part and needs to be weighed accordingly. Those that believe the company is selling here, after a season of issues that have caused the pps to plummet will have to judge for themselves if their theory makes any sense.
I also asked about Jim Finnegan and what his role is/will be. I think that his former experience in real estate is going to pay off in a couple ways, including ongoing and future projects in Panama, Costa Rica etc. I have only spoken to Jim twice, but was impressed with his knowledge of the markets in general. There is little doubt that he has significant experience as a trader. I am sure that anyone else that has spoken to him has come to the same conclusion. He talks like one of us. I mention this because I have spoken to many CEO's over the years and few of them have any idea how traders think.
There have been somewhat laughable claims by some that insider info is being passed around. I want to address that issue from a personal perspective. MT has always been cautious about what he tells me. There have been numerous times when he would not give me an answer and in fact has said on more than one occasion "I can't tell you that." You just have to 'listen' between the lines.
I cannot say what (if anything) he or Pedro have said in private to others, but I consider my friendship with MT to be significantly closer than some here who claim to have been given 'insider info'.
I want to address one final issue. There have been several posts questioning my absence. I simply have no desire to banter with a handful of non-shareholders that use message boards as a hobby. Neither am I inclined to offer constant reassurance to disgruntled shareholders. I also reserve the right to question and to disagree with the company if I so choose. Being the moderator does not negate my right to voice my opinion (positive or negative). Neither does it obligate me to be pro PNMS on a daily basis.
MARINE-1 yes HMMMMMMMM
A lot of possibilities.
**********************************************************
Anyone remember this from an old PR?
'Until the approvals are obtained, the company plans to offer its sub prime secured debit cards through its portal www.cashnowcard.com' Mr. Winter added, 'we are very excited about this opportunity.'
In preparation for the 2008 Beijing Olympics, China UnionPay (CUP), the state-run credit payments company, is building a massive credit card infrastructure. There are currently just 5 million credit cards in the People's Republic and 50 million people who, based upon Western credit scoring analysis, would be eligible for credit cards, Chinese officials say. The Chinese government has recently laid the legal framework for the creation of a National Credit Bureau, which at the beginning will concentrate on collecting negative information on Chinese consumers, but later, like the major U.S. credit reporting agencies Equifax, Experian, and TransUnion will collect positive information too. 'The bureau will also have access to information such as tax records, utility payments and criminal records - a level of data that civil liberties issues would prevent in most countries,' Lafferty's Mobin says.
Follow the past TH posts
Check 21 Clients
Posted in Investor Relations at 9:37 pm by adol77dai51
QUESTION:
Check 21 has been successfully tested, and we will be releasing more information regarding the rollout of these services to the Chinese banks originally requesting this service capability from Esprit.
Could you expand on this, it sounds like, we missed this. (”originally requesting”,meaning, but are not anymore)
RESPONSE:
The Chinese banks originally interested in the service are, for the most part, still on board. We are moving forward to roll out the service to them as quickly as possible.
Permalink Comments
China Deals Under Development
Posted in Investor Relations at 8:50 pm by adol77dai51
QUESTION:
China projects. Senior management had expected to return from the most recent trip to China with a signed deal. Although we did not meet this objective, we continue to be very optimistic that we will start to close some deals this upcoming quarter.
What kind of deals are these? Check21, IFGX, Cashloan, ?
RESPONSE:
The deals in question are primarily related to the IFGX division. Check 21 services will continue rolling out on an ongoing basis. We are setting up the international banking relationships and will be providing updates as appropriate.
Permalink Comments
11.16.07
Special Purpose Corporation Established
Posted in Announcements at 9:23 pm by adol77dai51
Esprit is pleased to advise that it has successfully set up a Special Purpose Corporation. Special Purpose Corporations are legal entities established with a very narrow focus of allowable business activities.
Based on advice of our legal counsel in Hong Kong, it was established that a Special Purpose Corporation would be required as a vehicle should Esprit wish to acquire a Chinese company in an acquisition or reverse-merger.
This puts Esprit in a position to capitalize on opportunities that have been developed over the last several months within the Chinese market.
The Company will provide further updates as appropriate.
Reed, Good job I knew the 20 Chinese Banks Article
Was somewhere, very very good! The dots may be getting closer.
May 17, 2007 - 2:30 PM EDT Esprit Financial Group, Inc. (Pinksheets: EFGO.Pk) Announces Agreement in Principle with International Express Payment Corp. Serving Over 20 Chinese Banking Institutions
LAS VEGAS, NV, May 17 /PRNewswire-FirstCall/ - Esprit Financial Group, Inc. (PINK SHEETS:EFGO.PK) announced today that it has signed an Agreement in Principle with International Express Payment (Jiangxi) Corp. Esprit is to provide advanced electronic funds management services (EM2) to Jiangxi's current customer base and its network of over 20 Chinese-based banks.
The agreement covers current clients as well as any additional banks that may come on-stream to the current closed loop payment system. The partial list of member banks includes:
- Bank of China
- Bank of Beijing
- Agricultural Bank of China
- ICBC
- China Merchants Bank
- China Everbright Bank
- Industrial Bank Co., Ltd
- China Construction Bank
http://app.quotemedia.com/quotetools/popups/story.jsp
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Check this out, the first is from a China news source (credit to Marine-1). The second is from another China news. And the third and forth are from EFGO. Read carefully! SAME BANKS, if this is not us, who took our banks?
China Strikes at Bank Queues with Cross-Bank Deposits, Withdrawals
2007-11-21 02:48:47 Xinhua
Chinese customers can now make deposits and cash withdrawals at different banks, regardless of where they keep their accounts, thanks to a service launched by the central bank on Monday.
The new system for small payments is available at most banks, including state-owned commercial banks, joint-stock commercial banks and city commercial banks.
The service is now only available within the account holder's region of residence, but it will eventually operate nationwide. Both debit cards and account books will be covered by the service.
reviously, only medium-sized and small banks offered such services, and cross-bank deposits and withdrawals were only available from major banks for debit-card transactions via ATMs.
Most banks in Beijing, and those in some provinces including Shandong, Guangdong and Zhejiang, have been ready to offer such services, according to the central bank.
The full roll-out of the system will require further time, as some commercial banks are debugging their systems, according to one source.
The central bank said fees charged for such cross-bank services would be decided by the service providers.
Many commercial banks, including the big four state-owned banks, set the fees at a proportion of 1 percent of the amount involved. Some have fees ranging from 10 yuan to 100 yuan or even 200 yuan.
The new service could help cut long bank queues, which have been a recent focus of customer complaints.
However, many said that the new service, while more convenient, may not be very desirable because of the fees.
More than 90 percent of about 14,000 respondents to a survey conducted by China's major portal, Sina.com, said the fees charged by banks are too high. More than 70 percent urged abolition of such charges. (One U.S. dollar equals 7.4 yuan.)
http://english.cri.cn/2946/2007/11/21/198@296396.htm
Central bank unveils trans-bank system
www.chinaview.cn 2007-11-20 08:59:41 Print
BEIJING, Nov. 20 -- The People's Bank of China launched a trans-bank system for small-amount payment on Monday. The first batch of 14 banks in Beijing will apply this system in succession, according to the Beijing Morning Post.
After signing contracts with account banks in advance, with a 12-digit payment bank code, clients can deposit, withdraw or transfer small sums of money amongst outlets of banks participating in this program.
Clients also need to pay certain fees for small-amount transactions. However, the charge varies among banks.
For instance, China Construction Bank (CCB) and Bank of China (BOC) will both charge the clients one percent of the transacted amount of money, but the minimum charge for a single transaction is 10 yuan in CCB and 1 yuan in BOC, and maximum is 200 yuan in CCB and 100 yuan in BOC.
CCB also sets a limit of five million yuan for a single deposit or withdraw, while BOC has no such a limit.
Some 14 branches of banks appear in the first branch in adopting the trans-bank payment system in Beijing, including the Industrial and Commercial Bank of China, Agricultural Bank of China, BOC, CCB, and Bank of Communications.
The Beijing branch of China Merchants Bank doesn't come up in the list.
(Source: China Daily)
http://news.xinhuanet.com/english/2007-11/20/content_7109187.htm
June 25, 2007 - 9:00 AM EDT
Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces Acquisition of Check 21 China, Inc.
LAS VEGAS, NV, June 25 /PRNewswire-FirstCall/ - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com as previously announced, Esprit's management team visited China in conjunction with International Express Payment. (IEXPay).
As a result of the due diligence process, Esprit had the opportunity to fully explore and understand the corporate structure of IEXPAY.
Esprit has decided not to move forward with the acquisition of IEXPay, and instead, acquire it's sister Company Check 21 China. The Due diligence process revealed that the busines pursuits of Check 21 China are more in-line with Esprit's current business focus and short-term strategic needs.
Esprit feels that Check 21 China represents an opportunity to deliver revenue in a significantly shorter time-frame, with a scalable business model that is directly variable as the Companies continue to expand the customer base of participating banks.
http://app.quotemedia.com/quotetools/popups/story.jsp
May 17, 2007 - 2:30 PM EDT Esprit Financial Group, Inc. (Pinksheets: EFGO.Pk) Announces Agreement in Principle with International Express Payment Corp. Serving Over 20 Chinese Banking Institutions
LAS VEGAS, NV, May 17 /PRNewswire-FirstCall/ - Esprit Financial Group, Inc. (PINK SHEETS:EFGO.PK) announced today that it has signed an Agreement in Principle with International Express Payment (Jiangxi) Corp. Esprit is to provide advanced electronic funds management services (EM2) to Jiangxi's current customer base and its network of over 20 Chinese-based banks.
The agreement covers current clients as well as any additional banks that may come on-stream to the current closed loop payment system. The partial list of member banks includes:
- Bank of China
- Bank of Beijing
- Agricultural Bank of China
- ICBC
- China Merchants Bank
- China Everbright Bank
- Industrial Bank Co., Ltd
- China Construction Bank
http://app.quotemedia.com/quotetools/popups/story.jsp
universaltrader I don't agree with you
on this but appreciate your response back. Sure there were setbacks at the Company, I mean EFGO is not a IBM it is a pink sheet that has been in the black the past three quarters.
They have a good businesses in Check 21 and IFGX, Forex is on the way.
Pretty good IMO (I know their not audited) but soon they may be.
I think something is about to happen that is very positive for longs.
Connecting the dots. Garr said he needed a year, Jan 2008 is a year.
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I will not waste my time reading your history(I have a good idea where you are coming from)EFGO is the subeject here.
I would be happy to continuously answer questions about myself, but EFGO's failures are in the forefront here. I am also flattered there are people scrutinizing my personal position.(although it also may be considered borderline stalking IMHO)
Here is the answer to your $100,000 question. (is it a question or maybe more like an implication of my honesty) It does not matter. You can protect your investment and go after shareholders who have believed all the lies that spewed out EFGO for most of 2007.
Oh yea your question. Here in Palm Springs Ca. I have met some very wealthy people retired here. For the past few years they have entered some of my trades and made huge profits.
These people you must know about..... Are at a loss too. But they would not dream of averaging down on what appers to be a UNaudited scam (their exact words) But they are "well off" like Garr and will walk away from EFGO just like Garr. The difference is Garr will have gained much more than any honest shareholder.
Now you can answer this question. Why would Garr leave EFGO if it is as good as he says it is? What health problems? Physical or Mental?
Well these Turkeys have another 30 days before the believers will understand EFGO has not been forthcoming in the honesty department and has been living off the shareholders all year! (that is EFGO's M.O.)
fltrader loans may be next
Great find!
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Also Visa certified. Look at affiliates at bottom of site. Good old credit card companys. AM Express, Mastercard and Visa of course. Looks like a private way to get funds out of the Foundation. Way to go MT and Pedro!!!!!!
Stockbroker Information
http://www.broker-check.com/
Brokerage Firm Misconduct
http://www.securities-fraud-attorneys.com/brokerage-firm-misconduct.htm
Premier: Economy to grow by 11.5%
+ -
08:18, November 21, 2007
China's economy is expected to grow 11.5 percent this year, Premier Wen Jiabao said yesterday.
Wen, in Singapore on a four-day official visit and to attend a series of Association of Southeast Asian Nations meetings, made the forecast when meeting embassy staff and representatives of Chinese entrepreneurs and students.
China has enjoyed 9 percent year-on-year growth for 30 consecutive years while growth surpassed 10 percent in the past five years, he noted.
But he stressed that the government must prevent the economy from overheating; and make sure that structural price rises do not move toward high inflation.
"Only by achieving that can we enable the economy to grow in a stable and healthy manner," he said.
The consumer price index reached a decade-high 6.5 percent last month, matching the peak in August, with prices of foodstuffs rising 17 percent year-on-year.
Wen also called for efforts to transform the economic development mode to emphasize efficiency.
"An important task for us is to continue our efforts in energy conservation and pollution reduction."
Central bank unveils trans-bank system
+ -
15:16, November 20, 2007
The People's Bank of China launched a trans-bank system for small-amount payment on Monday. The first batch of 14 banks in Beijing will apply this system in succession, according to the Beijing Morning Post.
After signing contracts with account banks in advance, with a 12-digit payment bank code, clients can deposit, withdraw or transfer small sums of money amongst outlets of banks participating in this program.
Clients also need to pay certain fees for small-amount transactions. However, the charge varies among banks.
For instance, China Construction Bank (CCB) and Bank of China (BOC) will both charge the clients one percent of the transacted amount of money, but the minimum charge for a single transaction is 10 yuan in CCB and 1 yuan in BOC, and maximum is 200 yuan in CCB and 100 yuan in BOC.
CCB also sets a limit of five million yuan for a single deposit or withdraw, while BOC has no such a limit.
Some 14 branches of banks appear in the first branch in adopting the trans-bank payment system in Beijing, including the Industrial and Commercial Bank of China, Agricultural Bank of China, BOC, CCB, and Bank of Communications.
The Beijing branch of China Merchants Bank doesn't come up in the list.
Foreign banks see long-term profit in China's hinterlands
+ -
08:39, November 17, 2007
HSBC is on a tight schedule as it works to open rural subsidiaries around China and tap the long-neglected but now fast-growing rural economy.HSBC got approval in August from China's banking regulator to open a wholly owned subsidiary in Cengdu County of Suizhou City, Hubei Province.
HSBC Rural Bank, the subsidiary, which is expected to open for business next month, will make the British financial giant the first foreign bank to expand into China's hinterlands. Recently, it sent experts to Kaixian County, in southwest China's Chongqing Municipality, preparing to open another village bank, according to the county government.
"HSBC will open a rural bank in Chongqing in the first half of next year," said a source with the county government, which didn't reveal the bank's specific location.
The Chongqing subsidiary will offer tailored lending, payment and settlement services to local individuals and village enterprises, similar to those to be provided by the Hubei operation, the county government said.
"It may be possible for local farmers to withdraw money from an automatic teller machine (ATM), pay electricity and water bills or even buy treasury bonds through the bank, just as many urbanites do," said a report by the local Chongqing Economic Times. HSBC plans to set up six to ten rural subsidiaries in China in 2008. Citibank, Standard Chartered and some other foreign-funded banks have also shown an interest in expanding to China's rural areas. "The huge business potential in China's rural market is the major attraction to foreign banks," said Du Xiaoshan, deputy head of the Rural Development Institute of the Chinese Academy of Social Sciences (CASS).
A report by the prestigious Tsinghua University showed that China has at least 120 million farmers who need loans, but only 60percent are able to obtain financing.
The situation is worse for small rural enterprises, with only 50 percent able to get the loans they need. "The low coverage of financial institutions and the severely inadequate and inefficient financial services in China's rural areas all allow foreign banks to have more business and less competition here," Du said. Guo Tianyong, head of the China Banking Research Center at the Beijing-based Central University of Finance and Economics, said that it was a long-term strategy for foreign banks to invest in rural areas.
"To set up rural banks may help them burnish their image, but may not help them earn profits in a short period. It may be acceptable to them to suffer certain losses in the short term," Guo said. Farmers have long been neglected by China's banks because of the higher risks of lending to them, compounded by greater operating costs and lower returns. Traditionally, rural borrowers could only obtain loans from the Postal Savings Bank and local cooperatives. Official figures indicate that farmers could rarely obtain loans of more than 5,000 yuan (666.7 U.S. dollars).
In October, the China Banking Regulatory Commission (CBRC) decided to lift restrictions on the regions where village and township banks could be established. Instead of six provinces, such banks can now be established in any rural area. At the end of 2006, the CBRC lowered the registered capital threshold to 3 million yuan for banks at the county level and 1 million yuan for those at the village and town levels.Source: Xinhua
al111 maybe a Holiday mistake
in favor of the MM's LOL
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Something strange, as far as I can see:
Volume today was 12,8 m shares (at least it is written so in different sources).
But I only can see the following transactions listed
(http://investorshub.advfn.com/boards/quotes.asp?ticker=PNMS&qm_page=27716&qm_symbol=PNMS):
0.0004 1500000 OTO 15:56:25
0.0003 2000000 OTO 15:56:25
0.0004 500000 OTO 15:56:25
0.0004 603000 OTO 15:33:40
0.0005 603000 OTO 15:33:40
0.0005 1000000 OTO 13:08:53
0.0005 123456 OTO 12:25:21
0.0005 123000 OTO 12:25:08
In sum definetely not 12,8 m.
Can somebody explain me this quite strange difference ?
universaltrader since you post your opinions on EFGO
How about explaining all these posts you wrote.
I am interested in your Group (the 3rd post down) can you tell us more?
http://investorshub.advfn.com/boards/read_msg.asp?message_id=18262864
http://investorshub.advfn.com/boards/read_msg.asp?message_id=18210147
http://investorshub.advfn.com/boards/read_msg.asp?message_id=17543836
http://investorshub.advfn.com/boards/read_msg.asp?message_id=18210147
Captskip Could be a Bank for a R/M
it's not Asiana IMO
GO Greeeeen Monster
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Right! Many of the banks listed in the article line up with EFGO's list!(in the article): "Some 14 branches of banks appear in the first branch in adopting the trans-bank payment system in Beijing, including the Industrial and Commercial Bank of China, Agricultural Bank of China, BOC, CCB, and Bank of Communications."
EFGO's list:
"Bank of China - Bank of Beijing - Agricultural Bank of China - ICBC - China Merchants Bank - China Everbright Bank - Industrial Bank Co., Ltd - China Construction Bank "
Connect the dots...
Green Monsta. lol.
-Well, GLTUA, I have to leave for work..
ALL IMO
REED198 Esprit is pleased to announce
Connect the Dots, YES
10.26.07
Check 21 Update
Posted in Announcements, Investor Relations at 1:19 pm by adol77dai51
Esprit is pleased to announce that testing of its ability to clear U.S. denominated checks within China using Esprit’s Check 21 hardare/software solutions was completed earlier this week. These tests were a complete success. The Company is now in a position to begin rolling out the service to our Chinese clients.
A full debriefing and plan of action on all of the projects underway in China will be conducted upon Mr. Winters returns. The Company will then release additional news at that time.
Likewise Theoriginal7
Have a nice ThanksGiving
4Godnwv Hoorah for you!
Anyone can read the I-Box, yet these posters still fabricate the truth.
Posted by: 4Godnwv
In reply to: midas716 who wrote msg# 94636
Date:11/20/2007 12:27:40 AM
Post #of 94674
I have posted the REAL STORY in the i-box. I have taken the time to make numerous contacts with both MT and Pedro and I have always posted the info I have gotten on this board.
I have also read the absolute fantasies concocted by you and some of the sooper doopers with much amusement.
We have proven over and over that the whole crew, including yourself, fabricate on the run, albeit your Mexican invasion theory took a little more thought.
mhallb read this article
There’s a form of the securities fraud known as naked short selling that is becoming very popular and lucrative to the market makers that practice it. It is known as “Cellar boxing” and it has to do with the fact that the NASD and the SEC had to arbitrarily set a minimum level at which a stock can trade. This level was set at $.0001 or one-one hundredth of a penny. This level is appropriately referred to as “the cellar”. This $.0001 level can be used as a "backstop" for all kinds of market maker and naked short selling manipulations.
“Cellar boxing” has been one of the security frauds du jour since 1999 when the market went to a “decimalization” basis. In the pre-decimalization days the minimum market spread for most stocks was set at 1/8th of a dollar and the market makers were guaranteed a healthy “spread”. Since decimalization came into effect, those one-eighth of a dollar spreads now are often only a penny as you can see in Microsoft’s quote throughout the day. Where did the unscrupulous MMs go to make up for all of this lost income? They headed "south" to the OTCBB and Pink Sheets where the protective effects from naked short selling like Rule 10-a, and NASD Rules 3350, 3360, and 3370 are nonexistent.
The unique aspect of needing an arbitrary “cellar” level is that the lowest possible incremental gain above this cellar level represents a 100% spread available to MMs making a market in these securities. When compared to the typical spread in Microsoft of perhaps four-tenths of 1%, this is pretty tempting territory. In fact, when the market is no bid to $.0001 offer there is theoretically an infinite spread.
In order to participate in “cellar boxing”, the MMs first need to pummel the price per share down to these levels. The lower they can force the share price, the larger are the percentage spreads to feed off of. This is easily done via garden variety naked short selling. In fact if the MM is large enough and has enough visibility of buy and sell orders as well as order flow, he can simultaneously be acting as the conduit for the sale of nonexistent shares through Canadian co-conspiring broker/dealers and their associates with his right hand at the same time that his left hand is naked short selling into every buy order that appears through its own proprietary accounts. The key here is to be a dominant enough of a MM to have visibility of these buy orders. This is referred to as "broker/dealer internalization" or naked short selling via "desking" which refers to the market makers trading desk. While the right hand is busy flooding the victim company's market with "counterfeit" shares that can be sold at any instant in time the left hand is nullifying any upward pressure in share price by neutralizing the demand for the securities. The net effect becomes no demonstrable demand for shares and a huge oversupply of shares which induces a downward spiral in share price.
In fact, until the "beefed up" version of Rule 3370 (Affirmative determination in writing of "borrowability" by settlement date) becomes effective, U.S. MMs have been "legally" processing naked short sale orders out of Canada and other offshore locations even though they and the clearing firms involved knew by history that these shares were in no way going to be delivered. The question that then begs to be asked is how "the system" can allow these obviously bogus sell orders to clear and settle. To find the answer to this one need look no further than to Addendum "C" to the Rules and Regulations of the NSCC subdivision of the DTCC. This gaping loophole allows the DTCC, which is basically the 11,000 b/ds and banks that we refer to as "Wall Street”, to borrow shares from those investors naive enough to hold these shares in "street name" at their brokerage firm. This amounts to about 95% of us. Theoretically, this “borrow” was designed to allow trades to clear and settle that involved LEGITIMATE 1 OR 2 DAY delays in delivery. This "borrow" is done unbeknownst to the investor that purchased the shares in question and amounts to probably the largest "conflict of interest" known to mankind. The question becomes would these investors knowingly loan, without compensation, their shares to those whose intent is to bankrupt their investment if they knew that the loan process was the key mechanism needed for the naked short sellers to effect their goal? Another question that arises is should the investor's b/d who just earned a commission and therefore owes its client a fiduciary duty of care, be acting as the intermediary in this loan process keeping in mind that this b/d is being paid the cash value of the shares being loaned as a means of collateralizing the loan, all unbeknownst to his client the purchaser.
An interesting phenomenon occurs at these "cellar" levels. Since NASD Rule 3370 allows MMs to legally naked short sell into markets characterized by a plethora of buy orders at a time when few sell orders are in existence, a MM can theoretically "legally" sit at the $.0001 level and sell nonexistent shares all day long because at no bid and $.0001 ask there is obviously a huge disparity between buy orders and sell orders. What tends to happen is that every time the share price tries to get off of the cellar floor and onto the first step of the stairway at $.0001 there is somebody there to step on the hands of the victim corporation's market.
Once a given micro cap corporation is “boxed in the cellar” it doesn’t have a whole lot of options to climb its way out of the cellar. One obvious option would be for it to reverse split its way out of the cellar but history has shown that these are counter-productive as the market capitalization typically gets hammered and the post split share price level starts heading back to its original pre-split level.
Another option would be to organize a sustained buying effort and muscle your way out of the cellar but typically there will, as if by magic, be a naked short sell order there to meet each and every buy order. Sometimes the shareholder base can muster up enough buying pressure to put the market at $.0001 bid and $.0002 offer for a limited amount of time. Later the market makers will typically pound the $.0001 bids with a blitzkrieg of selling to wipe out all of the bids and the market goes back to no bid and $.0001 offer. When the weak-kneed shareholders see this a few times they usually make up their mind to sell their shares the next time that a $.0001 bid appears and to get the heck out of Dodge. This phenomenon is referred to as “shaking the tree” for weak-kneed investors and it is very effective.
At times the market will go to $.0001 bid and $.0003 offer. This sets up a juicy 200% spread for the MMs and tends to dissuade any buyers from reaching up to the "lofty" level of $.0003. If a $.0002 bid should appear from a MM not "playing ball" with the unscrupulous MMs, it will be hit so quickly that Level 2 will never reveal the existence of the bid. The $.0001 bid at $.0003 offer market sets up a "stalemate" wherein market makers can leisurely enjoy the huge spreads while the victim company slowly dilutes itself to death by paying the monthly bills with "real" shares sold at incredibly low levels. Since all of these development-stage corporations have to pay their monthly bills, time becomes on the side of the naked short sellers.
At times it almost seems that the unscrupulous market makers are not actively trying to kill the victim corporation but instead want to milk the situation for as long of a period of time as possible and let the corporation die a slow death by dilution. The reality is that it is extremely easy to strip away 99% of a victim company’s share price or market cap and to keep the victim corporation “boxed“ in the cellar, but it really is difficult to kill a corporation especially after management and the shareholder base have figured out the game that is being played at their expense.
As the weeks and months go by the market makers make a fortune with these huge percentage spreads but the net aggregate naked short positions become astronomical from all of this activity. This leads to some apprehension amongst the co-conspiring MMs. The predicament they find themselves in is that they can’t even stop naked short selling into every buy order that appears because if they do the share price will gap and this will put tremendous pressures on net capital reserves for the MMs and margin maintenance requirements for the co-conspiring hedge funds and others operating out of the more than 13,000 naked short selling margin accounts set up in Canada. And of course covering the naked short position is out of the question since they can’t even stop the day-to-day naked short selling in the first place and you can't be covering at the same time you continue to naked short sell.
What typically happens in these situations is that the victim company has to massively dilute its share structure from the constant paying of the monthly burn rate with money received from the selling of “real” shares at artificially low levels. Then the goal of the naked short sellers is to point out to the investors, usually via paid “Internet bashers”, that with the, let’s say, 50 billion shares currently issued and outstanding, that this lousy company is not worth the $5 million market cap it is trading at, especially if it is just a shell company whose primary business plan was wiped out by the naked short sellers’ tortuous interference earlier on.
The truth of the matter is that the single biggest asset of these victim companies often becomes the astronomically large aggregate naked short position that has accumulated throughout the initial “bear raid” and also during the “cellar boxing” phase. The goal of the victim company now becomes to avoid the 3 main goals of the naked short sellers, namely: bankruptcy, a reverse split, or the forced signing of a death spiral convertible debenture out of desperation. As long as the victim company can continue to pay the monthly burn rate, then the game plan becomes to make some of the strategic moves that hundreds of victim companies have been forced into doing which includes name changes, CUSIP # changes, cancel/reissue procedures, dividend distributions, amending of by-laws and Articles of Corporation, etc. Nevada domiciled companies usually cancel all of their shares in the system, both real and fake, and force shareholders and their b/ds to PROVE the ownership of the old “real” shares before they get a new “real” share. Many also file their civil suits at this time also. This indirect forcing of hundreds of U.S. micro cap corporations to go through all of these extraneous hoops and hurdles as a means to survive, whether it be due to regulatory apathy or lack of resources, is probably one of the biggest black eyes the U.S. financial systems have ever sustained. In a perfect world it would be the regulators that periodically audit the “C” and “D” sub-accounts at the DTCC, the proprietary accounts of the MMs, clearing firms, and Canadian b/ds, and force the buy-in of counterfeit shares, many of which are hiding behind altered CUSIP #s, that are detected above the Rule 11830 guidelines for allowable “failed deliveries” of one half of 1% of the shares issued. U.S. micro cap corporations should not have to periodically “purge” their share structure of counterfeit electronic book entries but if the regulators will not do it then management has a fiduciary duty to do it.
A lot of management teams become overwhelmed with grief and guilt in regards to the huge increase in the number of shares issued and outstanding that have accumulated during their “watch”. The truth however is that as long as management made the proper corporate governance moves throughout this ordeal then a huge number of resultant shares issued and outstanding is unavoidable and often indicative of an astronomically high naked short position and is nothing to be ashamed of. These massive naked short positions need to be looked upon as huge assets that need to be developed. Hopefully the regulators will come to grips with the reality of naked short selling and tactics like "Cellar boxing" and quickly address this fraud that has decimated thousands of U.S. micro cap corporations and the tens of millions of U.S. investors therein.
mhallb I agree
correct NITE is .0004 on the ask. That's what I'm saying...I feel he's short and Universal knows all about it.
breezin_nyc good DD
Don't know what your occupation is but by your posts you seem to have a lot of knowledge with the EFGO Check 21 Business System related to the banking industry and it's potential in China.
Good work breezin.
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kindo
I am an officer in a bank and I will say this. If the Check 21 in China does pan out it will be huge. Even if they only got .1% thats right point 1 percent that would be $1,000,000 revenue on a Billion dollars of check transactions. I would venture to guess that China has to process at least a Trillion dollars in checks each year. That would be like a billion in revenues and if you said ok figure only 1/10th of that and that would be $100,000,000. So if these guys are close to doing this, which I hope they are, that would be great!
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breezin nyc
Thanks for your post and for seeing the enormous opportunity.
As of the end of Sep 2007, China has $1.41 trillion (total denominated in USD) in foreign exchange reserves with approx 70% of that figure held in actual USD's.
"The US dollar (US$) dominates global cross-border payments and is estimated to be the settlement currency for 70 per cent of the world's trade.
Banks in Hong Kong, Japan, Korea and Taiwan confirm payments to China, which are primarily denominated in USD, make up 25-40 per cent of their overall payment volume."
That said, we've been grappling with the actual number of USD-denominated checks flowing into and out of China, as well as within China and between China and Hong Kong.
As a banker, do you happen to have access to the latest Red Book(s)? As you may know, the Red Book refers to the "publication on payment and settlement systems in selected countries – the CPSS countries."
Unfortunately China isn't a CPSS country, but HK is and we may be able to extrapolate any USD-check figures.
One would think that the Federal Reserve would have international USD-check statistics, but noooooo, unless I'm missing something.
If possible, thanks. If not avail, NP.
GL
kindo excellent thanks
For your observations on Check 21 and China. IMO you are right on the MONEY LOL and this can be huge. China's Banking system needs to be updated, especially with the 2008 Olympics on the horizon.
Check 21 can do just that IMO.
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I am an officer in a bank and I will say this. If the Check 21 in China does pan out it will be huge. Even if they only got .1% thats right point 1 percent that would be $1,000,000 revenue on a Billion dollars of check transactions. I would venture to guess that China has to process at least a Trillion dollars in checks each year. That would be like a billion in revenues and if you said ok figure only 1/10th of that and that would be $100,000,000. So if these guys are close to doing this, which I hope they are, that would be great!
trepid Reverse Merger?
Ratso,
According to this webpage, a Special Purpose Corporation (SPC) is a type of Special Purpose Vehicle (SPV) and not a Special Purpose Acquisition Company (SPAC):
http://www.businessdictionary.com/definition/special-purpose-corporation-SPC.html
"special purpose corporation (SPC)
Definition
Legal entity created to insulate the issuer of an asset based security (such as one based on a pool of mortgages) from the originator (such as the mortgagee) of the asset collateralizing the security. It is a type of special purpose vehicle."
Here's another one:
http://www.expertclick.com/NewsReleaseWire/default.cfm?Action=ReleaseDetail&ID=8840
It's in part II
"All of the following are examples of SPEs: Special Purpose Corporations (SPCs) which may or may not be Special Purpose Subsidiaries or captives; Master Trusts; Owners Trusts; Grantor Trusts; Real Estate Mortgage Investment Conduits (REMICs); Financial Asset Securitization Investment Trust (FASIT); Multiseller Conduits; Single Seller Conduits; and certain Domestically Domiciled Corporations.
"
So it looks to me EFGO set up a type of SPV/SPE and it's the better of the two.
trepid maybe a Reverse Merger?
Check 21, IFGX.
According to this webpage, a Special Purpose Corporation (SPC) is a type of Special Purpose Vehicle (SPV) and not a Special Purpose Acquisition Company (SPAC):
http://www.businessdictionary.com/definition/special-purpose-corporation-SPC.html
"special purpose corporation (SPC)
Definition
Legal entity created to insulate the issuer of an asset based security (such as one based on a pool of mortgages) from the originator (such as the mortgagee) of the asset collateralizing the security. It is a type of special purpose vehicle."
Here's another one:
http://www.expertclick.com/NewsReleaseWire/default.cfm?Action=ReleaseDetail&ID=8840
It's in part II
"All of the following are examples of SPEs: Special Purpose Corporations (SPCs) which may or may not be Special Purpose Subsidiaries or captives; Master Trusts; Owners Trusts; Grantor Trusts; Real Estate Mortgage Investment Conduits (REMICs); Financial Asset Securitization Investment Trust (FASIT); Multiseller Conduits; Single Seller Conduits; and certain Domestically Domiciled Corporations.
"
So it looks to me EFGO set up a type of SPV/SPE and it's the better of the two.
Want real EFGO Info read this link
http://www.cashnow.com/espritfinancialgroup/
11.19.07 Check 21 Clients
QUESTION:
Check 21 has been successfully tested, and we will be releasing more information regarding the rollout of these services to the Chinese banks originally requesting this service capability from Esprit.
Could you expand on this, it sounds like, we missed this. (”originally requesting”,meaning, but are not anymore)
RESPONSE:
The Chinese banks originally interested in the service are, for the most part, still on board. We are moving forward to roll out the service to them as quickly as possible.
http://www.cashnow.com/espritfinancialgroup/
universaltrader want to explain this post
Your post universaltrader
Your answer was not straight. I asked only because things change when mergers happen. I don't believe you know the answer to my question(or possibly you don't understand it)
We are on the same team here, please show some respect.
I hold 2 positions short & long in the millions.
Good luck on all your trades.
http://investorshub.advfn.com/boards/read_msg.asp?message_id=18262864
crisenzio me to buddy
THE GREEEEEEN MONSTER has awakened