CHNW NEWS..........
Esprit Financial Group Inc. (formerly Cash Now Corporation) (CHNW.PK) Receives A Green Light to Finalize Global Visions Holdings, Inc. (GLOBAL)
LAS VEGAS, March 6 /PRNewswire-FirstCall/ - Esprit Financial Group Inc. (ESPRIT) (formerly Cash Now Corporation) (CHNW.PK) www.cashnow.com (DBA Cash Now) is a public company engaged in the operation and licensing of a comprehensive suite of Internet-based payday loan and check cashing software and private label back end office systems for the sub prime market. Additionally, the Company is in the late developmental stage of offering an innovative low cost online Introductory Broker (IB) Forex trading system.
Esprit has also been working with Mr. Jack Chang, Global's CEO, to begin offering that company's e-wallet prepaid debit card system and electronic money management (EM2) system. Founded in August of 2002, Global is a developer and worldwide wholesale marketer of a new generation of prepaid (also known as 'Stored-Value') financial payment products and services.
Esprit is pleased to announce that Jack Chang, founder of Global, will be visiting Cash Now's office later this week to resume final discussions with Esprit's CEO Mr. Garr Winters regarding the acquisition of Global by Esprit, and general business plans moving forward.
A hostile takeover attempt of Global was recently rebuffed, with the assistance of Esprit. With the satisfactory conclusion of this challenge, the companies will now resume the final stages of negotiation, and implementation of Jack Chang as an executive of Esprit and Jack's role with Cash Now.
Garr Winters, Esprit's CEO, advises, 'We have always had an excellent relationship with Jack Chang. We are glad to have been of assistance in clearing up the hostile takeover attempt, and look forward to meeting Jack to complete negotiations.'
Winters added: 'We are excited about expanding our financial services to include Global's EM2 system. This product has widespread application for payroll, international trade, multi-level marketing and more. In addition the EM2 can be implemented in other applications developed by Cash Now and almost ready for the market. This fits perfectly within our product portfolio, and Jack himself is simply an amazing talent, having been a co-developer of ATM machines among his various inventions.'
About Esprit Financial Group Inc.
Esprit Financial Group Inc, (formerly Cash Now Corporation) is a pioneer in the payday loan industry, and continues to develop the most comprehensive menu of services in the cash advance industry and will retain the Cash Now brand for many of these services. The company's proven business model includes licensing to corporately operated locations across the U.S. and Canada, as well as several foreign markets. Additionally, the Company's website is the most advanced payday-lending portal, offering key insight to clients and potential clients alike.
The Company is currently in the process of expanding its product portfolio by bringing a retail Forex trading platform to market, targeted to seasoned day traders. The Beta test site has now been launched, with a full-service roll-out to follow once the platform has been successfully tested.
Additionally, the Company's e-wallet product, named EM2 (Electronic Money Management) is anticipated to be available in the near future. This stored value card allows customers to transfer cash value without having to issue checks. Employers can use it to pay employees (of great benefit for hourly workers who may not have a bank account), in multi-level marketing organizations, as well as facilitating electronic fund transfers.
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 Cash Now's products, increased levels of competition, technological changes, dependence on intellectual property rights and other risks detailed from time to time in Cash Now's periodic reports filed with the regulatory authorities.
SOURCE Esprit Financial Group Inc.
Source: PR Newswire (March 6, 2007 - 7:00 AM EST)
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