Esprit Financial Group Inc.(Esprit) (CHNW.PK) Engages Financial Consulting Firm to Identify OTCBB Company For Merger or Acquisition
Monday March 19, 8:00 am ET
LAS VEGAS, March 19 /PRNewswire-FirstCall/ - Esprit Financial Group Inc. (ESPRIT) (formerly Cash Now Corporation) (DBA Cash Now) (CHNW.PK) www.cashnow.com 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, and has recently acquired leading edge electronic funds transfer (EFT) products that include domestic and international prepaid debit and Visa/Mastercard branded cards, as well as on online EFT capabilities under the EM2 brand name.
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Today the company announced that it has retained a financial consultancy agency to identify opportunities to move up to the OTCBB. The agency, with offices in London, U.K., New York, New York and Toronto, Ontario, will help Esprit identify potential M&A opportunities on the OTCBB. Esprit will evaluate various options to realize shareholder value from its newly diversified suite of financial services.
Garr Winters, Esprit CEO explains, "With the transformation of the Company to a multi-division financial services company, we feel that its time to move up to the OTCBB. This is inline with our continued efforts to build transparency with shareholders, and reduce the impact of speculative trading in our stock. Frankly, between short-sellers bashing our stocks, and distortion of some of the news we have released to the market, there has been an inappropriate level of volatility in our share prices. We are committed to building long-term value for our shareholders, through sound business practices, expansion of Company activities into complementary financial service areas and strategic acquisitions. It's time to add more stability and less speculation to our market value."
Mr. Winters added, "This is a logical next step for the Company, and we will work in concert with our previously announced plans to obtain a listing on the Frankfurt Exchange. We have aggressive plans for the Company, and we are intent on building a sound foundation to support the increased number of revenue streams. I think it has been evident that we are committed to building long-term value. As we advised in a previous announcement, our senior management team is waiving salary in lieu of compensation in restricted stock. We're in this for the long haul."
