kindo, the meat of todays news was this..
As previously announced on March 19th, 2007, the Company has retained a financial consultancy to identify opportunities to move up to the OTCBB. Today, Esprit is pleased to announce that a suitable company has been identified. This is an existing operating OTCBB company that is currently trading and is current on all of its filings. Moreover it has certain assets that may benefit Esprit in its business activities moving forward. Esprit will be conducting a due diligence process over the next few weeks prior to making a formal offer, which is planned to be on an all-cash basis.
The OTC Bulletin Board is a regulated quotation service in the United States, owned by the NASD, for stocks which are not listed on one of the major U.S. stock exchanges. It displays real-time quotes, last-sale prices and volume information in over-the-counter (OTC) equity securities. The OTC Bulletin board is home only to fully reporting companies. This factor ensures that the OTCBB a much safer place to trade for small investors in small and micro-cap companies.
Garr Winters, Esprit CEO explains: "As previously mentioned, the key objectives are to maximize shareholder value, and work in a more regulated environment in order to limit stock manipulation by short-sellers. As a fully reporting Company, there will be less room for distortion and speculation regarding corporate activities."
Winters added: "We feel the timing is right to move up to the OTCBB. We are building a very sound foundation for Internet delivered financial services and related activities. Our new operating divisions demonstrate exciting potential growth opportunities. We need to be able to scale up operations quickly, as these new and potentially very significant revenue streams come online in the near term."
happy halloween...
