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Esprit Financial Group Inc. (Esprit) (CHNW.PK) Announces April 16th, 2007 Closing Date on Acquisition of Global Holdings, Inc. (
Date : 27/03/2007
Time : 07:03
Source : PR Newswire
Esprit Financial Group Inc. (Esprit) (CHNW.PK) Announces April 16th, 2007 Closing Date on Acquisition of Global Holdings, Inc. (

LAS VEGAS, March 27 /PRNewswire-FirstCall/ -- Esprit Financial Group Inc. (ESPRIT) (formerly Cash Now Corporation) (DBA Cash Now) (CHNW.PK) http://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.

As previously announced on March 6th, 2007, the Company has satisfactorily resolved all of the issues related to its acquisition of Global and is pleased to announce that the deal will officially close on April 16th, 2007, in an all-cash transaction.

In the interim, Global founder Jack Chang, the principal developer of all of Global's products and services, will continue to work for Esprit heading up the Company's Electronic Funds Payment division, and is actively pursuing sales opportunities on behalf of the Company. Many of these opportunities relate to potential clients who have already expressed interest in Global Products. With the backing and support of Cash Now, these can now be pursued and brought to fruition.

Mr. Chang has developed an extensive number of products and service packages since he founded Global in 2002. Importantly, the new division adds four new product offerings to Cash that are at the cutting edge of consumer banking services.

- U.S. Prepaid Debit Cards - International Prepaid Debit Cards - EM2 - Electronic Money Management System which is a comprehensive e- wallet that can manage multiple bank accounts, remit funds worldwide and provide banking capabilities to consumers who do not actually have a bank account.

- Check 21 - advanced checking service that can significantly reduce holdback periods by banking institutions in clearing checks.


Global has also developed or is in the process of developing a number of additional products related to wireless mobile commerce and a variety of loyalty programs and discount services programs built around its prepaid debit and EM2 product platforms.

Significantly, Esprit has an agreement in principle to spin-off Global to a Texas-based Company after the initial acquisition. Esprit will retain a 25% interest in Global upon completion of the sale. Esprit will also retain exclusive licensing rights for the four core products relevant to its operations. It is anticipated that this second transaction will take place within 30 days of closing the Global acquisition, and will provide significant additional funding to Esprit upon closing.

Garr Winters, Esprit CEO explains; "It is not very often that you get a chance in business to have your cake and eat it, too. We have negotiated a very favorable purchase price for Global, and an even better deal to spin it off to another company at significant profit. We will end up with exclusive licensing rights for the core products which were of interest to us, and vend off the remaining assets and corporate shell to a third party at a healthy profit. The net proceeds of that sale will be used to pursue the acquisition of the OTCBB Company we have identified."

Winters added, that "The intangible factor in all this is the tremendous goodwill that Jack Chang brings to Esprit. Mr. Chang is the developer and patent co-holder of the ATM (Automated Teller Machine) and participated in the earliest development and use of magnetic stripe based data on plastic cards, as well as being a pioneer in electronic funds transfer. He has provided services to such prestigious companies as Citibank, Coca-Cola Enterprises, American Express, Sears, Visa, EDS, and NationsBank/Bank of America. His network within the banking industry is invaluable, his reputation impeccable. With the resources of Esprit behind him, we will be able to do some incredible things together."

Winters concluded; "There's an awful lot of meat to digest here. We will be issuing a more complete backgrounder on these corporate developments by mid-April, with another update from myself and our division heads similar to our February 9th recap earlier this year."

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) continues to be developed. 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 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.

DATASOURCE: Esprit Financial Group Inc.


CONTACT: Esprit Financial Group Inc., Tel: [phone],