April 2, Forex to start, more good News today
March 29, 2007 - 5:00 AM EDT
Esprit Financial Group Inc. (Esprit) (CHNW.PK) Engages Grove Consulting LLC for Strategic New Business Development.
LAS VEGAS, NV, March 29 /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 will be launching an innovative low-cost online Introductory Broker (IB) Forex trading system on April 2, 2007.
The Company has also recently acquired leading edge electronic funds transfer (EFT) products that include domestic and international prepaid debit and Visa/MasterCard branded cards, EM2 - Electronic Money Management System -which is a comprehensive e-wallet capable of managing multiple bank accounts, remitting funds worldwide and providing banking capabilities to consumers who do not actually have a bank account. In addition, Check 21 is an advanced checking service that can significantly reduce holdback periods by banking institutions in clearing checks, particularly valuable for international markets.
The Company is pleased to announce that it has engaged Grove Consulting LLC, a California-based financial services consultancy, to advise on future strategic relationships, investment opportunities and mergers and acquisitions within the Company's financial services portfolio. Specifically, Grove will assist in identifying suitable strategic partners to augment the Company's Forex trading division, which is scheduled to launch this coming Monday, April 2, 2007.
With almost 40 years experience within financial institutions, and with specific in-depth experience in mergers and acquisitions within this sector, Grove Consulting will continue to offer new opportunities as Esprit scales up operations in the mid to long-term.
There is also excellent synergy wherein Grove Consulting can bring new business opportunities related to our advanced EFT services developed by industry pioneer Jack Chang (co-inventor of the ATM machine), who heads up the Company's recently established Electronic Funds Transfer Division.
Garr Winters, Esprit CEO explains, 'We are very impressed with Grove Consulting's skill-set and experience. They have the right entrepreneurial attitude combined with excellent pedigree and experience working with a number of very serious financial institutions. We have established a very natural rapport with Grove in a surprisingly short time. They understand where we are going, our core strengths, and have demonstrated that they can bring value to the table. We are looking forward to a lasting relationship that will be mutually advantageous for years to come.'
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.
SOURCE Esprit Financial Group
Source: PR Newswire (March 29, 2007 - 5:00 AM EDT)
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