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Tuesday, April 03 2007 9:01 AM, GMT-05:00

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Esprit Financial Group Inc. (Esprit) (CHNW.PK) Announces Signing of Letter of Intent With Japanese Delegation For Development of Payday Loan Chain

PR Newswire "US Press Releases "

LAS VEGAS, April 3 /PRNewswire-FirstCall/ - Esprit Financial Group Inc. (ESPRIT) (formerly Cash Now Corporation) (CHNW.PK) www.espritfinancialgroup.com is pleased to announce that a Letter of Intent (LOI) has been signed with a Japanese delegation after negotiations concluded late last night.

The LOI is for the development of a chain of Payday Loan centers that will be located along the Southern California coastline. A total of about 50 turnkey stores will be constructed over the next several years, utilizing Esprit's proprietary Cash Now software and system. Esprit will also assist in the build-out of each location, as well as providing licenses on the software itself. Each location represents approximately USD $150,000.00 in fees, revenues and build out costs with a total budget of approximately USD $7,500,000.00 million dollars over the construction period.

The Japanese company will be developing the stores under their own banner, which has not yet been finalized. Their existing business model is providing loans for small cap and high risk mortgages as well as money transfers in conjunction with Western Union.

Esprit CEO Garr Winters noted; "This is a major contract for our Payday loan division. We are working with a well-capitalized company that shares our vision of the growth potential for these services. The breadth of our capabilities was one of the key factors in their decision. Not only do we offer traditional payday loan services coupled with our powerful back-end office systems and proprietary Trust Vault, but our capabilities with domestic and particularly our international prepaid debit and branded Visa/Mastercard products was a major factor in the decision".

Winters added; "We anticipate that a formal agreement will be signed within a 30 - 45 day time frame. Additionally Esprit is seeking out an exclusive first right of refusal on the repurchase of these locations. Both parties are keen to get this business deal started. Importantly, given our scalable systems, this undertaking will not have a material impact on our monthly burn rate. Profit margins are very attractive, even after accounting for the volume discounts factored in to the deal".

About Esprit Financial Group Inc.

Esprit Financial Group Inc, (formerly Cash Now Corporation) is a public company engaged in a diversified number of online financial services.

PayDay Loans: The Company 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. Operations include 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, under the Cash Now banner. The company's proven business model comprises operations in the U.S. and Canadian markets 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.

Forex: Additionally, the Company's Forex Trading division offers an innovative low-cost online Forex trading service at www.cashnow.com. The Company acts as an Introducing Broker for Advanced Markets, Inc., and is targeted to serious day traders. All transactions are handled on a streaming pass-through basis. There is no trading desk, and no manipulation of quotes that lag the actual interbank market. Importantly, traders can continue to trade actively even during volatile periods that result from major news events of publishing of market reports.

Advanced Electronic Funds Management: The Company's Advanced Electronic Funds Management (AEFM) division offers Cash Now Check 21 - an advanced checking clearing service that can significantly reduced holdback periods by banking institutions, particularly valuable for international markets. Its EM2 (Electronic Money Management System) product is a comprehensive e-wallet capable of managing multiple bank accounts, remitting funds worldwide and provide banking capabilities to consumers without requiring that they have a bank account.

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 Inc.

SOURCE Esprit Financial Group