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Press Release Source: Esprit Financial Group


Esprit Financial Group Inc. (Esprit) (CHNW.PK) Announces Plans to Launch Online Consumer Debt Settlement Service
Wednesday April 11, 7:00 am ET


LAS VEGAS, NV, April 11 /PRNewswire-FirstCall/ - Esprit Financial Group Inc. (ESPRIT) (formerly Cash Now Corporation) (CHNW.PK) www.espritfinancialgroup.com has retained a New York based software development agency to build an Online Structured Debt Settlement Portal. The service will allow banks, financial institutions and other creditors to invite defaulted clients to negotiate a settlement online, in a neutral and non-confrontational manner. This will bypass traditional collection calls and mail delivered notices of default.
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CEO Garr Winters explains; "Current collection procedures don't work particularly well. They usually require telephone contact with collection officers that are very stressful to clients, who typically practice avoidance rather than resolution. Clients find these conversations very threatening and are often is not in a position to pay off the debt."

Winters added; "Our new service portal will allow creditors to invite their clients to visit the Cash Now Structured Debt Settlement website. Once there, customers will be able to make proposals and negotiate a settlement with creditors in a non-confrontational environment. All information between the parties will be protected by a heavily encrypted Trust Vault, patterned after the Company's proprietary Trust Vault developed for its Payday Loan division."

The original Trust Vault deployed by the Cash Now Payday loan division was programmed to allow borrowers to apply for loans in a secured environment, and allow lenders to review various loan applications and approve or deny specific loan requests.

The planned portal will use the same logic and functionality, but turn things around a little. Lenders will invite defaulted debtors to review and consider settlement proposals. Importantly, the service will be free to the borrowers. A percentage of the total settlement amount will be charged back to the creditor as a fee for the service. Importantly, this should result in significant savings to creditors versus current labor-intensive collection procedures. The settlement process will be largely automated, and creditors will be able to establish rule-based decision processes in evaluating settlement amounts. The company plans on offering the service free to both the creditor and the debtor and only charge a fee or a percentage of the debt recovered on a sliding scale basis, with the fee charged to the credit grantor only. The company estimates that this product may generate as much as several million dollars in revenue as a separate division alone.

Winters noted; "Much of the heavy lifting in terms of programming has already been done. We will be able to modify the Trust Vault concept without having to reinvent the wheel. We think the timing for this product couldn't be better. Americans have taken on a lot of debt in recent years, buoyed by increasing real estate values. It is inevitable that this will translate to a credit crunch for many."

Significantly, USA Today recently reported; The savings rate for 2006 was a negative 1%, meaning that not only did people spend everything they earned but they also dipped into savings or increased borrowing to finance purchases. The 2006 figure was lower than a negative 0.4% in 2005 and was the poorest showing since a negative 1.5% savings rate in 1933 during the Depression. The savings rate has been negative for an entire year only four times - in 2005 and 2006 and in 1933 and 1932.


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 reduce 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.