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Esprit Financial Group Inc. (Esprit) (EFGO.PK) Sells Its Position in Mono Bank
6:00a ET April 13, 2007 (PR NewsWire)
Esprit Financial Group Inc. (ESPRIT) (formerly Cash Now Corporation - CHNW.PK) www.espritfinancialgroup.com announced that it has sold its position in Mono Bank PLC http://www.monobankplc.com a UK based investment bank.

Garr Winters, Esprit's CEO said, "The previous management originally anticipated that a small new bank such as Mono Bank could be used to offer back-end services for some of the new products being offered by Esprit, such as international funds clearing and the Forex currency exchange business. The acquisition of Global-Vision, and particularly the addition of Jack Chang to the Esprit management team, has made this relationship redundant."

Winters added, "Jack Chang is extremely well-respected in the Financial Institution sector, and brings a strong network of relationships that can better serve our interests. As head of the Company's Advanced Electronic Funds Transfer division, Mr. Chang is expanding Esprit's USA based banking relationships. He is also bringing new relationships to the Company with offshore banks currently providing back-office support for leading edge products such as the proprietary EM2 service, that facilitates a wide variety of international funds transfers."

Esprit plans to use the proceeds of the sale of Mono, as well as the previously announced sale of Global Vision, to retire corporate debt and partly to fund a share buy back program. These two separate dispositions could represent a share buyback of as much as several hundred million shares.

Mr. Winters concluded, "It is our aspiration to tighten the float in the long run, while we continue to build shareholder value through the recently launched financial services divisions which are highly complementary to our original core business and expertise."

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

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