Flexpower Inc. (FLXP)

[herbalife13]

This is GREAT NEWS IMO in the BLACK. MONEY coming in Thank You Mr Winters and EFGO Management.

"net profit of $2,753.00 versus a loss
in the previous quarter of $168,409.00, an improvement of over
$170,000.00. Income increased by 25% in the current quarter."

This is GREAT NEWS IMO in the BLACK. MONEY coming in thankyou Mr Winters and EFGO Management.

May 15, 2007 - 1:30 PM EDT
Esprit Financial Group Inc. (Esprit) (EFGO.PK) Releases Financial Statements for 1st quarter 2007

LAS VEGAS, May 15 /PRNewswire-FirstCall/ - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com released its quarterly financial statements today.

The Company made significant progress in the last quarter of 2007, showing a net profit of $2,753.00 versus a loss in the previous quarter of $168,409.00, an improvement of over $170,000.00. Income increased by 25% in the current quarter.

The net profit includes $40,000.00 in accrued development costs. On an adjusted basis, profit, excluding planned web development, would be $42,753.00, or about $.07 cents per 100k shares outstanding.

With a commitment to running a lean operation, the monthly burn rate (operating expenses) has also been reduced by about 28%. Key savings have been achieved in rent & utilities and salaries, wages and benefits partially offset by outsourcing website development. The savings achieved are in excess of $70,000.00.

Cash on hand increased by $523,307.00 from $342,208.00 to $865,515.00, due to certain recently announced financing activity and the sale of the Global-Vision company.

Importantly, the current revenue run rate is adequate to maintain ongoing operations as an ongoing concern.

Esprit CEO Garr Winters commented; 'This is a first step for us, as we move the Company forward towards our goal of providing a diversified portfolio of Internet enabled financial products and services. The first quarter results do not include the revenue streams of any of our new divisions. We do not foresee a major impact on revenue immediately, but do anticipate gradual and significant growth of top-line revenue through the rest of the year as the new products and services go live and begin to ramp up to full operation. In short, we have a stable base, and envision continued long-term growth moving forward. Our strong current asset position gives us the ability to execute on our long-term strategic plan without delays'.

Winters added; 'We are currently putting some realistic numbers together on a pragmatic basis to generate revenue targets. This will require some serious analysis, as many of the contracts being developed can have a significant impact on overall revenue. Realistically, we won't close every deal we're working on. Our approach will be to err on the side of caution. We hope to be able to provide more detailed guidance in the near future'.

The financial statements are available for download at the corporate website on the Town Hall page http://espritfinancialgroup.com/Forum.html and are currently in the queue to be posted to the Pink Sheets, where they should be publicly available shortly.

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 www.cashnow.org. The Company also operates www.cashnow.net, which generates leads of consumers looking for payday loans on behalf of our licensees. 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.

Structured Debt Resolution: This division will offer services that allow banks, financial institutions and other creditors to invite defaulted clients to negotiate a settlement online, in a neutral and non-confrontational manner, bypassing traditional collection calls and mail delivered notices of default.

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 (May 15, 2007 - 1:30 PM EDT)

News by QuoteMedia
www.quotemedia.com