Friday, May 25, 2007 9:03:39 AM
LAS VEGAS, NV, May 25, 2007 /PRNewswire-FirstCall via COMTEX/ -- Esprit
Financial Group Inc. (ESPRIT) (EFGO.PK) (DBA Cash Now)
www.espritfinancialgroup.com is pleased to announce that the new Cash Now Payday
Loan software will begin testing in Beta mode on Monday, May 28th.
The software company hired to assist in re-engineering and enhancing the
existing Cash Now Pay Day advance e5 software platform is completing final
programming over the long weekend. Esprit will deploy the beta version of the
software on the corporate online demo servers, and will send out an open
invitation to the pre registered industry users, to test drive this new and
exciting solution.
Mr. Garr Winters, Esprit's CEO, has said "This platform upgrade will enable the
Company to transact live real time processing in the various international
markets for which it has previously announced licensing agreements, as well as
being designed to allow the Company to add new language and currency modules
without extensive reprogramming to the core system. Key international markets
for expansion of PayDay loan software licensing services include the Asian
market - specifically China and Japan. Potential new licensees have been sitting
on the fence waiting for the new e5 system to be released before they committed.
We see a strong sales potential for this product which results will soon begin
to show. For those unfamiliar with Cash Now's e5 system, Cash Now was the
pioneer and one of the 1st companies to embrace and introduce the Internet
payday advance loans in live or real time access concept. The Trust Vault
system, designed developed and managed by the company remains to be the
workhorse CSR solution for us and is considered an industry leading utility
tool.
Mr. Winter's concluded this mid 6 figure platform upgrade, is within our planned
budget and provisioned some time ago. The settlement will be made with our
existing operating cash reserves, without disturbing our current authorized and
or outstanding stock structure. This is not only a solid investment in our
business, but a fundamental infrastructure stepping stone that will not only
allow us to remain competitive, increase our revenue and profits, but will also
allow us to look at cross-selling the PayDay loan services to prospective
clients and through strategic partnerships already under development within the
Advanced Electronic Funds Management division."
Esprit's financial forecasters and advisors foresee respectable profit margins
for the company over the 3-4 year life cycle of the product.
Esprit Financial Group, Inc. is currently featured at
http://www.audiostocks.com. Additionally, a recent CEO interview by Wallst.net.
Can be reviewed at
www.wallst.net/audio/audio.asp?ticker=EFGO&id=3421.
About Esprit Financial Group Inc.
Esprit Financial Group Inc is a public company engaged in a diversified number
of online financial services. These include:
- PayDay Loans: A pioneer in the payday loan industry, the Company
licenses comprehensive software solutions to industry participants,
under the Cash Now banner at www.cashnow.org and www.cashnow.net
- Forex: The Company's Forex Trading division offers an innovative low-
cost Forex trading service at www.cashnow.com targeted to active day-
traders.
- Advanced Electronic Funds Management: This division offers a number
of class leading financial services that facilitate a variety of
Internet based international electronic funds transfer and cash
management solutions.
- Structured Debt Resolution: This division will offer streamlined,
cost effective alternative services to facilitate the negotiation of
debt settlement online.
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
CONTACT: cashnowcorp@cashnow.com, Investor Relations: (954) 376-8622
URL: http://www.prnewswire.com
www.prnewswire.com
Copyright (C) 2007 PR Newswire. All rights reserved
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KEYWORD: Nevada
INDUSTRY KEYWORD: FIN
SUBJECT CODE: PDT
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