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EFGO another bank deal, moving the financial empire to Africa!

Esprit Financial Group, Inc. (Pinksheets: EFGO.Pk) Announces Agreement in Principle with Union Bank of Nigeria (Press Release)

Las Vegas, NV, May 29, 2007 (Pink Sheets News Service) — LAS VEGAS, NV, May 29 - Esprit Financial Group, Inc. (PINK SHEETS:EFGO.PK) announced today that the executive committee of one of Africa's largest banking institutions, Union Bank of Nigeria, have given provisional approval for dialogue to move towards contractual agreements for the implementation of a new issuing payment platform.

Esprit's Advanced Electronic Funds Management (AEFM) division will be providing merchant account services, stored value credit and debit cards and international funds clearing services as part of its EM2 service capabilities in conjunction with its credit card financial services supplier, Credit Card Solutions UK Ltd (CCS).

Esprit's AEFM division head Jack Chang will program manage the implementation for Union Bank. It is anticipated that this project could go live as early as the third quarter of this year.

The agreement calls for Esprit to deliver an initial 100,000 stored value cards by August, 2007.

Jack Chang, head of the AEFM division, noted; "We have always maintained that there is a tremendous pent-up demand for advanced electronic funds management services in less developed countries internationally. This is especially true in the African and South American regions. Africa is experiencing a major growth surge, and financial institutions are rapidly adopting new technologies to broaden their service capabilities to attract new customers and cross-sell new services to existing ones. There is strong demand for electronic payment services in the region and continual strengthening of the internet and ATM backbone across both urban and rural areas".

The revenue sharing arrangement between the various suppliers calls for Esprit to receive 1/3rd of net revenues generated through this contract.

Esprit CEO Garr Winters commented; "We're obviously pleased as punch to make this announcement. Things are ramping up fairly quickly in our AEFM division. This contract confirms our business model to go after international markets as a top priority.
Garr added; "Jack is an absolute first rate resource, and we are fortunate indeed to have him onboard. Now that he has the solid financial backing and a management team that can provide marketing and sales support, we're putting the 'pedal to the metal' to close new deals on an accelerated basis. There are a number of exploratory contract discussions that have been ripening slowly and quietly in the background. We're now ready to start harvesting this "low-hanging fruit". ".

In other Company news, Winters explained; "Just so that there is no confusion, this is a separate and unrelated contract from the Chinese Jiangxi deal announced on May 17th, 2007. The due diligence process is taking somewhat longer than originally anticipated. This is actually a good sign, as there is a lot more value in the Jiangxi than we expected. We should be in a position to make our final determination in the next 30 to 45 days on this important transaction.

About Union Bank of Nigeria:
Union Bank of Nigeria Plc http://www.unionbankng.com was established in 1917 as a Colonial Bank with its first branch in Lagos. Today, Union Bank remains one of the best capitalized banks in Nigeria. It has the largest shareholders' funds of N100.500 billion and operates through 379 network of branches that are well spread across the country, all of which are on-line, real time.

Today, the Bank is a leading regional bank in sub-Sahara Africa in terms of its diverse investments across the globe. A glance at the Bank's financial summary reveals its solidity. As at 31st March, 2006, the Bank's gross earnings was was N66.576 billion; profit before tax was N 13.536 billion; total assets was N 667.766 billion; and shareholders' fund was N 100.500 billion.
About Credit Card Solutions UK Ltd
Credit Card Solutions UK Ltd (CCS) (www.creditcardsolutionsuk.com) is a consultancy firm which since early 2005 has been consulting in the area of prepaid debit implementation strategies specifically across the Europe, Middle East and African (EMEA) region, expanding into Asia Pacific and Latin America during 2006. By developing relationships with issuing banks and transaction processors CCS guides its corporate clientele to the most appropriate product offering based on a detailed requirements assessment process and guidance by an internal financial advisory counsel.
About Esprit Financial Group Inc.