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EFGO (.0007) Receives RFP for an Internet-Enabled Payroll Services for Local Government in Jiangxi Province

PR Newswire "US Press Releases "

LAS VEGAS, NV, June 13 /PRNewswire-FirstCall/ - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK), www.espritfinancialgroup.com, received a Request for Proposal (RFP) today for an online payroll system for government employees in Jiangxi Province.

The Esprit senior management team had a very satisfactory meeting today with local government officials, who wish to develop and deploy an online payroll system wherein government employees could be paid via Internet or at ATM style kiosks throughout the Province. With a population of roughly 65 million people living in Jiangxi Province, this is a very significant undertaking for both Esprit as well as the local government.

With a proposed project budget estimated to run approximately USD $40 million, Esprit will be looking for additional strategic private sector partners to fund development costs and assist with the deployment.

The Government officials have requested that the project go forward as a privately funded initiative, and that the private sector partners will subsequently participate on a revenue sharing basis from all transaction fees generated by the system.

Fees would be levied on each transaction using the system, representing a recurring monthly revenue stream anticipated to run into millions of dollars on an annualized basis.

Esprit CEO Garr Winters explains: "This type of project represents a significant initial investment from the private sector, with excellent long-term rewards. Upon deployment, there will be a Government guaranteed subscriber base, generating a recurring stream of revenue and account activity on a monthly basis. Much like a toll-road, employees/government departments will pay transaction fees each time funds are deposited or withdrawn using the online payroll system.

"We will be able to put a pretty solid estimate together of payroll throughput based on existing data from the current payroll systems. Additionally, we know that this project will generate revenues on a long-term basis as the source of revenue is tied to ongoing payroll payments".

Winters added: "This is an ambitious project a little bigger than our initial expectations when we landed in China. We will be looking to bring the requisite private-sector funding from strategic partners and capital markets in the U.S., or possibly Europe. We envision putting a consortium together wherein Esprit will lead the project management process working with our other private sector partners for the actual development and deployment process.

"Furthermore, the government requested an approach that could be scalable and rolled out to other Provinces once successfully implemented. Estimating the long-term potential of a significant rollout is a little like asking 'how high is up'. The long-term potential is estimated to be in the millions. Obviously, we are quite excited and see this as wonderful news for our shareholders".

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 .

- 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