GVHL and EFGO
Esprit Financial Group Inc. (Esprit) (EFGO.PK) Provides $250,000 Mezzanine Financing to Global Vision Holdings, Inc (GVHL)
LAS VEGAS, NV, July 5 /PRNewswire-FirstCall/ - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com is pleased to announce it has provided $250,000 in funding to Global Vision, which is to assist in finalizing the acquisition of International Express Payment (IEXPay).
The funding is in the form of subordinated debt, and carries an annual interest rate of 15%, payable twice a year beginning Dec 31st, 2007. Debt repayments begin March 31st, 2009 at the rate of $50,000 per quarter in 5 instalments.
Additionally, stock warrants have been granted, under the following terms:
- The lesser of $100,000 worth of stock, the face value of the debt
still outstanding, or 5% of the outstanding stock as of December 31st
each year at a strike price based on the average price per share
traded in the previous 90 days.
- The stock warrants can only be exercised once in a calendar year,
beginning June 30th, 2009.
Esprit CEO Garr Winters announced, 'This is a win-win for both companies. As previously disclosed, Esprit has maintained a 23% interest, in GVHL we maintain the upside opportunity to benefit from the long-term potential we see in GVHL and IEXPay while limiting our financial obligations and exposure. The result is that Esprit keeps both deals in friendly and cooperative hands.'
Winters added, 'We had hoped to develop synergies between the two companies to develop complementary financial services within the incredibly attractive Chinese market. We have now made arrangements to share resources such as the costs of travel, China-based operations, and some daily operations. We saw this as a natural fit that Esprit provide this interim funding to accelerate the growth of both companies.'
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
Source: PR Newswire (July 5, 2007 - 7:00 AM EST)
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Press Release
Release date: March 20, 2007
Global Vision Launches New Generation of Solutions at Interphex NY
Montreal, Quebec. April 24-26, 2007 -- Global Vision, the leader in automated proofreading solutions for the pharmaceutical industry will be demonstrating its new generation of solutions at Interphex New York from April 24-26th, 2007. Located at booth 3237, Global Vision will be giving live demonstrations on how to prevent copy and artwork related errors on medical packaging and critical documents.
The latest versions of Digital-Page and Docu-Proof will be unveiled at Interphex NY. "Our solutions are designed to eliminate the risk of errors and give you peace of mind during your proofreading process. At Interphex NY, we'll be demonstrating how our technologies can secure the accuracy of your printed packaging materials," says Reuben Malz, President of Global Vision.
Docu-Proof automatically compares files for textual differences and is well suited for the inspection of contracts, publications, artwork, inserts, and manuscripts. The software compares files in like and unlike formats, which allows you to verify inserts or other types of artwork to unformatted text files.
Digital-Page compares both graphical and textual elements between files of various image formats. Detailed accountability is attainable with its extensive reporting feature that documents all changes, thereby decreasing the chances of errors. Digital-Page can detect differences such as color differences, font changes, location changes and dropped or added text.
With the recent European mandate for Braille on medical cartons, Global Vision has also integrated Braille inspection capabilities into all its solutions. All systems meet FDA 21 CFR Part 11 and EMEA requirements.
All solutions will be available for demonstrations at booth #3237 during Interphex NY from April 24-26th, 2007. For more information, visit www.globalvisioninc.com or contact info@globalvisioninc.com.
About Global Vision
Global Vision provides automated proofreading solutions that enable organizations to achieve unprecedented content integrity. Companies from around world rely on Global Vision to help them reduce the risk of textual or artwork errors from occurring throughout their workflow. Headquartered in Montreal, Canada, Global Vision has worldwide representation.
Global Vision led the migration from manual proofreading to automation - gaining an unmatched reputation for vision and technology along the way. For over a decade, Global Vision has helped clients increase inspection accuracy, speed, productivity, and process efficiencies. More information is available at www.globalvisioninc.com
