Wednesday, October 10, 2007 8:24:55 PM
The Company has delayed announcing these projects previously to avoid undue speculation, and to take the time to reaffirm that these deals can reasonably be expected to proceed forward. They are material in nature to the ongoing operations of Esprit, and represent a significant new revenue stream.
As many shareholders are aware, the Company has been acquiring shell companies over the past few months. It is Esprit’s intent to use some or all of these shells for these deals.
While we believe in the potential success of these projects, it must be said that they represent very ambitious plans that require harmonizing Chinese regulations with those of the U.S. and/or possibly the Frankfurt or London exchanges. As such, we project that these initial deals will take the better part of 6 – 9 months to bring to fruition.Esprit can anticipate revenues of 5% - 10% of the total value of the deal in cash and stock, based on typical fee structures for clean shells. Further announcements will be made as Esprit signs contracts with each of the Companies.
Winters added; “Esprit consultant Robert Xu has played a pivotal role in bringing these deals to the table. His extensive contacts in the Jiangxi Province have enabled the Company to move at an accelerated pace, rather than coming in to the Chinese market from a cold start”.
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