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Esprit Financial Group Inc. (Esprit) (EFGO.PK) IFGX Division to assist Chinese companies entering public markets
LAS VEGAS, Sept 27, 2007 /PRNewswire-FirstCall via COMTEX/ -- Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com announced today that it has been approached by a number of Chinese companies seeking public listings in North America or Europe.
Esprit's IFGX.com operations will be brought into play, in order to provide the public shells required and to provide financial consulting services and guidance to assist these companies in the process. A good percentage of these companies are large corporations with multi-million dollar run rates and hundreds, if not thousands, of employees.
Esprit CEO Garr Winters stated, "We are very excited about these opportunities. They represent an excellent win-win proposition for our Chinese clients and us. This is a very ambitious series of undertakings, and we have been working quietly on them for the past couple of months."
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 into the Chinese market from a cold start."
About Esprit Financial Group Inc.
Esprit Financial Group Inc. is a public company engaged in a diversified number of online financial services. These include: the Payday Loan Software division, Forex Trading, Advanced Electronic Funds Management, and IFGX Specialized Investment Banking and Financial Advisory Services.
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
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