Sunday, December 02, 2007 11:44:49 PM
In order to execute the reverse merger with Haorizi, it was necessary to set up a Special
Purpose Company (SPC), as previously announced, due to the Chinese regulatory
environment. The regulations related to SPCs mandates that the Company can only begin
trading as a Pink Sheet company, and preclude uplisting to an OTCBB or major
exchange.
One of the final objectives for Esprit this year was to uplist to either a fully reporting
Pink Sheet or OTCBB, based on results related to potential deals in China. With the
merger with Haorizi management believes it is in the best interests of our shareholders to
become a fully reporting Pink Sheet company.
To that extent, management has negotiated and signed a preliminary Letter of Intent with
an existing fully reporting Pink Sheet Company to achieve this objective in as short and
cost-effective manner as possible.
Where is you UPLIST BUD ??? Already a PINK SHEET NON-REPORTING, State Default Company anyway !!
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