For those just joing us here...Esprit Financial Group (EFGO) To Uplist to Fully Reporting Pink Sheet Status
Monday December 3, 9:00 am ET
LAS VEGAS, NV, Dec. 3 /PRNewswire-FirstCall/ - Esprit Financial Group (Esprit) CEO Mr. Garr Winters announced the Company's intent to achieve fully reporting Pink Sheet company status.
Mr. Winters advised, "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 recently announced merger with Haorizi, Esprit management believes it is in the best interests of our shareholders to become a fully reporting Pink Sheet company."
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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.
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.
It is anticipated that this transaction will take the form of a "purchase of assets" ideally for a combination of stock and cash. The intent is to complete this transaction before December 31st, in concert with the finalization of the paperwork for the merger with Haorizi.
A new ticker symbol and name change to Good Life China will immediately follow the transaction. One of the objectives of this approach is to minimize the number of days during which trading of EFGO is suspended due to ticker symbol and name changes.
Once the Company merges with the fully reporting entity, we will immediately apply for a name change to Good Life China and a new Ticker symbol.
If the merger and uplisting can be completed simultaneously, the transactions will be vastly simplified. Current EFGO shareholders will receive shares in the new Company on a "pari passu" basis. Management will be providing ongoing updates on these developments as they become available.
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 Specialized Investment Banking and Financial Advisory Services.
About Hebei Haorizi Company Ltd.
Hebei Haorizi Company Ltd. operates a rapidly growing chain of franchised convenience stores based in Hebei Province, China. It employs advanced retail concepts such as e-commerce enabled POS/back office systems, and achieves significant economies of scale on the supply side of the business. It will be expanding geographically to neighbouring Provinces, as well as offering a growing number of additional products and services, such as financial products, as it moves forward.
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.
