CHNW up 37%! The market is responding well to this:
Esprit Financial Group Inc (formerly Cash Now Corporation) (CHNW.PK) Identifies Several Forex Broker-Dealer Acquisition Opportunities
6:00a ET March 1, 2007 (PR NewsWire)
Esprit Financial Group Inc (ESPRIT) (formerly Cash Now Corporation) (CHNW.PK) www.cashnow.com (DBA Cash Now) is a public company engaged in the operation and licensing of a comprehensive suite of Internet based payday loan and check cashing software and private label back end office systems for the sub prime market. Additionally, the Company is in the late developmental stage of offering an innovative low cost online Introductory Broker (IB) Forex trading system.
Esprit has identified several Broker-Dealers that may fit into Corporate plans in regards to the launch of its Forex trading service. The intent is to achieve vertical integration, and to maximize revenue streams derived from the Forex division.
Forex division manager Richard Sciacchetano advised; "Our search for suitable broker-dealer acquisitions is unfolding a little faster than anticipated. We are in discussions with these candidates, and are evaluating a variety of approaches that will provide the Company with broker-dealer service capabilities under our Corporate umbrella. Our first priority continues to be the successful launch of our Introductory Broker (IB) Forex trading system, now anticipated to launch as early as April 2, 2007. This, in and of itself, is a huge opportunity. We need to be ready to scale up Forex operations quickly, as there has been a lot of interest expressed from the market already."
Garr Winters, Esprit CEO adds; "We need to proceed in a methodical and comprehensive manner as we bring this new Forex division online. The priority must remain on being fully prepared as a Corporation for the launch the IB Forex trading service first. Having said that, Richard will be traveling to New York later next week to continue discussions and begin due diligence procedures as appropriate. However, we do not plan on nor foresee consummating any deals until we are up and running with our IB Forex service, and have successfully completed the changeover to Esprit Financial Group Inc. Past experience has taught us well, meaning not to rush to the market with an unfinished or a buggy product. Our goal is to ensure that we not only offer the most transparent, real-time trading pass-through trading capability for active day traders, but also to ensure a problem free user experience."
"As of this point in time, the Corporate name change is effective and duly registered. All future releases will be issued under the Esprit Financial Group Inc. name. The completion of this process will see us receiving a new ticker symbol and CUSIP number. As previously announced, our corporate transfer agent has advised management that the symbol name change and new CUSIP number should become effective on or about March 15th, 2007."
On a separate note, Mr. Winters added; "There seems to have been some speculation that we are planning a stock split or a stock reversal in the near future. Let me be as clear as I can on this issue, there are no such plans to do this. We have increased the number of authorized shares in Esprit to allow us to pursue acquisitions as appropriate within our Corporate vision and objectives. I think we've proven to be pretty good horse traders so far, and shareholders can be assured that any acquisitions will add value to the Company, rather than diluting it. We remain committed to our shareholders and increasing shareholder value in the company."
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