Esprit Financial Group Inc Announces Three US Based Banks Interest In Check 21 Service Options for Chinese Market (Press Release)
Las Vegas, NV, Jun 26, 2007 (Pink Sheets News Service) — LAS VEGAS, NV, June 27 2008 - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com is pleased to announce that Wachovia Bank, with $706 billion in assets, has expressed interest in providing Check 21 processing services for Esprit's AEFM division both domestically and internationally.
Wachovia joins Herring Bank and Regions Bank in committing to processing Check 21 transactions on behalf of Esprit's client base.
Esprit's AEFM division head Jack Chang commented; "All three US based banks have now committed to doing business with us. While details are not finalized with Wachovia yet, they bring the added benefit of having branches in Shanghai, Taipei and Hong
Kong with representatives in Beijing, and Guanzhou. We will wait to see how the figures work out. Having a front line presence in the Asian market is an important, if intangible, benefit".
As previously disclosed, initial analyses suggest the revenue potential from Esprit's Check 21 service could reach USD $12 - $15 million from the Chinese market alone.
Mr.Chang added; "With plans to return to Beijing on July 15th to initiate the first pilot program, our banking partners are seeing the tremendous opportunity resulting from the recent acquisition of Check 21 China".
Esprit CEO, Garr Winters, added; "Business developments on this front are progressing extremely well. Of course, we must bear in mind that business protocols in China differ significantly from our North American expectations. We are fortunate to have both Jack Chang and Robert Xu in a position to navigate the cultural differences on Esprit's behalf, and ensure that we meet all of the expectations of our clients within the Chinese market".
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