F16Geschwader : EFGO - Esprit Financial Group
Mr. Winters stated: "We have negotiations scheduled on a couple of deals related to our IFGX division. Our China consultant Robert Xu has advised us that we are close to achieving agreements in principal to with two specific companies seeking access to public markets.
Our local legal counsel has recommended a strategy that can significantly shorten the typical time-frame required to achieve our clients' objectives of accessing public markets outside of China. These two projects will hopefully validate this approach, and we will then be in a position to green light a number of similar projects in the pipeline."
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
YEP, He is seeking the Chineese Goverments.Thats Great - Big Future and so on.IMO
WHOA!! First you disclose Wallys Turtle now Smoke Tree Ranch this is like where THE FAT MM go and chity chat.! I know I know you are not a MM as you say! Its just a bit too coincidental!? You must get some heavy duty tips at Wallys and Smoke Tree C mon PM me BRO!
Guten Morgen! Gibt interessante News!
Letter to the Shareholders from Garr Winter
Posted in Announcements, Investor Relations at 7:40 pm by adol77dai51
I?d like to take the opportunity to say a few words regarding the progress of Esprit and where we are heading. They are overdue, and I apologize for the delay. First, let me express my thanks for the many positive comments we receive from our shareholders. An even bigger thanks for your patience. We have been hard at work building a solid foundation upon which to achieve very aggressive objectives in terms of growth. I know that it can be frustrating to be told deals are in the works, contracts are being negotiated, and everything good is yet to come. Please know that we are as impatient as you to start closing some of these deals. More importantly, we have a high level of confidence that we can deliver that growth, and reward your patience very, very handsomely.
I know we have our detractors as well. I want to make clear that we are doing everything in our power to move things forwards as quickly as humanly possible. I think we all understand how important that is, not only from a financial point of view to build the Company to the next level, but to start generating solid, positive momentum in our stock. Again, as insiders, we can see further down the road more easily. I am therefore very optimistic about the next couple of quarters, based on the business developments we are working on.
It is also a poorly kept secret that the Company has suffered from significant short selling, and from what I can tell, there have been some desperate moves to accuse the Company of everything from outright lying and fraud, to stealing candy from a baby. Many of these criticisms seem designed to undermine confidence in the Company, rather than express legitimate complaints, in order to keep the stock price low until the shorts can cover their positions. I trust the ability of our shareholders to be able to differentiate hysterical accusations from legitimate concerns.
I?d like to announce at this point that I am planning to continue work with Esprit beyond the end of this year. Part of this is selfish. The remainder of 2007 promises to be a whirlwind. We have worked very hard to develop new opportunities to grow our Company. I?d like to hang around for a while and enjoy the fruits of our labor as we begin to turn plans into reality, and good intentions into cold hard cash.
While I will not be able to stay on in a full-time capacity as the CEO, I will remain involved to help the Company transition as it matures and the operational side of the business flourishes. However, I have other business interests that require my attention as well, and need to balance my time between these.
As many of you doubtless know, I have returned my common stock to the Company. Initially, I planned to leave after the end of the year, and would have been free to sell my common stock as I saw fit. However, as an insider, the restrictions on trading Rule 144 stock creates complications, required filings, calculations on how much I can sell at any given time. Like you, I would like to reap the rewards as the price of our stock goes up.
Thankfully, I am well enough off that this is not a financial burden. However, I didn?t get to where I am by being a complete idiot. If some of the deals we are negotiating come through as we intend, I expect to get properly compensated.
We have put together a good faith agreement to have Minaco-Tradex transfer a portion of their preferred shares to me, as the most convenient method. At this time, no shares have been transferred to me. I have confidence that things will unfold as they should, in an equitable manner to all parties. Most importantly, I have confidence that our shareholders will be rewarded for their patience.
Importantly, shareholders should know that I still have a vested interest in seeing the Company?s share price rise significantly, as this is one of the key measures on which my performance will be judged in regards to the preferred shares. In other words, I am still accountable to bring the share price up to its real potential.
I know that our Investor Relations department has been working very hard to answer your questions and concerns, and I have not made it an easy task for them by being out of the country more than in it. If there are delays in responding to your questions, please know that it is often attributable to me.
As most of our shareholders are aware, China has become our key focus.
Robert Xu is completing the testing for the Check 21 service in conjunction with the banks. There was a delay getting the scanners through customs that pushed the testing process back until after the Golden Holiday week. We will provide updates as quickly as possible. I can state that things are looking very positive for this service, and we will provide more in-depth information as we get ready to roll the service out.
There are a number of China based companies that are intent on accessing the public markets outside of China, who have approached us in regards to reverse mergers. While traditional reverse mergers have a variety of obstacles in place within the Chinese regulatory system, we have developed an approach that can achieve a similar result much more easily and within a much shorter time-frame.
This will bring significant new revenues to the Company through our IFGX division. We intend to close one or more contracts in this area within a month.
PayDay Loan Division:
Our sales team continues to generate new software licenses to contribute sales in addition to our existing monthly maintenance revenue.
Australia has just recently passed new legislation that is more restrictive than the U.S. or Canada. It is likely that this will result in softer initial software licensing sales for this market.
On the good news front, Esprit has negotiated a financing package that will allow new licensees to finance the purchase of our software over an extended period of time. This achievement is very recent, and we have successfully put through the first two deals using the financing facility in the last few weeks.
We believe that this financing option will open up a whole new class of licensees, who are looking for home-based businesses. With the ability to spread the cost of start-up over an extended period of time, Cash Now becomes a very attractive business opportunity compared to most other Home-Based or SOHO alternatives.
Advanced Electronic Funds Management (AEFM):
As mentioned above, we are getting very close to green-lighting our Check 21 service for China.
The Company is also in early discussions to begin offering a new electronic funds transfer product to our portfolio. While it is premature to make any announcements, we will provide updates if and when the project advances.
This division has been a bit of a sleeper. The division concentrates on two key financial services; Mergers and Acquisitions (primarily reverse mergers) and merchant banking. We saw these areas as opportunistic, and a way to leverage our knowledge base of the OTC markets.
To our surprise, we have had a couple of deals come to the table within the last few months, and Robert Xu has been approached on multiple occasions by Chinese companies seeking public listings outside of China. I hope to finalize one or more of these deals in China later this month.
We will start showing revenues from this division in the upcoming quarter, and believe that the division can deliver significant revenue primarily from China, but also from the U.S. as well.
We have hired Steve Edwards to head up North American sales, and free up senior management resources.
We have de-prioritized this project during the last quarter, but will renew our focus in this division during the last quarter of this year.
In the mean-time, Peter Presland has begun trading a house account on behalf of the Company, and has been evaluating a number of third party services that can generate additional revenue beyond the pip spread.
We will be revamping the website and adding a number of related services to our portfolio in the upcoming quarter.
In summary, there have been a lot of exciting developments for the Company during the last quarter. We didn?t end up exactly where we planned, and there have been a few bumps along the way, but we have also been quick to seize new opportunities that have presented themselves.
Jack Chang was a bitter disappointment, while Robert Xu has delivered in spades. We stalled out a little on the Forex front, but saw the IFGX division roar to life and show growth potential well beyond our initial expectations.
China holds the promise of radically transforming the Company, not only from the projects we have announced, but from projects that are not yet finalized and still confidential in nature.
Net-net, we are a couple months behind our plans in terms of generating top line revenue, but we are working on a number of projects much larger in-scope and scale, and with higher revenue potential than originally anticipated.
In short, we think we?re going to end this year with a helluva bang!
EFGO - Strong Buy and to be Long - $$$$