LAS VEGAS, March 16 /PRNewswire-FirstCall/ - Esprit Financial Group
Inc. (ESPRIT) (formerly Cash Now Corporation) (DBA Cash Now) (CHNW.PK)
http://www.cashnow.com 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, and the e-wallet product lines named EM2 (Electronic Money
Management). This stored value card allows customers to transfer cash value
without having to issue checks. Employers can use it to pay employees (of
great benefit for hourly workers who may not have a bank account); in
multi-level marketing organizations, as well as facilitating electronic
fund transfers.
Today, the company announced that Jack Chang, Esprit's Director of
Operations for EM2, will be compensated in part by cash and in part by
stock and stock options. CEO Garr Winters noted that: "We remain very
bullish on the prospects of the Company, particularly with respect to the
new products being launched like our Forex trading service, and the EM2
services that will be managed by Jack exclusively. Some of the previously
announced projects that Jack is in the process of bringing to fruition can
bring some significant income royalty stream to the company for the next 25
years. This pay structure allows us to maintain a low burn rate, and allows
the key executives to share in the future success of Esprit."
Jack Chang is the 3rd executive to accept such a pay package, along
with Garr Winters, the company's CEO, and Richard Sciacchetano, Esprit's
Forex development manager.
About Esprit Financial Group Inc.
Esprit Financial Group Inc. (formerly Cash Now Corporation) is a
pioneer in the payday loan industry, and continues to develop the most
comprehensive menu of services in the cash advance industry and will retain
the Cash Now brand for many of these services. The company's proven
business model includes licensing to corporately operated locations across
the U.S. and Canada, as well as several foreign markets. Additionally, the
Company's website is the most advanced payday-lending portal, offering key
insight to clients and potential clients alike.
The Company is currently in the process of expanding its product
portfolio by bringing a retail Forex trading platform to market, targeted
to seasoned day traders. The Beta test site has now been launched, with a
full-service roll-out to follow once the platform has been successfully
tested.
Additionally, the Company's e-wallet product, named EM2 (Electronic
Money Management) continues to be developed. This stored value card allows
customers to transfer cash value without having to issue checks. Employers
can use it to pay employees (of great benefit for hourly workers who may
not have a bank account); in multi-level marketing organizations, as well
as facilitating electronic fund transfers.
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.
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