LAS VEGAS, June 27 /PRNewswire-FirstCall/ - Esprit Financial Group Inc.
(ESPRIT) (EFGO.PK) http://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 Guangzhou. 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."
About Esprit Financial Group Inc.
Esprit Financial Group Inc. is a public company engaged in a
diversified number of online financial services. These include:
- PayDay Loans: A pioneer in the payday loan industry, the Company
licenses comprehensive software solutions to industry participants
under the Cash Now banner at http://www.cashnow.org.
- Forex: The Company's Forex Trading division offers an innovative
low-cost Forex trading service at http://www.cashnow.com targeted to active
day-traders.
- Advanced Electronic Funds Management: This division offers a number
of class-leading financial services that facilitate a variety of
Internet-based international electronic funds transfer and cash
management solutions.
- Structured Debt Resolution: This division will offer streamlined,
cost-effective alternative services to facilitate the negotiation of
debt settlement online.
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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