Earlier yesterday, the Bank announced:
Union Bank of Nigeria PLC has signed on a consortium, with the world-
renowned electronic banking guru and co-inventor of Automated Teller
Machine (ATM), Mr. Jack Chang, as lead consultant.
This will enable it to play a leadership role in the transformation of
electronic banking in Africa.
The full text of the Bank's press release can be viewed at http://www.guardiannewsngr.com/sunday_magazine/article17 and http://allafrica.com/stories/200705280217.html among other news portals. It will also be posted in the Town Hall page at Esprit's website; http://www.espritfinancialgroup.com.
As previously announced, Jack Chang will be the project manager for the consortium, The original revenue sharing arrangement within the consortium was to split up revenues between the consulting and service supply parties, with Esprit receiving a 1/3rd portion of the net revenues.
Esprit has renegotiated with one of the consortium members, and has improved its financial participation significantly. The new revenue sharing arrangement will see revenue from these services split on a 2/3rd 1/3rd basis, in favor of Esprit. In exchange, the other consortium member will receive stock options for Esprit Financial stock with a strike price set significantly above the current trading value.
Mr. Jack Chang noted: "We have worked hard to put this agreement in place. I am gratified to have guided this project through to this stage, and look forward to working with the Union Bank of Nigeria team to oversee the implementation process."
Mr. Garr Winters, Esprit CEO added: "This is a great personal breakthrough for Jack and excellent news for our shareholders. This really puts our Advanced Electronic Funds Management division on the map. Under Jack's guidance, the division is well on its way to fulfilling its potential".
Esprit Financial Group, Inc. is currently featured at http://www.audiostocks.com. Additionally, a recent CEO interview by Wallst.net can be reviewed at http://www.wallst.net/audio/audio.asp?ticker=EFGO&id=3421.
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.
