Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces Forward Guidance For Canden Financial Group Inc.December 18, 2007 6:00 AM ET advertisement
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All PR Newswire newsTORONTO, Dec. 18 /PRNewswire-FirstCall/ - Esprit Financial Group Inc. (EFGO.PK) www.espritfinancialgroup.com is pleased to announce forward guidance for Canden Financial Group Inc. (Canden). Canden is in a pre-acquisition stage to join the EFGO soon after EFGO vends out its current assets to a reporting issuer, as per previous news announcements. Canden provides financing services related to the rental or lease of specialized beverage control solutions for the hotel and hospitality industries, on behalf of a Denmark manufacturer with which Canden is associated. This includes advanced beverage dispenser tracking systems that monitor, report and provide inventory control over beverage dispensing in a restaurant or bar environment.
In announcing the update, Canden's President and CEO Steen Elgaard stated, "We are currently a self-sustaining company, and debt free. We see ourselves off to a solid start in Fiscal 2008, under the EFGO banner with our current guaranteed revenue coming in much higher than anticipated. We anticipate a solid but stable growth that will end the fiscal year revenue of approximately $900,000.00 with a potential growth beyond $5 million in revenue for the fiscal year 2009, maintaining net profits in the range of approximately 27 to 28%. To date, two contracts are signed with distributors in Canada and USA. The distributors market and sell POS and calculation, profit and control systems directly to restaurants and bars across Canada and USA, and we have distribution channels in place to ship systems direct to clients. Restaurants have the benefit of getting equipment financed, and build the rental cost into their hard earned cash-flow part of their operation. With a unique and specialized rental model, Canden is positioned as a very attractive financing business with growth in the area of 30 - 50% per year. We are currently exploring various financing proposals and options that will enable this growth sustainability, and different ways that this rapid growth will reflect into our future share price, without dilution of our equity."
The Canden acquisition is contingent upon the completion of the asset sale and up listing of Esprit with China Good Life, which EFGO management expects to complete shortly. EFGO will then move forward with the Canden business unit as the primary operating business.
In other company news, Esprit CEO Mr. Garr Winters added, "I wish to take this opportunity to update our shareholders on the status on the asset sale and the up listing of Esprit with China Good Life. We are on schedule to finalize the transaction as planned and as announced previously, that being on or before December 31, 2007. The unprecedented news coverage received in China in Hebei Province, plus the radio and news print of the EFGO merger with Goodlife, has brought on exceptional interest from China, the Chinese community, and different entrepreneurs all across USA, Germany, Canada and the west. This in itself has presented the EFGO management a very unique opportunity. We have been contacted by several already trading, and reporting issuers offering, the up listing of Esprit assets with China Good Life into their entities. Some of these offers have indeed caught our attention, and we wish to take a time out or a day or so to examine all offers and all available options to us before making the final decision. We feel that to simply ignore these proposals would not be in the best interest of all concerned, and unfair to our shareholders. If the Christmas holidays were not upon us, it probably would not be necessary to make this announcement. The matter is compounded by the fact that our legal and corporate advisors will be operating on a holiday schedule from Dec. 21, 2007, to January 3rd, 2008. Again, our skeptics should not read into this as anything more than the message is, that being that we wish to examine all the available options, and to choose the best option that will benefit all concerned."
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 Specialized Investment Banking and Financial Advisory Services.
About Canden Financial Group Inc.
Canden Financial Group Inc. provides financing for the lease or rental of easy-to-use and affordable profit control systems that control and monitor wait staff performance in hotel and restaurant bar settings. The systems provide protection against retail shrink from practices such as over-pouring, give-aways or theft, as well as monitoring inventory levels to ensure an adequate supply of beverages are available as needed. The Company website can be found at: http://candenfinancial.com.
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.
Copyright 2007 PR Newswire
Source: http://news.moneycentral.msn.com/ticker/...&ID=7954081&Symbol=US:EFGO
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