REVERSE MERGER NEWS OUT: If you plan to buy....buy @ ask. No problem picking up shares @ ask. I picked up 1.5 million @ 0002 just for a lottery ticket
Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces Reverse Merger with Hebei Haorizi Company Ltd, a China based Company
BEIJING, Nov. 28 /PRNewswire-FirstCall/ - Esprit Financial Group Inc. (ESPRIT) (EFGO.PK) is pleased to announce that it has signed a firm and binding agreement to complete a reverse merger with Hebei Haorizi Company Ltd., a China based company.
The merger, will include both cash and stock together with $5,000,000 in special financing through existing preferred shares and common stock.
Hebei Haorizi conducts business primarily in the Hebei Province China. Haorizi translates to the equivalent of 'Good Life' in English. Their Chinese corporate site can be viewed at www.haorizi.com
and a new English website has been set up to provide an overview of the two merged companies at www.goodlifechina.com
The formal press conference and the signing ceremony between Ms. Jongmei Jia and Mr. Garr Winters was held the morning of November 28th, at the headquarters of Good Life in Shijiazhuang China. The event was a major business story in the city of Shijiazhuang and press coverage was carried on Hebei TV, The Hebei Daily News, The Yanzhao Dushi Bao and Hebei radio.
Some of the attendees at the ceremony were;
- Deputy mayor of Shijiazhuang - Zhang Diankui,
- Deputy of the Secretary-General for Hebei Province - Tang hua ming;
- Mr. Chen deputy director of Beijing
- Mr Tang Min Deputy Secretary General
- Ms. Ma Yu Director of State Development Hebei Province
Mr. Johnason Xie, Vice President of Good Life advised; 'We have been searching a long time for a suitable merger candidate with which to go public, and we see Esprit as a perfect match with what they bring to the table. Esprit's management team, their existing infrastructure, their technology and experience in my opinion is the best that we have seen period. We have been approached by many public companies and Esprit fits us and our vision like a custom made glove. We see this merger as a WIN-WIN proposition.'
Esprit and Good Life management, estimate that the formal completion of the merger will take place as soon as the necessary filings with various authorities are completed, with a date most likely before December 31, 2007.
Good Life is one of the most successful, fastest growing, and most recognizable retail chains of Convenience style stores in Hebei Province, China (population 65 million), with 3 distribution centers servicing its 1,600 locations and over 2,000 merchant suppliers.
'Good life one of the most e-commerce and web enabled companies in China with a very comprehensive and sophisticated back office currently in operation. This is something that Good Life is extremely proud of,' added Esprit consultant Mr. Robert Xu, 'and rightfully so. Simply put, Good Life is very good at what they do.'
The merged companies will undergo a name change, including a new ticker symbol and CUSIP number prior to December 31 2007.
Good Life has grown at a meteoric rate since it was founded in 1998. It will close the year with approximately 1,600 stores operating under the Haorizi - Good Life retail banner by year's end. Total gross sales through the chain, which is run as a franchise operation, will exceed $100 million USD,
Its five year business plan sees Chinese operations growing to 20,000 stores as it expands geographically to neighboring Provinces.
Current Esprit CEO Garr Winters will step aside after the closing of the transaction, with Good Life founder Ms. Dongmei Jia assuming the CEO role for the merged companies.
Mr. Winters added, 'Dongmai Jia is an incredible, amazing and a capable woman, who has put together an impressive organization. The Esprit - Hebei Haorizi union will provide the new management with many tools already in place at Esprit such as the Check21 service and Esprit's sub prime back office utilities such as the Trust vault and the E5 system. With Good Life's infrastructure and revenue stream in place coupled with what Esprit brings to the table this should appease even the worst critics who tend to look at the share value like a slot machine rather then a long term business goal, which we have always maintained we were striving to achieve.'
Good Life's advanced e-commerce enabled IT platform and back-office services for its franchised network of 1,600 Good Life convenience stores network will allow for rapid deployment of these services in a short period of time.
Good Life, will utilize Esprit's existing E5 lending system, training and back office capabilities, and plans to role out some of these new financial products together with crop insurance for farmers in its local marketing areas, in the 1st half of 2008.
Esprit CEO Garr Winters said, 'We are tremendously excited about this merger, which takes both companies to new heights. Good Life is growing at an incredible pace, and we have been extremely impressed with their business models, as well as their incredible growth rates. I would like to thank all members of our respective teams for their commitment and diligence in making this deal happen. This merger can best be described as a gold fish swallowing a whale. The sheer size, infrastructure and upside potential of Good Life is simply overwhelming. In my opinion with this merger firmly in place the sky is the limit for our newly formed company. The opportunities in China are just staggering and with this merger and with Ms. Dongmei Jia in the driver's seat we see a huge upside for the company and our shareholders.'
Good Life founder President and CEO Ms. Dongmei Jia has said we are extremely pleased with this merger as well. Although the two companies do business in 2 different countries our services are similar for the sub prime market. We both shared the vision to bring the linked businesses together through modern means of the Internet for the rural development in China. After six months of full time communications, negotiation, and meetings the two sides agreed to cooperate in the reorganization and the merger, believing that the two sides will further expand their business, and achieve even greater development for the benefit of the shareholders. The merger of Good Life with Esprit and our current logistics, business development and rural structures will allow a rapid development of trade and financing channels for the Good Life lending business services in the rural areas. The addition and experiences of Esprit bring us new concepts, a new business model (payday loans) and advanced management techniques for building a greater company and a great organization.
In closing, Mr Winters added, 'As our shareholders know, I have another key objective that I would really like to fulfill before I step down. That is to see Esprit up-list to a fully reporting Pink Sheet or OTCBB status. I only have one month left to make that happen, so we will continue pushing the pedal to the metal a bit longer.' Winters adds, 'I can safely say that we are currently in the final stages of making this up listing happen and we have identified several possible candidates whose proposals we are entertaining at a serious and final level. We also have several other ways to make this up list happen with internal assets of IFGX, however the management plans on reviewing all of its options and those that are the most beneficial to its current shareholders before making a final decision.'
Additional news and details will be posted as they become available at; www.goodlifechina.com
(English investor relations site) and www.haorizi.com
(Chinese corporate site).