BEIJING, China, Jan. 1 /PRNewswire-FirstCall/ -- Esprit Financial Group Inc. (EFGO.PK) http://www.espritfinancialgroup.com/, DBA Good Life China http://www.goodlifechina.com/ announced today that it has finalized and completed the acquisition of Hebei Haorizi Company Ltd.
Esprit CEO Garr Winters advised, "We are very pleased to make this announcement. This transaction was a complex one given the fact that Good Life is based in China, and under Chinese law, a Special Purpose Corporation (SPC) is required to facilitate the merge. We must thank Good Life CEO Dongmei Jia and the rest of her management team for working with us in a very harmonious way."
The Mina Mar Group http://www.minamargroup.com/ was also singled out as being of great assistance in structuring the deal, and helping set up the Belize based SPC and other US filings in a very efficient manner. Their consulting assistance on the regulatory requirements was pivotal to the success of this merger.
The transaction has been structured in the following manner: - Asia Pacific Enterprises Limited, a special purpose company incorporated in Belize, has completed the purchase of 100% of Hebei Haorizi Company Ltd. Asia Pacific has appointed Good Life management to act as officers and directors of the corporation. - Esprit Financial Group has completed the acquisition of 100% of Asia Pacific Enterprises Limited.
Winters added, "Good Life is now officially open for business as a public Company in North America. This is a very significant accomplishment, particularly in light of the complex legal process, and the tight time frame within which we have been able to complete all of the filings in 3 different jurisdictions.
"In order to complete these aforementioned transactions, together with the previously announced pending transactions the Company is undergoing a recapitalization process. The first step will see the Company issuing 1 share of Esprit for every 1,000 shares currently outstanding. This will be done by having the Company's Transfer Agent cancel all share certificates currently outstanding, and reissuing new share certificates to provide assurance that the public float accurately reflects the true share position."
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 Good Life Group Limited.
Good Life Group Limited operates a rapidly growing chain of franchised convenience stores based in Hebei Province, China. It employs advanced retail concepts such as e-commerce enabled POS/back office systems, and achieves significant economies of scale on the supply side of the business. It will be expanding geographically to neighboring Provinces, as well as offering a growing number of additional products and services, such as financial products, as it moves forward.
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.
