July 14th FAQ update
SLOANE INVESTMENTS, INC. HAS ACQUIRED ALL OF THE OUTSTANDING LOAN NOTES AND LOANS DUE BY FORTRESS FINANCIAL GROUP, INC. WHAT IS THE EFFECT OF THIS?
Sloane Investments, Inc. is the Company’s largest stockholder with themselves having disclosed on a Schedule 13D Filing dated June 30, 2010, beneficial ownership and sole voting power over an amount of 23.59% of the Company’s outstanding shares of Common Stock.
On July 13, 2010, they formally advised the Company that they had acquired all of the Company’s outstanding Loan Notes as well as the Company’s short term loans which had provided the Company with its working capital requirements from November 2009 to July 1, 2010. The Company advised its stockholders to these facts on a Press Release dated July 14, 2010. The Company filed a Form 8-K with the Securities & Exchange Commission on July 14, 2010 detailing these transactions with Sloane Investments, Inc., this filing can be accessed by clicking here.
The Company is now solely reliant upon Sloane Investments, Inc. for its ongoing funding requirements until such time as the Company has executed the sales agreements in respect of its stockholding in Bouse Gold, Inc. and in South Copperstone, Inc. and paid out these sales proceeds to its stockholders as a single Extraordinary Dividend.
We do not interpret Sloane Investments, Inc.’s acts as “Hostile”, we accept that we will need to work extremely closely with the representatives of Sloane Investments, Inc. who have made it very clear that they wish the Company to consummate the sale of its stockholding in both Bouse Gold, Inc. and in South Copperstone, Inc. and at “Top Dollar”, they want this to happen immediately and they wish to see an extremely swift distribution of these sales proceeds to all stockholders with themselves being the Company’s single largest stockholder.
We are negotiating with Sloane Investments, Inc. as to (a) their terms and conditions in respect of their provision of the immediate term funding required by ourselves and (b) their terms and conditions in respect of the Company’s entire outstanding Loan Notes which they now own.
Stockholders will be updated as to these developments without delay. This will not in any way, delay nor affect the Company’s stated plans.
