First Guardian Financial Corporation FGFC)
today reported that its Board of Directors has directed executive
management on Wednesday, June 7, 2006, to formulate a share buyback
program to further reduce the company's outstanding/float of common
shares.
Business Editors
NEW YORK--(BUSINESS WIRE)--June 8, 2006--
The company's executive management will prepare a proposed share
buyback program within the next week per the Board of Directors
request, management will attempt to budget/spent up to 0.06 (cents per
share) to purchase/buyback on the open market (of its shares) up to
(25,000,000) twenty five million of its shares, thus further reducing
the company's outstanding/float to 53,331,916 shares. "This directive
reflects the continued commitment of First Guardian Financial
Corporations management and Board of Directors to reduce the
outstanding/float and restrict any dilution while creating maximum
value for our current and future shareholders," said Abraham Rosenman,
President.
At the same meeting, the board directed executive management to
review its opportunities with Alliance Financial Services (they are
under retainer to the company) to provide acquisition and/or merger
funding via self liquidating zero coupon bonds, the process is very
appealing as the bonds (AAA Rated) are purchased through brokers such
as Merrill Lynch, Credit Suisse or other major brokerage houses and
financed by The Bank of Israel or other major banking institutions and
will provide another valuable source of financing for further growth,
without diluting the company's shares.
"The Board of Directors has directed me to reduce the
outstanding/float shares as much as I can to a pre forward split price
of at least 0.90 to 1.00 per share, given this task I will continue to
seek opportunities to reduce the outstanding/float shares as much as
possible, while creating/increased revenues and value for the
company," said Abraham Rosenman.
About First Guardian Financial Corporation:
The company is a Financial Holding Company currently providing
Commercial Real Estate Financing & Invests for its own portfolio in
small to mid sized businesses. Its primary goal is to provide short
term financing within the commercial real estate market and invest and
or provide secured short term financing to businesses either in the
start up stage or growth stage throughout the United States.
This press release does not constitute an offer of any securities
for sale. This press release contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. These
forward-looking statements involve certain risks and uncertainties
that could cause actual results to differ, including, without
limitation, the company's limited operating history and history of
losses, the inability to successfully obtain further funding, the
inability to raise capital on terms acceptable to the company, the
inability to compete effectively in the marketplace, the inability to
complete the proposed acquisition and such other risks that could
cause the actual results to differ materially from those contained in
the company's projections or forward-looking statements. All
forward-looking statements in this press release are based on
information available to the company as of the date hereof, and the
company undertakes no obligation to update forward-looking statements
to reflect events or circumstances occurring after the date of this
press release.
KEYWORD: NORTH AMERICA NEW YORK UNITED STATES
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: First Guardian Financial Corporation
CONTACT INFORMATION:
First Guardian Financial Corporation
Investor Relations, 212-572-4823
Fax: 212-572-6499
ir@guardianfinancialcorp.com
www.guardianfinancialcorp.com
A True Wise Person Realizes How Much They DON’T Know, Rather Than How Much They DO..
