NEW YORK--(BUSINESS WIRE)--June 13, 2006--First Guardian Financial Corporation (Pink Sheets: FGFC - News) today reported that during a specially called Board of Directors meeting that it has adopted a resolution on Monday, June 12, 2006, to further reduce the Company's outstanding shares of common stock by another 20 million shares.
The reduction will be above and beyond the previously announced projected buyback plan of 25 million common shares as previously announced the plan calls for the company to pay up to 0.06 cents per share as the company believes in its future very strongly and at that level (the company believes) it is at least 40% below value (pre forward split levels). "This resolution reflects the commitment of First Guardian Financial Corporations management and Board of Directors to restore and build value for our current and future shareholders," commented Abraham Rosenman, President.
"The company would like to reduce the common shares outstanding to no more than 15 to 20 million shares; in conjunction with its reduction plan, the company is also working diligently on obtaining audited financial statements for its desired move to the OTCBB," said Abraham Rosenman, President FGFC.
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.
Contact:
First Guardian Financial Corporation
Investor Relations, 212-572-4823
Fax: 212-572-6499
ir@guardianfinancialcorp.com
www.guardianfinancialcorp.com
Source: First Guardian Financial Corporation
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