NEW YORK, Jun 19, 2006 (BUSINESS WIRE) -- First Guardian Financial Corporation (Pink Sheets: FGFC) today reported that the company as previously announced has completed the reduction of its authorized shares to 200 million total. The Board of Directors has also approved a buyback plan for its outstanding common shares.
The reduction of the company's authorized shares to 200 million total now brings the capitalization of the company to 116,250,132 shares restricted and in management's control and 81,931,116 outstanding and in the public's hands (float) for a total of 198,182,048 shares. "The company has reduced within the last thirty days or so the authorized capitalization from 520 million shares down to 200 million shares now, and we are reviewing ways to further reduce the company's authorized shares," said Abraham Rosenman, President.
The Board of Directors has approved management's buyback plan and budget; it is the company will buyback up to 50 million shares at a maximum price of 0.06 per share for a budgeted commitment of $300,000.00, thus reducing the company's capitalization to 150 million shares. "We are committed to the least amount of available shares available thus enhancing the value of our company," said a member of the Board of Directors.
"The company is fully determined to have as little as necessary of its stock available as possible; we are intent on increasing shareholder value while building our company, as you all can see we are very aggressive in our plan going forward, and it is about to get even more aggressive as we position our company to advance to the OTCBB," stated Abraham Rosenman President of First Guardian Financial Corporation.
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.
SOURCE: First Guardian Financial Corporation
First Guardian Financial Corporation
Investor Relations, 212-572-4823
Fax: 212-572-6499
ir@guardianfinancialcorp.com
www.guardianfinancialcorp.com
