First Guardian Financial Corporation Agrees to Acquire Another 50 Million Common Share Block from Its Predecessors, Thus Reducing the Outstanding Restricted Shares to Less Than 20 Million & Commences Buyback Program
NEW YORK--(BUSINESS WIRE)----First Guardian Financial Corporation (Pink Sheets: FGFC) today announced that it has agreed to acquire another block of 50 million outstanding restricted common shares & commences its previously announced buyback program.
The Company keeping with its stated commitment to reduce its share structure has reached an agreement to acquire another block of 50 Million Restricted Common Shares from the previous management, with this purchase the company's authorized shares will be reduced to 102 Million.
The company now after completing this purchase of 50 million restricted shares coupled with the previous purchase and retirement of 48 million restricted shares will now focus on its stated buyback program to further reduce its authorized and outstanding shares even further.
FIRST GUARDIAN FINANCIAL CORP
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Other OTC:FGFC
Updated: 11:46 ET
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"The company keeping with its stated objective of reducing the number of authorized and outstanding shares is extremely pleased to have been able to reach this agreement to acquire this block of 50 million shares and now will focus on buying back additional shares on the open market and retiring them to the company's treasury," stated Abraham Rosenman, President of First Guardian Financial Corporation. Mr. Rosenman also stated, "When the entire buyback program is completed the company expects to have no more than 50 million shares authorized and approximately no more than 35 million shares in the public float thus creating the appropriate shareholder/investor value as we proceed to applying for listing on the OTCBB."
About First Guardian Financial Corporation:
The company is a Financial Holding Company currently providing Commercial Real Estate Financing & Invests and provides financing for its own portfolio in small to mid sized businesses nationally. 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.
First Guardian Financial Corporation Investor Relations, 212-572-4823 Fax: 212-572-6499 Investor.relations@guardianfinancialcorp.com www.guardianfinancialcorp.com
07/11/2006 07:44
