First Guardian Financial Corporation Completes First Round of its Previously Announced Share Buyback Program
NEW YORK--(BUSINESS WIRE)----First Guardian Financial Corporation (Pink Sheets: FGFC) today announced that the company has completed the first round of its previously announced buyback program. It has purchased 10 million common shares and will retire them to the company's treasury.
With this first round of the share buy back plan, it will reduce the company's authorized shares to 142 million. The company will continue to acquire additional shares and retire them until it has reached the stated goal of purchasing 50 million shares, giving the company upon completion only 102 million authorized shares.
The company will file the proper corporate resolutions with the Secretary of State, Delaware by the end of business next week. The company will also provide its Transfer Agent all corporate resolutions reflecting such reductions and the current share structure.
FIRST GUARDIAN FINANCIAL CORP
[Stock Ticker Chart]
Other OTC:FGFC
Updated: 12:06 ET
0.014 -0.0015
"We are extremely pleased with the progress the company is making on all fronts of its business plan, within such a short period of time. Within a couple of months, we have been able to reduce the company's authorized share structure from 520 million authorized to 142 million," stated Abraham Rosenman, President of First Guardian Financial Corporation. Mr. Rosenman also stated, "We will continue to acquire/reduce the share structure to the previously announced share structure of 102 million authorized."
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
07/25/2006 07:47
