NEW YORK--(BUSINESS WIRE)----First Guardian Financial Corporation (PINK:FGFC) today announced that it has entered into exclusive negotiations to Joint Venture a 100 Million Dollar Retail/Commercial/Office Development.
First Guardian Financial Corporation will also provide and/or arrange all the required funding to the Joint Venture for the Development.
These Joint Venture Negotiations are in addition to and have nothing to do with the recently contracted 50-acre parcel of land in Canada. The company is currently performing its due diligence on said property.
The company, due to certain non-disclosure agreements and the need to keep the confidentiality of the Joint Venture negotiations, will announce the other party upon the completion of an executed deal. The company, keeping with its policy of openness and transparency, has released this information to the public due to the impact it could have on the company's operations going forward.
In a separate development, the company's launch date for its buysellmerge.com unit has been pushed back by two weeks as to address some technical bugs that need to be worked out, we are confident that it will get done.
In other company developments, we are very near the completion of the second 50 Million Dollar Revolving Warehouse line of credit for Trafalgar Leasing and Finance and will immediately announce such upon it coming to fruition.
"We are very excited about our real estate ventures as they are deemed by management to be very sound investments with the potential for substantial return on investment, along with the fact the company will receive its normal customary fees for arranging the financing of the development. We apologize for the delay in the launch of buysellmerge.com, as things do happen in the world of technology; however we are quite confident it will be corrected very shortly," said Abraham Rosenman, President, First Guardian Financial Corporation.
About First Guardian Financial Corporation:
The company is a Financial Holding Company currently providing Commercial Real Estate Financing & Invest/Joint Ventures 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
08/01/2006 07:58
