Monday, November 12, 2018 8:43:14 AM
Understanding the there has been some extremely active FRTN trading days over the
last three months, this has taken a massive amount of shares out of the FRTN Float.
We now have The FRTN Perfect Storm. A Triple Event Situation has arrived.
1. FRTN was depressed internally as the FRTN PPS suffered. The FRTN Majority
Shareholders took over, apparently performed a “CERTIFIED AUDIT”, are submitting
the filings to the OTCBB, becoming FULLY TRANSPARENT, getting the STOP SIGN
removed and apparently the NEW FRTN BOD is ready to release an onslaught of
Company Updates, Company News and FRTN Official Press Releases.
2. After the Official Press Release (here) ...
(((Fortran Corporation Issues Current Report
8/31/18, 6:27 PM
HICKORY, NC, Aug. 31, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE - On August 31, 2018, Fortran Corporation ("Fortran") (OTC: FRTN), in consultation with its legal and financial advisors, concluded that it's condensed consolidated balance sheets as of September 30, 2017 and 2016, March 31, 2017 and 2016, and December 31, 2016 and 2015 and the related condensed consolidated statements of operations and condensed consolidated statements of cash flows for the periods then ended, and it's condensed consolidated balance sheets as of June 30,2017 and 2016 and the related condensed consolidated statements of operation and condensed consolidated statements of cash flows for the year then ended (collectively, the "Financial Statements"), shall no longer be relied upon because of an error in such Financial Statements.
The error relates to the accounting treatment of Fortran's acquisition of an 80% interest in each of Tower Performance Construction, Inc. and Tower Performance, Inc. (collectively, the "Subsidiaries"), which interests were acquired pursuant to the terms of a Stock Purchase Agreement dated effective as of October 30, 2015. In connection with the acquisition of the 80% interest in each of the Subsidiaries, Fortran entered into an Operations Agreement (the "Operations Agreement") with the remaining 20% owners of the Subsidiaries. The Operations Agreement contains provisions that effectively shift the management control of the Subsidiaries from Fortran to the 20% owners. Because of this shift in control, pursuant to applicable generally accepted accounting principles, the acquisition of the Subsidiaries must be accounted for as an "investment" rather than as a "purchase." This change in accounting treatment requires that the financial results of the Subsidiaries be reported on an investment basis rather than on a consolidated basis in Fortran's financial statements.
Fortran anticipates that it will issue restated unaudited Financial Statements in the near future to eliminate the consolidation of the Subsidiaries financial statements with those of Fortran and, in lieu thereof, to report the acquisition of the Subsidiaries as an investment on Fortran's financial statements. When completed, the restated financial statements will be filed on OTCMarkets.com)))
...of the Ousted FRTN BOD, the New FRTN BOARD
worked diligently to right the ship. (Train) And they did!!!
3. Since that simple and Official FRTN Press Release was issued, there has
been a relatively steady influx of FRTN Share Buying over the last 3 months.
A couple things have been happening during this time.
A. Those who believed that the New FRTN BOD was going to follow through
and get this Company back on Track were buying as they could. This slowly
soaked up the FRTN Float, which was minuscule to begin with at less than 13
million shares.
B. Shorts were taking a position because the odds were not in favor of FRTN
actually surviving this internal onslaught.
Guess what... SHORTS LOST THIS ONE, BABY!!!
There you go!!!
Anyone who owns FRTN is gonna do well!!!
CONGRATULATIONS IN ADVANCE!!!!!!
"Pride is a Wicked Evil when it’s Staffed with Revenge..."
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