Fortran Corp. (FRTN)

[samplescave]

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Fortran Corporation Shareholder Update

3/5/20, 1:42 PM
Conover, NC, March 05, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Fortran Corporation (OTC: FRTN) is pleased to announce that we have completed the sale of our 80% interest in Tower Performance, Inc., Tower Performance Texas, and Tower Performance Construction, Inc. held through one of our subsidiaries, New TPI, LLC.

We expect that this will remove $1.1 million dollars of debt from our balance sheet and generate additional working capital, which we believe will enable us to focus on our core business.

We are also pleased to announce our latest agreement with Nippon Electric Company ("NEC") to offer NEC’s new and original biometric authentication technologies in six areas—face recognition, iris recognition, fingerprint/palmprint recognition, voice recognition and ear acoustic authentication—which we believe are among the best of their class in the world. We believe NEC provides the most suitable solutions to customers’ needs with its biometric authentication technologies, and, by combining multiple biometric authentication systems, will result in more robust security.

We plan to aggressively move forward with building shareholder value through acquisitions and organic growth. We are currently in discussions with several large profitable companies as potential acquisitions candidates, and will provide updates as we progress.

We are excited about our future and look forward to providing you with regular progress updates.