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Fortress Financial Group, Inc. - US$5 Million Share Buyback and Acquisitions
Thursday June 12, 11:59 am ET
Company Confirms Planned Share Buyback and Confirms That All Planned Acquisitions Are On Track
NEW YORK, NY--(MARKET WIRE)--Jun 12, 2008 -- Fortress Financial Group, Inc. (Other OTC:FFGO.PK - News) confirms that all acquisitions being negotiated by the Company have now been finalized.
The Management of the Company has resolved to commence a share buyback, in the initial amount ofUS$5 million with the aim of reducing the Company's outstanding shares by as much as 30% in the next two months. This will commence upon the announcement of the Company's acquisitions, as previously outlined in various announcements by the Company. Stockholders will be notified weekly as to the amount of shares of the Company's Common Stock repurchased; through the Company filings with the SEC.
The share buyback will be financed through the utilization of the Company's substantial Gold Mining investment portfolio.
It is extremely likely that the scale of this share buyback programme will be substantially increasedin light of the Company's Management decision that the Company trading as a "Sub penny" or "Penny" stock is not in the best interests of the Company. Management has ruled out any Reverse Split whatsoever of the Company's stock, as it has proven to be prejudicial to stockholders. The Company can easily expend an additional amount of US$20 million on this buyback given that its quoted share portfolio is currently valued at US$53 million with another US$800 million being raised through the exchange of its interests in its "Bouse" and "South Copperstone" Gold Mining & Exploration interests for quoted shares; in and during this month.
The Company took a decision not to complete and announce these acquisitions until such time as all outstanding issues such as the distribution of Hunt Gold Corporation Stock Dividends had been completed. It was decided that the company needed a "fresh start" and to be unencumbered by past issues which were harmful and prejudicial to the Company on a going forward basis.
The Company has been advised by its Professional Advisors that these outstanding issues will be resolved within days.
The "first round" of these acquisitions, which will cement the "Company's base" in the Consumer Finance Sector; will be announced along with the various filings with the SEC; very shortly. The Company has completed and finalized all of its planned acquisitions. The Company apologizies to its stockholders for delaying these completions and announcements; but Management was firmly of the opinion that these past issues needed to be laid to rest in order for the Company to proceed in a strong and positive manner; given that a substantial number of new Executives and stockholders would be joining the Company through these acquisitions.
About Fortress Financial Group, Inc.
Fortress Financial Group, Inc. was primarily engaged in the issuing and marketing of prepaid debit card and related payment solution activities. Upon the closure of the Trinity Mercantile Finance and the Mortgage Bank acquisitions; Fortress Financial Group, Inc. will expediting its plans to become a broadly based Consumer Finance Group. The "Mortgage Division" will comprise the vast majority of the Group's earnings in the immediate to medium term.
The Company is utilizing is substantial Balance Sheet of circa US$1billion comprised of quoted and unquoted Gold Mining & Exploration stocks; to aggressively fund a large number of acquisitions in the consumer financial services sector; initially focused on the Mortgage Lending and Banking sector.
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