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If you would like to modify or suspend this alert, please login to your Scottrade account and navigate to the "Alerts" page under the "My Account" tab. News for 'HGLC' - (Fortress Financial Group, Inc. -- Potential Sale of Hunt Gold Corporation Stock Company Confirms Potential Sale of Its "Free Trading" Stock in Hunt Gold Corporation)
NEW YORK, NY, Aug 13, 2008 (MARKET WIRE via COMTEX) -- Fortress Financial Group, Inc. (PINKSHEETS: FFGO) confirms that it is in advanced discussions to dispose of its 483,000,000 "free trading" shares of Hunt Gold Corporation Common Stock, with the Private Equity Group currently bidding for control of Hunt Gold Corporation with another unrelated party.
Should the Company obtain a price of US$0.03 per share for these shares, that being the current bid price for Hunt Gold Corporation, this will result in a cash injection of US$14,490,000.
These funds will be utilized in the Company's FICO Enhancement & Credit Repair business housed in California-based, Trinity Consumer Finance, Inc. ("Trinity"), a wholly owned subsidiary company of Fortress Financial Group, Inc.
Trinity is generating extremely large returns on its Loan Book and a large additional cash injection into Trinity will have a very substantial impact upon the Company's earnings.
The Company's Management is of the opinion that the holding of these shares of Hunt Gold Corporation stock do not fit into our strategy and that all of these "non core" assets held by the Company be disposed of and the funds be utilized to grow our existing businesses, businesses that we are acquiring, and to focus on growing our earnings per share.
Fortress Financial Group, Inc. will continue to hold its restricted stockholding in Hunt Gold Corporation for the time being.
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. Through the closure of the Trinity Mercantile Finance Group and the Mortgage Bank acquisitions; Fortress Financial Group, Inc. is now expediting its plans to become a broadly based Consumer Finance Group. The "Mortgage and Consumer Lending Divisions" 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$100 million comprised of quoted and unquoted Gold Mining & Exploration stocks (This is after the payment of the Extraordinary Dividend of US$400 million to stockholders); to aggressively fund a large number of acquisitions in the consumer financial services sector; initially focused in the Mortgage Lending and Banking sectors.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such a "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the SEC.
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