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22.06.2016 20:45
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PR Newswire
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Fortran Corporation Issues Corporate Update and Letter to Shareholders
Zeitungsständer (Symbolbild).
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PR Newswire
HICKORY, N.C., June 22, 2016
HICKORY, N.C., June 22, 2016 /PRNewswire/ -- Fortran Corporation (OTC: FRTN), a leading communications system integrator and tower service provider, issues the following update to its shareholders.
Our business has improved by the following:
- Gross Revenues in FYE 2014/2015: 3,930 with a net profit of (196,000)
- Gross Revenues in 9-mo 2015/2016: 6,523 with a net profit of 185,280
Our estimated EBITDA by the end of Q1 (Sept. 2016) to be in excess of $500,000.
Initiatives for Q1 & Q2 2016/2017
- File Voluntary 10K and 10Q for FYE 2015/2016 Q1.
- Completed PCOAB Audit and File Form-10 Q2.
- Complete registered debt/security offering Q2/Q3.
Management believes that reporting to the SEC will provide greater market transparency, recognition and shareholder value currently not reflected in our share price.
During the last 90-days, Management made three Letters-of-Intent (LOI's) of acquisition targets with total revenues of $35,000. None of those offers have been accepted at this time.
A Letter to Stockholders is posted on www.otcmarkets.com under the "news" tab under ticker symbol "FRTN" and then "Letter to Shareholders."
About Fortran Corporation
Fortran Corp., operates in the communications and cooling tower business segments throughout the US through its subsidiaries. For more information call 800-735-8600.
Disclaimer
This press release is for information purposes only and is not intended to constitute, and should not be construed as, an offer to sell or a solicitation of any offer to buy shares of Fortran Corporation in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction, and the distribution of this communication in jurisdictions may be similarly restricted. The matters discussed herein may also be affected by risks and uncertainties described from time to time in Fortran Corporation's filings with the OTC Markets News Service. The company assumes no obligation to update any forward-looking statement.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fortran-corporation-issues-corporate-update-and-letter-to-shareholders-300288839.html
SOURCE Fortran Corporation
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