Fortress Financial Group, Inc. -- Further Stock Repurchases
Company Confirms That the Company Has Repurchased Additional "Free Trading" Shares of Its Common Stock
NEW YORK, NY, Jul 30, 2008 (MARKET WIRE via COMTEX) -- Fortress Financial Group, Inc. (PINKSHEETS: FFGO) confirms that the Company has repurchased additional amounts of its "free trading" shares of its Common Stock on July 28, 2008 and July 29, 2008.
The Company repurchased an additional amount of 816,000,000 shares of its "free trading" stock at prices of US$0.0005 and at US$0.0006 per share; on July 28, 2008 and on July 29, 2008, in the market. The Company will be instructing its Transfer Agent to cancel these shares of its Common Stock. This represents a further 2.53% reduction in the Company's shares of its outstanding Common Stock. These repurchases were settled in cash.
The Company had hoped to acquire at least an additional 1 billion "free trading" shares in these past two days on the weakness in the price per share; but was unsuccessful. The Company is being as prudent and as conservative as possible in respect of the price paid per share on these repurchases in order to repurchase as much of the "free float" as possible; at the lowest possible price per share.
The Company has resolved to reduced its Authorized Share Capital to that of 35 billion shares immediately.
The Company's outstanding shares of Common Stock as at July 30, 2008 are now in the amount of 31,479,377,817. This includes all the restricted shares of the Company's Common Stock.
The Company had as at July 29, 2008, reduced its outstanding shares of Common Stock by an amount of 47% in the last month.
The Company will continue to repurchase "free trading" shares of its Common Stock today, being July 30, 2008 and will continue to do so, thereafter.
The Company's Net Asset Value per share as July 23, 2008 is now in the amount of 1.6 cents (US$0.016) per share of the Company's Common Stock.
The Company intends to continue its buyback of its shares of Common Stock; and remains extremely committed to a vastly reduced number of its outstanding shares of Common Stock and a considerably diminished "free float."
The Company is filing a detailed Form 8-K with the SEC on Wednesday July 30, 2008 in respect of the share buybacks on July 28, 2008 and on July 29, 2008; as well as setting out a very detailed explanation of its calculations in respect of its Net Asset per Share.
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$500 million (this will be reduced to US$100 million after the Extraordinary Dividend payment); 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 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 as "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 companies' annual report on Form 10-K or 10-KSB and other filings made by such company with the SEC.
Fortress Financial Group, Inc.
Chief Executive Officer
Tel: (954) 840-6961