This is good news. Just waiting now for the "Extraordinary" news
Fortress Financial Group, Inc. (PINKSHEETS: FFGO) confirms that the Company has submitted all stock repurchased to the Transfer Agent for immediate cancellation.
Copies of all of the documentation and Stock Certificates are already in the possession of "Securities Team A" of the Transfer Agent. The Transfer Agent will receive the original documentation on Friday September 5, 2008.
The Transfer Agent stated to stockholders that their records reflected an outstanding number of shares of Common Stock in the amount of 60,050,850,057. This was incorrect and is now in the amount of 59,150,850,057 shares of Common Stock. The Transfer Agent has confirmed their error and its correction to the Company in writing.
An amount of 13,256,330,643 "free trading" shares of Fortress Common Stock and an amount of 14,332,141,597 restricted shares of Fortress Common Stock have been repurchased by the Company.
All of the Stock Certificates and required paperwork in respect of these repurchases and cancellations is in the possession of the Transfer Agent.
An additional amount of 4,500,000,000 (four billion five hundred million) restricted shares of Fortress Common Stock are being cancelled in respect of the termination of various "Signing Bonuses." All of the required paperwork in respect hereof is in the possession of the Transfer Agent. Form 4 filings will be made in respect hereof.
The Company's outstanding shares of Common Stock as at September 3, 2008 are now in the amount of 27,062,377,817. This includes all the restricted shares of the Company's Common Stock.
The Company expects to be in a position to confirm that the Transfer Agent has cancelled these shares of the Company's stock and that the stockholder register reflects the correct amount shares in the amount of 27,062,377,817 shares of Common Stock very shortly. The Company requested that the Transfer Agent treat these cancellations as extremely urgent.
The Company wishes to place on record that it did not instruct the Transfer Agent not to divulge details of the Company's outstanding shares. A number of stockholders claim this to be case. Should the Transfer Agent be unwilling to talk to stockholders, we suggest that stockholders liaise with Financial Insights, the IR firm representing the Company.
The Transfer Agent has not indicated to the Company whatsoever that it is not prepared to divulge details to stockholders any longer and the Company cannot and will not speculate as to the Transfer Agent's reasons for not doing so, if this is in fact, the case. The Company has no objection to Financial Insights providing proof of these cancellations and as to the number of outstanding shares and to this end, the Company has directed the Transfer Agent to provide Financial Insights with this information.
The Company advises eligible stockholders to file Form 13(g) and Form 13(d) upon verification of the new outstanding number of shares by the Transfer Agent.
The Company can now categorically confirm that the reduced outstanding number of shares of Common Stock must and will be verified by Transfer Agent as per all Form 8-K filings and Announcements made by the Company. This process has been expedited with the Transfer Agent so as to ensure that the outstanding number of shares of the Company's Common Stock is accurate to ensure that there are no errors whatsoever in the payment of the forthcoming Extraordinary Stock Dividend.
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.
Contact:
Financial Insights (Dick Granieri/Gordon Otter)
E Mail : Email Contact
Telephone : 1-800-530-3545
Fortress Financial Group, Inc.
Alan Santini
Chief Executive Officer
Email Contact
Tel: (954) 840-6961
