Penny Stocks News On The Pink Sheets
Jul 23, 2008 1:17:00 PM
NEW YORK, NY -- (MARKET WIRE) -- 07/23/08 -- 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 21, 2008 and July 22, 2008.
The Company repurchased an additional amount of 1,000,000,000 shares of its "free trading" stock at a price of US$0.0001 per share on July 21, 2008 and on July 22, 2008, in the market. The Company will be instructing its Transfer Agent to cancel these shares of its Common Stock. This represents a further 3% reduction in the Company's shares of its outstanding Common Stock. These repurchases were settled in cash.
The Company's outstanding shares of Common Stock as at July 23, 2008 are now in the amount of 32,295,377,817. This includes all the restricted shares of the Company's Common Stock.
The Company had as at July 23, 2008, reduced its outstanding shares of Common Stock by an amount of 45.4% in the last month.
The Company will continue to repurchase "free trading" shares of its Common Stock today, being July 23, 2008, and will continue to do so thereafter.
The Company's Net Asset Value per Share as at July 23, 2008 is now in the amount of 1.53c 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 23, 2008 in respect of the share buybacks on July 21, 2008 and on July 22, 2008 as well as setting out a very detailed explanation of its calculations in respect of its Net Asset per Share.