Penny Stocks In The News
Company Confirms That the Company Has Repurchased Additional "Free Trading" Shares of Its Common Stock
Jul 30, 2008 8:30:00 AM
NEW YORK, NY -- (MARKET WIRE) -- 07/30/08 -- 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 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.