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Company Confirms It Has Been Advised That a Private Equity Group Intends to Acquire 51% of the Company's Outstanding Stock
Jul 31, 2008 11:31:00 AM
NEW YORK, NY -- (MARKET WIRE) -- 07/31/08 -- Fortress Financial Group, Inc. (PINKSHEETS: FFGO) has been inundated with requests for information following certain statements in respect to a Private Equity Group acquiring up to 51% of this Company's shares of Common Stock.
We can confirm that this is now extremely likely, as a number of substantial restricted stockholders have confirmed to us this morning that they have sold their shares to this Private Equity Group today. We calculate that they will be in a position to obtain 51% of this Company by Monday August 4, 2008, if not before. It appears that this Private Equity Group has built up a substantial position of the Company's "free trading" stock over a period of some time.
The CEO and controlling stockholder of the Private Equity Group has confirmed that Alan Santini will remain as CEO of Fortress Financial Group, Inc. and that the Extraordinary Stock Dividend will proceed as announced. This is a pure "value play" for this Private Equity Group.
There is now little doubt that the same Private Equity Group intends to mount a takeover bid for Hunt Gold Corporation.
Alan Santini, the CEO of Fortress Financial Group, Inc., commented that they have his full support and that he was extremely comfortable with having a supportive controlling stockholder with deep pockets. Alan Santini added that the CEO and controlling stockholder of the Private Equity Group was well known to him for a long period of time and enjoyed his full trust and respect.
Stockholders can expect to see a number of Form 13(d) filings from this Private Equity Group being filed with SEC within the allotted ten day period as they build up their stake in the Company.