Fortress Financial Group, Inc. – Schedule of Stock Dividends
SOURCE:
FORTRESS FINANCIAL GROUP, INC.
2008-08-21 12:01:00
Fortress Financial Group, Inc. – Schedule of Stock Dividends
Company Clarifies the Stock Dividend Distribution
NEW YORK, NY–(EMWNews – August 21, 2008) – Fortress Financial Group, Inc. (
majority, if not all, of its assets to its stockholders, in Stock
Dividends.
The Company clarifies these Stock Dividend distributions in order for
stockholders to clearly understand the value and the relevant dates, as
follows:
1. ENLARGED EXTRAORDINARY DIVIDEND OF GOLDCO SHARES OF COMMON STOCK
Company to distribute all of its Gold assets (through the Goldco shares) to
its stockholders in the form of an Enlarged Extraordinary Dividend now
valued at US$0.0178 per share of the Company’s Common Stock. This Stock
Dividend is valued at US$498,422,955 in Goldco shares of Common Stock.
The “Record Date” and the “Pay Date” will be announced at such time as the
Company is in possession of its shares of Goldco; after the sale of the
Company’s interests in both the “Bouse” and “South Copperstone” Gold Mining
Projects to Goldco. Goldco has indicated completion on August 29, 2008.
The Company cannot file to set a “Record Date” for this Stock Distribution
until such time as it is in possession of the Goldco shares of Common
Stock.
The Company will not delay in setting this “Record Date”; of that,
stockholders may rest assured.
The Company will not be retaining any shares in Goldco whatsoever.
2. SECOND DIVIDEND; THAT BEING STOCK IN ALAN SANTINI’S NEW COMPANY:
Alan Santini, the CEO of Fortress Financial Group, Inc., will be resigning
from the Company as its CEO and from its Board of Directors; after the
completion of these Stock Dividend Payments.
Alan Santini’s new Company, quoted on the OTC Pink Sheets Market, will be
acquiring certain of this Company’s subsidiary companies. These purchases
will be settled in stock in Alan Santini’s new Company.
At this time, we are negotiating an “arms length” valuation of these
companies and expect to announce the details of these transactions fairly
shortly.
Alan Santini has expressed his wish that these shares in his new Company
and being paid to this Company, be distributed to this Company’s
stockholders; and in full.
Once these deals have been agreed and this Company is in possession of the
stock in Alan Santini’s new Company; this Company will set a “Record Date”
and “Pay Date” for the distribution of these shares to this Company’s
stockholders. AT that time, we will be in a position to announce the value
per share of this Stock Dividend.
The Company will not be retaining any stock in Alan Santini’s new Company
whatsoever.
3. THIRD CASH DIVIDEND IN RESPECT OF THIS COMPANY’S STOCK HOLDING IN HUNT
GOLD CORPORATION:
The Company will be retaining its stockholdings in Hunt Gold Corporation
for the time being; as the Company’s Management is confident that this
could remain a very profitable investment for the immediate term. These
holdings have a market value of US$7,214,409; but Management remains
confident that the “free trading” shares held in Hunt Gold Corporation by
this Company, will fetch a substantial premium to that Company’s current
stock price. The Company announced on August 19, 2008 that should the
Company obtain a price of US$0.03 per share for the “free trading” shares,
that being at the last bid price for Hunt Gold Corporation; this will
result in a cash injection of US$14,490,000. Should this be achieved; this
will result in cash dividend for this Company’s stockholders valued at
US$0.00051 per share.
Fortress Financial Group, Inc. has a direct “free trading” holding in Hunt
Gold Corporation and in the amount of 2,509,488 shares of their Common
Stock; after the transfer to the Hunt Gold Corporation’s Transfer Agent
“Reserve Account” of an amount of 40,059,532 shares of Hunt Gold
Corporation shares of “free trading” Common Stock to ensure no further
delays in the balance of that Stock distribution by the DTCC.
Fortress Financial Group, Inc. holds an additional amount of 483,750,099
“free trading” shares of Hunt Gold Corporation Stock. It is these shares
that the Company is hoping will command a substantial premium; resulting in
cash dividend to its stockholders.
Fortress Financial Group, Inc. holds an additional amount of 1,363,588,873
restricted shares of Hunt Gold Corporation’s shares of Common Stock. It
will not be cost effective to distribute these shares to our stockholders
and the Company may either retain this holding; or to sell this holding to
Alan Santini’s new Company in exchange for additional shares in Alan
Santini’s new Company. This would further increase the size of that Stock
Dividend of this Company’s stockholding in Alan Santini’s new Company, to
our stockholders.
4. OTHER ASSETS HELD BY THE COMPANY
The Company is currently assessing the value and potential for disposal of
additional assets held by this Company and stockholders will be advised as
to our decision in due course.
5. PROCESS OF DISTRIBUTION OF STOCK DIVIDENDS
The Company will now focus on the setting of the various “Record Date” and
“Pay Date” for each of these Dividends, commencing with the enlarged
Extraordinary Dividend of Goldco shares of Common Stock.
Stockholders will be advised as to these dates as soon as they are filed
and set and not before. It is imperative that in order to be eligible for
the receipt of these Dividends; stockholders will be required to be
registered as stockholders by the “Record Dates” as they are filed by the
Company.
In order to ensure a 100% accurate payout of these Dividends, the Company
has retained the services of a specialist firm who will co-ordinate the
entire process and liaise with all of the various Transfer Agents involved.
All stock dividends involving Goldco shares of Common Stock and stock in
Alan Santini’s new Company; will be sent to eligible stockholders by
registered mail on the “Pay Date” on each of those two Dividends. In the
event of a cash dividend, these will be handled in the normal course of
business by the Transfer Agent to the Company.
The Company will ensure that all stock repurchases by the Company; are
cancelled by its Transfer Agent well before the “Record Date” of any of
these Stock Dividends; and that the Transfer Agent’s records match those of
the Company’s; following these stock repurchases by the Company.
Alan Santini, the CEO of Fortress Financial Group, Inc., stated, “that he
hoped this clarification would enable stockholders to get an accurate
picture of the dividends and their value to each stockholder.” Alan Santini
added “that he was not in the business of giving a free ride to those who
wish to purchase stock solely for these Dividends, as his loyalties lay
with his long term stockholders and warned that very little notice will be
given in respect of the ‘Record Dates’ of these stock dividends.” Alan
Santini “stated clearly that he wished to expedite the payment of these
dividends and lay the past history of this Company to rest, once and for
all.”
About Fortress Financial Group, Inc.
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 a “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 company’s
annual report on Form 10-K or 10-KSB and other filings made by such company
with the SEC.
| Contact:
Investor Insights Fortress Financial Group, Inc. Tel: (954) 840-6961 |
|
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