SOURCE: 1st Global Financial Corporation

March 22, 2011 16:05 ET

1st Global Financial Corporation Signs Binding Agreement and Enters Escrow to Acquire 100 Acres in Deserts Hot Springs, California

LAS VEGAS, NV--(Marketwire - March 22, 2011) - 1st Global Financial Corporation (PINKSHEETS: FGBF) is proud to announce that it has signed a binding agreement and entered into escrow to acquire over 100 acres of undeveloped commercial property located in the city of Desert Hot Springs. The purchase price is for over $1,000,000 which includes existing tax debt encumbrances.

1st Global Financial Corp currently has the ability to acquire options on properties all over the world at extremely favorable pricing. However, this is the first property here in the United States and elsewhere that FGBF will be closing on and bring into the Company. This transaction is expected to be closed in the next few weeks but in no event later than April 30, 2011. There are no contingencies imbedded in this transaction and escrow is in place to ensure the smooth transition of the transaction. In this particular property acquisition restricted shares of FGBF will be used for the purchase of these 100 acres.

John Bannister stated, "This is the initial implementation of our plan of acquiring Real Property. We plan on completing the acquisition of properties that we have options on in the near future. These consist of the Copacabana property in Cape Verde and the Palmyra property located in Portugal. We are expecting to confirm more option agreements in the near future with expectations of closing several acquisitions before the end of the year."
For more information about the properties please go to our website and click on the property tab located at the top of the website home page.

For additional information about 1st Global Financial Corporation please visit our website,

www.1stglobalfinancialcorp.com

Safe Harbor Statement: This release includes forward-looking statements. These forward-looking statements generally can be identified by phrases such as FGBF or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.

Contact Information

  • Contact:
    1st Global Financial Corporation
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    info@fgbf-corp.com
    702-448-1861