SOURCE: 1st Global Financial Corporation

March 12, 2007 16:05 ET

1st Global Financial to Retire 660,000 Shares From Issued and Outstanding on or Before April 1, 2007

LAS VEGAS, NV -- (MARKET WIRE) -- March 12, 2007 -- 1st Global Financial Corp (PINKSHEETS: FGBF) (XETRA: ZUM) today announced that, as result of a successful judgment in favor of 1st Global and failure to appeal by defendant within the allotted time frame, the company will be rescinding the 660,000 shares allocated to Debit Cash Card Co. upon its acquisition and returning those shares to the company treasury on or before April 1, 2007.

By removing these 660,000 shares, FGBF is able to reduce the number of shares outstanding of approximately 9,400,000 by more than 7%. Some of these shares were held in certificate form while others will be removed from the free float and returned back to the transfer agent.

"The judgment, as expected, is very positive for 1st Global. However we wanted to make sure that no action was taken to appeal the decision by the defendants before announcing the rescinding of the shares and their return to the company treasury," stated T.A. "Gil" Gillis, President of 1st Global. "We expect the entire share allotment to be canceled by the first week of April 2007 through the transfer agent, thus reducing the number of 1st Global shares issued and outstanding by 660,000 shares."

About 1st Global Financial Corporation

1st Global Financial Corporation's web site is being updated to ensure current company information can be accessed at 1st Global Financial Corporation has two operating subsidiaries: 1st Federal Financial, Inc. is the sales and marketing arm of 1st Global's products, providing merchant bankcard and payment processing for merchants and 1st Federal Advanced Funding, Inc. which provides working capital through an innovative program, to meet needs of small and mid-sized businesses

This release may include "forward-looking statements" from the company that may or may not materialize and recipients are cautioned not to place undue reliance upon them. It is important to note that actual results could differ materially from those in such "forward-looking statements" and "forward-looking statements" are inherently subject to risks and uncertainties.

Contact Information