SOURCE: FORTRESS FINANCIAL GROUP, INC.

August 12, 2008 09:26 ET

Fortress Financial Group, Inc. -- Further Stock Repurchases

Company Confirms That the Company Has Repurchased Additional "Free Trading" Shares of Its Common Stock

NEW YORK, NY--(Marketwire - August 12, 2008) - Fortress Financial Group, Inc. (PINKSHEETS: FFGO) confirms that the Company has repurchased additional amounts of its "free trading" shares of Common Stock on August 11, 2008.

The Company repurchased an additional 312,000,000 shares of its "free trading" stock at prices of US$0.0003 and US$0.0004 per share on August 11, 2008 in the market. The Company will be instructing its Transfer Agent to cancel these shares of its Common Stock. These repurchases were settled in cash.

The Company's outstanding shares of Common Stock as at August 12, 2008 are now in the amount of 31,167,377,817. This includes all the restricted shares of the Company's Common Stock.

The Company will continue to repurchase "free trading" shares of its Common Stock.

The Company is filing a detailed Form 8-K with the SEC on Tuesday, August 12, 2008 in respect of the share buybacks on August 11, 2008.

About Fortress Financial Group, Inc.

Fortress Financial Group, Inc. was primarily engaged in the issuing and marketing of prepaid debit card and related payment solution activities. Through the closure of the Trinity Mercantile Finance Group and the Mortgage Bank acquisitions; Fortress Financial Group, Inc. is now expediting its plans to become a broadly based Consumer Finance Group. The "Mortgage and Consumer Lending Divisions" will comprise the vast majority of the Group's earnings in the immediate to medium term.

The Company is utilizing its substantial Balance Sheet of circa US$500 million (this will be reduced to US$100 million after the Extraordinary Dividend payment); comprised of quoted and unquoted Gold Mining & Exploration stocks; to aggressively fund a large number of acquisitions in the consumer financial services sector; initially focused in the Mortgage Lending and Banking sectors.

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 as "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 Information

  • Contact:
    Fortress Financial Group, Inc.
    Alan Santini
    Chief Executive Officer
    Email Contact
    Tel: (954) 840-6961