July 31, 2008 11:31 ET

Fortress Financial Group, Inc. -- Potential Change of Control

Company Confirms It Has Been Advised That a Private Equity Group Intends to Acquire 51% of the Company's Outstanding Stock

NEW YORK, NY--(Marketwire - July 31, 2008) - 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.

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 is substantial Balance Sheet of circa US$100 million comprised of quoted and unquoted Gold Mining & Exploration stocks (This is after the payment of the Extraordinary Dividend of US$400 million to stockholders), 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 companies' 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