SOURCE: Principal Capital Group

November 24, 2008 10:15 ET

Principal Capital Group, Inc. Provides Shareholder Year End Update

BEVERLY HILLS, CA--(Marketwire - November 24, 2008) - Principal Capital Group, Inc. (OTCBB: PCGI) provides update to its shareholders.

On November 7, 2008, various shareholders of Principal Capital Group, Inc. (PCPG) acquired 64,876,154 shares of common stock of Fortuna Gaming Corp., through a Stock Purchase Agreement. This acquisition of stock represented sixty-six percent (66%) of the issued and outstanding stock of the Company. Through a Board Resolution, the Board appointed Michael Osborn as Director, President and Secretary of the Company and all remaining members tendered their resignations. On November 7, 2008 Mr. Brian Southard, CEO of Principal Structure Fund, Inc., was also appointed to Principal Capital Group's Board for until the next annual shareholders meeting.

Immediately thereafter, the Board of Directors passed a resolution changing the name of the Company to Principal Capital Group, Inc. The resolution was submitted to shareholders for the following items; name change from Fortuna Gaming Corp. to Principal Capital Group, Inc. (NV); and a 2500:1 reverse split of all issued and outstanding shares. After receiving shareholder consent, the Company filed (1) a Certificate of Amendment with the State of Nevada changing the name of the Company to Principal Capital Group, Inc. and (2) an Initial List of Officers placing Michael Osborn as Director, President and Secretary of Company.

The Board of Directors of Company effectuated the recapitalization of Company through a reverse split with a ratio of 2500:1. Principal Capital Group, Inc. requested that the record date for this reverse split was November 10, 2008 and the effective date was November 10, 2008. All fractional shares are to be rounded up and Continental Stock Transfer & Trust Co. shall remain as the transfer agent for Company until further notification.

The Company has established http://www.principalcapitalgroup.com as a one-stop center to keep shareholders up-to-date on corporate news, including real-time share prices, filings and other financial information.

Principal Capital Group, Inc. is a publicly held 40 Act holding company, comprised of Business Development Companies (BDC). The bulk of the Company's investments, 70%, are sector-specific investments related to the Act. A BDC elects to become subject to certain parts of the Investment Act of 1940, allowing it to tap capital markets in two ways. They retain the right to file registration statements in order obtain capital investments, allowing the BDC to pursue strategic ventures. In addition, a BDC may issue freely tradable securities upon notice to the SEC. The Company's BDC portfolio spreads across several sectors, offering our investors broad industry exposure. Principal Capital Group believes this varied industry approach allows for enhanced investor returns.

Mr. Osborn, CEO of the firm, stated, "The Company expects to have established 14-sector specific funds within the next year with the intent of distributing a portion of each fund's equity to the Company's shareholders in the form of special stock dividends. Shareholders will also receive cash distributions derived from the trading operations (30% side) of annual profits. We currently have 3 sector specific funds: Principal Structure Fund, Principal Mortgage Fund and Principal Green Fund with the intention of distributing Principal Structure Fund as the first equity dividend before year end. Fortune favors the brave and we look forward to 2009 as another opportunity to increase investor returns where others refused to look."

Principal Capital Group, Inc., is a holding company that holds a portfolio of assets of sector-specific Business Development Company ("BDC") 40 Act funds. A BDC is a public company which elects to become subject to sections 55 through 65 of the Investment Company Act of 1940. BDCs may raise money by investing in new ventures and by issuing shares of stock which become freely-tradable and legend-free simply upon notice to the United States Securities and Exchange Commission ("SEC").

PCGI has the following web site: http://www.principalcapitalgroup.com. Interested parties may get up-to-date corporate information and shareholder information at this site.

Forward-Looking Statement to follow:

Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission.

Contact Information

  • CONTACT:
    Principal Capital Group, Inc.
    Sean Morrissey
    Counsel, Banking Division
    800.881.3321
    Email Contact