SOURCE: FORTRESS FINANCIAL GROUP, INC.

February 19, 2008 13:36 ET

Fortress Financial Group, Inc. -- Acquisitions and Appointment

Company Updates on Acquisitions and Confirms Appointment of Corporate Finance Advisors

NEW YORK, NY--(Marketwire - February 19, 2008) - Fortress Financial Group, Inc. (PINKSHEETS: FFGO) announced on February 14, 2008 that it had entered into a Long Term Loan Agreement in the amount of US$5 million. This initial loan agreement is a "non recourse" loan secured against a small portion of the Company's restricted stockholding in Hunt Gold Corporation. This loan will be drawn upon as required to fund the Company's aggressive acquisition plan.

The Company has appointed a boutique corporate finance company to conduct the sourcing and due diligence of these acquisitions. To date, they have identified in excess of 200 potential acquisitions.

The Company expects to announce several acquisitions in the forthcoming weeks, all of which have substantial track records of earnings and cash flow generation; and with very competent Management Teams.

The Company expects to increase its borrowings substantially in the near future, to continue this business model of aggressive acquisitions. The Company will be leveraging against its substantial portfolio of investments in order to fund this very aggressive growth, thereby ensuring an immediate and substantial cash flow and profits for the Company.

Fortress Financial Group, Inc. holds a 48% stockholding in Hunt Gold Corporation, currently valued at circa US$500 million. Fortress Financial Group, Inc. retains additional unquoted Gold Mining & Exploration interests valued at circa US$400 million. It expects to dispose of these remaining additional assets very shortly, in return for stock in a quoted USA Gold Mining Company. This will result in the Company's ability to leverage against being its quoted investments, effectively being doubled.

Alan Santini, the Chief Executive Officer of Fortress Financial Group, Inc. commented that he was "now extremely confident that this very aggressive acquisition strategy would be swift and successful, given the results and deal flow being generated by our Corporate Finance Advisors who have advised us that are they overwhelmed in acquisition deal flow of Companies synergistic with ourselves." He added that "the immediate execution of the acquisition of several of these targeted companies will immediately transform the Company to that of a strong earnings and cash flow base, thereby expediting further and more substantial acquisitions in a far shorter period of time than previously envisaged by the Company."

About Fortress Financial Group, Inc.

Fortress Financial Group, Inc. is now primarily engaged in the issuing and marketing of prepaid debit and credit card and related payment solution activities. It has just announced the acquisition of Moneyworx, Inc., a reseller of MasterCard prepaid USA Domestic and International Prepaid Debit Cards. Fortress Financial Group, Inc. will be launching its own label "Fortress" International Debit Card in the first quarter of 2008.

Fortress Financial Group, Inc. has secured a "non recourse" initial long term loan facility in the amount of US$5 million and intends to immediately embark upon a very aggressive acquisition strategy of synergistic companies. These acquisitions are to be funded through cash, vendor financing and the issue of the Company's restricted shares of Common Stock. The Company's strategy is to immediately build a strong Group of financial services companies with strong earnings and cash flow.

Fortress Financial Group, Inc. (formerly Great West Gold, Inc.) was a gold mining exploration stage company, engaged in the acquisition and exploration of mining properties in the United States. The Company retained these Gold Mining Exploration interests as portfolio assets, as it intended to extract value from these assets through a future "spin off" or a sale. The Company has disposed of its interests in the "Ambassador," "Golden Eagle" and "Mockingbird" Gold Mining Exploration properties to Hunt Gold Corporation and holds approximately 48% of Hunt Gold Corporation shares of outstanding Common Stock, as an investment.

The Company retains it interest in the "South Copperstone" and "Bouse" Gold Mining Exploration properties at this time. It is expected that these two remaining interests will be exchanged for shares of Common Stock in a USA Gold Mining & Exploration Company, very shortly.

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