August 08, 2008 13:56 ET

Fortress Financial Group, Inc. - Brief Update

Company Provides a Brief Update to Its Stockholders

NEW YORK, NY--(Marketwire - August 8, 2008) - Fortress Financial Group, Inc. (PINKSHEETS: FFGO) confirms that it has received a very large number of questions from stockholders on a wide range of issues.

Alan Santini, the CEO of Fortress Financial Group, Inc., appeals to all stockholders to E Mail all of their questions to him today and during this weekend; and pledges to publish detailed responses to each and every question posed; and in a very open and transparent Press Release before the market opens on Monday, August 11, 2008.

For the Record :-

1. The Company is continuing to repurchase its shares of Common Stock on the Open Market; but at sensible prices; after all these are stockholder funds being expended on this share repurchase.

Stockholders will note that selling of the Company's stock appears to "dried up" at the current price levels; this could be construed as extremely positive as buyers will now be forced to pay much higher prices for our stock; should they desire to acquire our shares of Common Stock. This will make the stock repurchases by the Company, far more costly but does not present a problem to us.

2. The Extraordinary Dividend remains unchanged and we are working on the "Record Date" with all parties. The Company stands by its calculations per share and urges stockholders to not to be swayed by "paid bashers" and concerned investors who post negative misinformation on Message Forums on an hourly basis.

3. The "free float" of shares may very well now be accounted for; as a number of stockholders holding in excess of 5% of this Company's outstanding stock have now advised me as to their stockholdings and pledged to (a) advise me as to their positions in this Company's stock in and during this weekend and to (b) file their stockholdings in Form 13(g) filings with the SEC next week.

Based upon the calculations that we have conducted; I am now no longer ruling out a possible short position in the Company's shares of Common Stock.

4. The Company expects to be in position to announce the appointment of an Investor Relations firm early next week whom will be available to our stockholders both by telephone and by E Mail; and from next week. This will be "record milestone" in this Company's history given this Company's complete lack of communications with its stockholders in the past.

5. The Company remains very bullish on its investments in Hunt Gold Corporation and will continue to monitor the situation very carefully. It would certainly appear the bid price for that Company could well go a lot higher; which if finally successful, will yield a very handsome profit for your Company.

6. The Company has finally managed to secure the release of the outstanding stock dividends from the DTCC; it is expected that these will be dealt with over the next fortnight. It appears to have a simple matter of miscommunication and incorrect stock dividend calculations between a number of related parties. The Company trusts that its credibility will be on the road to recovery after we are proven not be "a bunch of liars and crooks" as posted on many a Message Board.

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 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