SOURCE: FORTRESS FINANCIAL GROUP, INC.

July 10, 2008 08:30 ET

Fortress Financial Group, Inc. -- Further Stock Repurchases

Company Confirms That a Further 17.84% of Its Outstanding Shares of Common Stock Have Been Repurchased and Cancelled

NEW YORK, NY--(Marketwire - July 10, 2008) - Fortress Financial Group, Inc. (PINKSHEETS: FFGO) confirms that the Company has repurchased an additional amount of 7,660,000,000 "free trading" shares of its Common Stock on July 8, 2008 and on July 9, 2008. The amount of 7,660,000,000 "free trading" shares of Common Stock are now being cancelled by the Company's Transfer Agent. This represents a further 17.84% reduction in the Company's outstanding shares of Common Stock.

The total cost to date of this repurchase of the Company's shares of Common Stock was in the amount of US$110,610,500.

On July 7, 2008, the Company announced that it had repurchased and cancelled an amount of 16,209,083,248 shares of its Common Stock at a cost of US$204,456,256.

The Company has to date, repurchased and cancelled an amount of 23,869,083,248 shares of its Common Stock at a total cost in the amount of US$315,066,756.

The Company's outstanding shares of Common Stock as at July 10, 2008 are now in the amount of 35,281,766,809. The Company has to date, reduced its outstanding shares of Common Stock by an amount of 40.35%.

The Company's Net Asset Value at July 10, 2008 is valued in the amount of US$500,270,294. This translates into a Net Asset Value per Share in the amount of US$0.01418 (1.42 cents) based upon the number of the Company's outstanding shares of Common Stock now being in the amount of 35,281,766,809. This compares to market price per share of Common Stock in the amount of US$0.0001. This valuation excluded the value of the Company's intangible assets and the Company's stockholdings in St James Capital Holdings, Inc.

The Company has marked down its valuation in respect of its stockholdings in Hunt Gold Corporation to a price of US$0.001 per Hunt Gold Corporation share; for the purposes of this calculation.

The Company intends to continue its buyback of its shares of Common Stock; and remains extremely committed to a vastly reduced number of its outstanding shares of Common Stock and a considerably diminished "free float."

The Company is filing a very detailed Form 8-K with the SEC in and during today, in respect of these transactions.

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. Upon the closure of the Trinity Mercantile Finance and the Mortgage Bank acquisitions, Fortress Financial Group, Inc. will expedite its plans to become a broadly based Consumer Finance Group. The "Mortgage Division" 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 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 on the Mortgage Lending and Banking sector.

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