SOURCE: 1st Global Financial Corporation

January 17, 2011 14:46 ET

Share Repurchase Cancelled by 1st Global Financial

HENDERSON, NV--(Marketwire - January 17, 2011) - 1st Global Financial Corp. (PINKSHEETS: FGBF) announced today that it is cancelling its proposed share repurchase scheduled to close on February 5, 2011 due to a lack of necessary funding. As has been well documented in the press, the current Irish Government (ruling party) is under duress and is facing a general election in February which could result in the loss of power, or removal, of the current ruling party. Because of this and certain new rules being placed on the Irish Government through the IMF, our anticipated arrangement regarding their investment into our Company has been put on hold, and quite possibly, will not ever be completed.

It was these investments funds from the Irish Government that the Company was planning to use for the $6.00 share buy back offer that was made in November 2010. Without this funding, we regret that we will not be able to complete the tender offer at this time. Despite this setback, the Company intends to continue its efforts to acquire funding to allow it to pursue its current business plan to purchase real estate properties in Europe and the United States.

Safe Harbor Statement: This release includes forward-looking statements. These forward-looking statements generally can be identified by phrases such as FGBF or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.

Contact Information

  • Please send inquires to
    1
    st Global Financial Corp.
    1stglobalfinancialcorp.com

    702-448-1861