March 04, 2011 09:30 ET
TNFG Corporation Announces Record Date for Distribution
DALLAS, TX--(Marketwire - March 4, 2011) - TNFG Corporation, formerly Terra Nova Financial Group, Inc. (PINKSHEETS: TNFG) today announced that its Board of Directors has approved a dissolution distribution payment of $0.28 per outstanding common share. The Company's Board of Directors has fixed March 14, 2011 as the record date for determining shareholders entitled to participate in the initial dissolution distribution. The dissolution distribution will be paid on March 22, 2011 and the Company's common stock will trade ex-dissolution distribution starting March 23, 2011. The Board of Directors has determined that the amount of the distribution is appropriate to ensure there is sufficient working capital remaining in the corporation during the dissolution process.
Including the dissolution distribution announced today, the Company has declared cumulative dissolution distributions to shareholders of $25 million, or $1.00 per share, since the approval of its Plan of Dissolution. Based on TNFG's current estimates of its post-closing expenses, assets and liabilities, TNFG estimates that after this distribution it will in time have approximately $1.0 million to $1.6 million in cash available for distribution to its shareholders (approximately $0.04 - $0.07 per share). One or more additional distributions are expected to be made in connection with the continued winding up of TNFG.
About TNFG Corporation, formerly Terra Nova Financial Group, Inc.
TNFG Corporation (PINKSHEETS: TNFG) is engaged in carrying-out its Plan of Dissolution that was approved by TNFG's shareholders on September 15, 2010.
Certain statements in this press release may constitute "forward-looking" statements as defined in Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and other laws and regulations. Such forward-looking statements involve known and unknown risks and other important factors that could cause the actual results or performance of the company to differ materially from any future results expressed or implied by such forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words "plan," "believe," "will," "expect," "anticipate," "intend," "project," or other similar words, or the negative of these terms or comparable language, or by discussion of strategy or intentions. This cautionary statement is being made pursuant to applicable securities laws with the intention of obtaining the benefits of the "safe harbor" provisions of such laws. The Company cautions investors that any forward-looking statements made by the Company are not guarantees or indicative of future performance and are qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from actual future experience involving any one or more of such matters. Such risks and uncertainties include: unknown liabilities and claims; unanticipated expenses, or higher than expected expenses and costs in dissolving and winding up the Company's business; and the risks that are described from time to time in our reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2009, as amended, and the Quarterly Reports on Form 10Q, which are available at the SEC's web site http://www.sec.gov. This press release speaks only as of its date, and except as required by law, the Company assumes no obligation to update or revise any forward-looking statements in this press release, whether as a result of new information, future events, or otherwise.