Fortress Financial Group, Inc. – Potential Sale of Hunt Gold Corporation Stockadmin
Wednesday, August 13th 2008
Fortress Financial Group, Inc. confirms that it is in advanced discussions to dispose of its 483,000,000 “free trading” shares of Hunt Gold Corporation Common Stock, with the Private Equity Group currently bidding for control of Hunt Gold Corporation with another unrelated party.
Should the Company obtain a price of US$0.03 per share for these shares, that being the current bid price for Hunt Gold Corporation, this will result in a cash injection of US$14,490,000.
These funds will be utilized in the Company’s FICO Enhancement & Credit Repair business housed in California-based, Trinity Consumer Finance, Inc. (“Trinity”), a wholly owned subsidiary company of Fortress Financial Group, Inc.
Trinity is generating extremely large returns on its Loan Book and a large additional cash injection into Trinity will have a very substantial impact upon the Company’s earnings.
The Company’s Management is of the opinion that the holding of these shares of Hunt Gold Corporation stock do not fit into our strategy and that all of these “non core” assets held by the Company be disposed of and the funds be utilized to grow our existing businesses, businesses that we are acquiring, and to focus on growing our earnings per share.
Fortress Financial Group, Inc. will continue to hold its restricted stockholding in Hunt Gold Corporation for the time being.
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.