NEW YORK, NY -- (MARKET WIRE) -- 04/11/08 -- Fortress Financial Group, Inc. (PINKSHEETS: FFGO) updates its stockholders on various transactions.Fortress Financial Group, Inc. has negotiated a deal to "unwind" itspreviously announced purchase of an additional 50 million shares of HuntGold Corporation Common Stock at a price of US$1.25 per share. This couldresult in Fortress Financial Group, Inc. surrendering part of its holdingin Goldco should the stock price of Hunt Gold Corporation trade belowUS$1.25 (adjusted for its Forward Split) in six months from now. ShouldFortress Financial Group, Inc. successfully bid for and acquire Hunt GoldCorporation, a separate arrangement has been reached.
Fortress Financial Group, Inc. has renegotiated its previously announcedlong-term lending facility in the amount of US$5 million to fundacquisitions. It will no longer be using its stock in Hunt Gold Corporationas collateral.
Fortress Financial Group, Inc. is very confident that the acquisition ofthe "Trinity Mercantile Finance Group" will be consummated late next week.
Fortress Financial Group, Inc. confirms that it is to dispose of all of itsstock in the Companies owning the "Bouse" and "South Copperstone" MiningProjects in exchange for stock in a USA-quoted Gold Mining & ExplorationCompany ("Goldco"). It expects to complete this transaction by month's end.
This will remain as a passive investment in Fortress Financial Group,Inc.'s portfolio; Fortress will be a minority stockholder in Goldco.
Fortress Financial Group, Inc. values its stock in Goldco, upon completionof the deal, in the amount of circa US$800 million.
Fortress Financial Group, Inc. will now use its stock in Goldco, a "stablestock" and not its stock in Hunt Gold Corporation as the collateral for itslending facilities and intends to increase the loan facility from theamount of US$5 million to that of US$20 million.
Fortress Financial Group, Inc. is still serious in respect of a possiblebid for Hunt Gold Corporation as the stock price of Hunt Gold Corporationcontinues to deteriorate in value.
Fortress Financial Group, Inc. will very possibly change its strategy ofholding its controlling stockholding in Hunt Gold Corporation as a "passiveinvestment" to that of a very "active and agressive" and very possibly"hostile" stockholder. This will be done to protect Fortress FinancialGroup, Inc. interests in that Company.
Stockholders are advised that the Management of Fortress Financial Group,Inc. and its Advisors are examining a range of options to rectify thisunacceptable "write down" on the Company's Balance Sheet. It is expectedthat should certain of these options be successfully implemented; they willbe in interests of Fortress Financial Group, Inc. and therefore to theexclusive benefit of Fortress Financial Group, Inc. stockholders.
About Fortress Financial Group, Inc.
Fortress Financial Group, Inc. is primarily engaged in the issuing andmarketing of prepaid debit card and related payment solution activities. Itacquired Moneyworx, Inc., a reseller of MasterCard prepaid USA Domestic andInternational Prepaid Debit Cards. Fortress Financial Group, Inc. will belaunching its own label "Fortress" International Debit Card in the secondquarter of 2008.
Upon the closure of the Trinity Mercantile Finance Group and the MortgageBank acquisitions; Fortress Financial Group, Inc. will expediting its plansto become a broadly based Consumer Finance Group. The "Mortgage Division"will comprise the vast majority of the Group's earnings in the medium term.
The Company is utilizing its substantial Balance Sheet comprised of quotedand unquoted Gold Mining & Exploration stocks to aggressively fund a largenumber of acquisitions in the consumer financial services sector initiallyfocused on the Mortgage Lending sector.
Fortress Financial Group, Inc. (formerly Great West Gold, Inc.), was a goldmining exploration stage company, engaged in the acquisition andexploration of mining properties in the United States. The Company retainedthese Gold Mining Exploration interests as portfolio assets. The Companyholds circa 48% of the outstanding stock in Hunt Gold Corporation as aninvestment. Fortress Financial Group, Inc. is at this time, contemplatingmaking a full bid to acquire Hunt Gold Corporation, given that theCompany's current stock price is trading at a massive discount to its NetAsset Value.
The Company is now exchanging it interests in the "South Copperstone" and"Bouse" Gold Mining Exploration properties for shares of Common Stock in aUSA Gold Mining & Exploration Company.
This release contains "forward-looking statements" within the meaning ofSection 27A of the Securities Act of 1933, as amended, and Section 21E theSecurities Exchange Act of 1934, as amended and such forward-lookingstatements are made pursuant to the safe harbor provisions of the PrivateSecurities Litigation Reform Act of 1995. "Forward-looking statements"describe future expectations, plans, results, or strategies and aregenerally 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 amultitude of risks and uncertainties that could cause future circumstances,events, or results to differ materially from those projected in theforward-looking statements, including the risks that actual results maydiffer materially from those projected in the forward-looking statements asa 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 companywith the SEC.
Contact:
Fortress Financial Group, Inc.
Alan Santini
Chief Executive Officer
Email Contact
Tel: (954) 840-6961