NEW YORK--(BUSINESS WIRE)--June 13, 2006-- First Guardian Financial Corporation (Pink Sheets: FGFC) today reported that during a specially called Board of Directors meeting that it has adopted a resolution on Monday, June 12, 2006, to further reduce the Company's outstanding shares of common stock by another 20 million shares. The reduction will be above and beyond the previously announced projected buyback plan of 25 million common shares as previously announced the plan calls for the company to pay up to 0.06 cents per share as the company believes in its future very strongly and at that level (the company believes) it is at least 40% below value (pre forward split levels). "This resolution reflects the commitment of First Guardian Financial Corporations management and Board of Directors to restore and build value for our current and future shareholders," commented Abraham Rosenman, President. "The company would like to reduce the common shares outstanding to no more than 15 to 20 million shares; in conjunction with its reduction plan, the company is also working diligently on obtaining audited financial statements for its desired move to the OTCBB," said Abraham Rosenman, President FGFC.
About First Guardian Financial Corporation:
The company is a Financial Holding Company currently providing Commercial Real Estate Financing & Invests for its own portfolio in small to mid sized businesses. Its primary goal is to provide short term financing within the commercial real estate market and invest and or provide secured short term financing to businesses either in the start up stage or growth stage throughout the United States.
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
KEYWORD: NORTH AMERICA NEW YORK UNITED STATES INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE SOURCE: First Guardian Financial Corporation
CONTACT INFORMATION: First Guardian Financial Corporation Investor Relations, 212-572-4823 Fax: 212-572-6499 ir*guardianfinancialcorp.com www.guardianfinancialcorp.comPosts: 957 | From: grand rapids, MI | Registered: Feb 2006
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Congrats to those that got in yesterday at .019! Nice move up today on PR.. go baby go!
Posts: 132 | From: SC | Registered: Apr 2006
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looks fantastic Wehave the whole day for the news to sink in. this is terrific news and this would be hard flip.
Posts: 534 | From: florida | Registered: Feb 2006
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Great news! Itll be nice to actually make money for a change Is this gonna dip again?
Posts: 97 | From: North Carolina, USA | Registered: May 2006
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This baby is going to fly. Got green big time. I think my next kid will be named F G F C
Posts: 148 | From: Hattiesburg Ms. | Registered: Dec 2004
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Reducing the O/S by 45 Million and willing to pay up to .06 per share to do it, while working to raise the share price up to .09 pps (pre f/s pps of .90), this thing should be much higher than it is now.
Posts: 132 | From: SC | Registered: Apr 2006
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reaction time is needed here. Eod should be hod. I am impressed with the prs,This company has made good on all promises and truly seems concerned with raising the value of their shares.
Posts: 534 | From: florida | Registered: Feb 2006
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True, The news that they have audited Financial statements and are moving to OTC will be very big mover on this.
Posts: 132 | From: SC | Registered: Apr 2006
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why would the mm's try to keep it down? You would figure they would want it to go as high as possible, wouldnt you?
Posts: 97 | From: North Carolina, USA | Registered: May 2006
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Makes me wonder also,but probably the usual,buying up shares as cheap as they can.
Posts: 534 | From: florida | Registered: Feb 2006
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I wonder if this news was really strong enough to move this. Might take a bit more to send this flying IMO.
Posts: 769 | From: Hotizona | Registered: Aug 2005
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I cant imagine much better news... buyback, + moving to otcbb... only thing left is for this stock to walk on water
Posts: 97 | From: North Carolina, USA | Registered: May 2006
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quote:Originally posted by Volatile Puppy: I cant imagine much better news... buyback, + moving to otcbb... only thing left is for this stock to walk on water
I agree but we had pretty much the same news last week so the shock value IMO is over, although the news is still good. I don't believe that the news today will bring anywhere near the gains that it did last week, but it should still do well today.
Posts: 769 | From: Hotizona | Registered: Aug 2005
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quote:Originally posted by Volatile Puppy: I cant imagine much better news... buyback, + moving to otcbb... only thing left is for this stock to walk on water
ROFLMAO, good one.
-------------------- If ignorance is bliss, why aren't more people happy? Posts: 2647 | From: MN | Registered: Feb 2006
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volatilepup. you are getting a real lesson on the control the mms have.even with buys coming in at the ask they drop both bid and ask. Posts: 534 | From: florida | Registered: Feb 2006
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