Business Services Industry
Fortune Financial Systems Inc Announces Conversion Agreement
Business Wire, Feb 4, 1999
SALT LAKE CITY, Utah.--(BUSINESS WIRE)--Feb. 4, 1999--Fortune Financial Systems, Inc. announces the execution of a conversion agreement with Deere Park Capital Management and ProFutures Special Equities Fund. Both funds were investors in the Company. The Company has agreed to convert the investors' 60,000 shares of convertible preferred stock investment in the Company into common stock. The Company will issue 32,409,949 shares of common stock to the investors in lieu of payment of any funds to the investors. The Company now has 53,377,902 shares of common stock outstanding.
"Fortune is continuing on an aggressive growth path; the Company's settlement with the investors will allow management to focus on building the Company's business," says new CEO and founder of the Company, Douglas Shane Hackett.
The statements made in this press release are forward looking and reflect the Company's current expectations. There can be no assurances that the Company's actual result will meet the Company's expectations. The Company's future operating results are difficult to predict and are subject to significant fluctuations. Factors that may cause future results to differ materially from the Company's current expectations include, among other: general economic conditions, the ability and timeliness of raising funds, the health of the training industry, the expansion of the telecommunications and teleservicing industry, and the rapid expansion of the internet industry, infomercial media costs, inventory management, company acquisitions, and size of customer outplacement accounts and the acquisition cost of new strategic business alliances.
For more information, contact Keith Collins, Fortune Financial Systems Inc., at (407) 444-0477 or Brooke Filkins, Minkus & Dunne Communications, at (312) 541-8787.
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