First Guardian Financial Corporation Completes Reduction of Authorized Shares and Finalizes Buyback Plan
NEW YORK, Jun 19, 2006 (BUSINESS WIRE) -- First Guardian Financial Corporation (Pink Sheets: FGFC) today reported that the company as previously announced has completed the reduction of its authorized shares to 200 million total. The Board of Directors has also approved a buyback plan for its outstanding common shares.
The reduction of the company's authorized shares to 200 million total now brings the capitalization of the company to 116,250,132 shares restricted and in management's control and 81,931,116 outstanding and in the public's hands (float) for a total of 198,182,048 shares. "The company has reduced within the last thirty days or so the authorized capitalization from 520 million shares down to 200 million shares now, and we are reviewing ways to further reduce the company's authorized shares," said Abraham Rosenman, President.
The Board of Directors has approved management's buyback plan and budget; it is the company will buyback up to 50 million shares at a maximum price of 0.06 per share for a budgeted commitment of $300,000.00, thus reducing the company's capitalization to 150 million shares. "We are committed to the least amount of available shares available thus enhancing the value of our company," said a member of the Board of Directors.
"The company is fully determined to have as little as necessary of its stock available as possible; we are intent on increasing shareholder value while building our company, as you all can see we are very aggressive in our plan going forward, and it is about to get even more aggressive as we position our company to advance to the OTCBB," stated Abraham Rosenman President of First Guardian Financial Corporation.
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.
SOURCE: First Guardian Financial Corporation
CONTACT: First Guardian Financial Corporation Investor Relations, 212-572-4823 Fax: 212-572-6499 ir@guardianfinancialcorp.com www.guardianfinancialcorp.com
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