Forterus Company Update
February 02 2010 - 9:50AM
PR Newswire (US)
MURRIETA, Calif., Feb. 2 /PRNewswire-FirstCall/ -- On January 31,
2010, Forterus, Inc. (Pink Sheets: FTER), wanted to clear up some
misperceptions that have developed regarding the Company. On
November 17, 2008, the Company had 13,513,264 shares of common
stock outstanding. As of January 31, 2010, the Company had
13,632,556 shares of common stock outstanding. Therefore, the
Company has only increased the common share count by 118,992 common
shares over the past 14 months. The Company's philosophy is to
maximize shareholder value and one way to accomplish this is to
maintain a low outstanding common stock count. There have been
mis-statements that the Company issued 5,000,000 shares to the
holders of the Preferred Series C stock. This is not correct. The
Company made the offer on August 18, 2009 and offered the 5,000,000
in exchange for $196,975 dividend that occurred as part of the
acquisition of ABTTC. The holders of the Series C declined the
offer and the shares were not issued. However, if those shares
would have been issued they would have been restricted under Rule
144 and would not be able to be sold on the open market. There also
seems to be a misconception on the conversion of Series C Preferred
Stock. As previously disclosed, the Series C was created as part of
the purchase of ABTTC. There are 6,565,866 Series C Preferred Stock
outstanding. These shares are to be redeemed by the Company on June
30, 2018 for $6,565,866. There is a conversion provision that would
allow the holders to convert into common shares; however, such
conversion is priced at $.25 per share and would eliminate the need
for the company to redeem those shares. The Series C is owned by
insiders of the Company. Therefore, the underlying common stock
would be restricted and could not be sold into the open market.
However, since the insiders own the Series C Preferred Stock it
would be unlikely that any such conversion would occur. We hope
that this clears up the misconception that the Company that has
been diluting the common stock. About Forterus, Inc. Forterus, Inc.
and its subsidiaries engage in diverse business activities
including drug and alcohol rehabilitation and finance. For more
information Forterus and A Better Tomorrow, please visit their
respective websites at http://www.forterushealthcare.com/ and
http://www.abttc.com/. Forward Looking Statements Application of
the Safe Harbor of the Private Securities Litigation Reform Act of
1995: This press release contains, and Forterus may from time to
time make, written or oral 'forward-looking statements' within the
meaning of the U.S. federal securities laws, which are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All forward-looking statements rely
on a number of assumptions concerning future events and are subject
to a number of uncertainties and other factors, many of which are
outside Forterus's and/or its subsidiaries' control that could
cause actual results to differ materially from such statements. In
particular, statements using words such as 'may,' 'should,'
'estimate,' 'expect,' 'anticipate,' 'intend,' 'believe,' 'predict,'
'potential,' or words of similar import generally involve
forward-looking statements. Contact: Paul Howarth, CEO, Forterus,
Inc. (888) 257-8345 DATASOURCE: Forterus, Inc. CONTACT: Paul
Howarth, CEO of Forterus, Inc., 1-888-257-8345, Web Site:
http://www.forterushealthcare.com/
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