Fortune Financial, Inc. Announces Stock Purchase Agreement
15 November 2000
Fortune Financial, Inc. Announces Stock Purchase Agreement
JACKSONVILLE, Fla.--Nov. 15, 2000--Fortune Financial, Inc. announced it has signed a Letter of Intent and is finalizing a Stock Purchase Agreement whereby the purchaser will invest $15 million into the capital base of Fortune Financial, subject to final due diligence. Fortune Financial will use the additional capital to support its primary insurance product (automobile insurance) in the state of Florida. The final closing is expected before December 1, 2000.The securities are not offered for sale to the public. The securities offered will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Forward-Looking Statements
Statements made in this informational release are forward-looking within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements describe strategies, goals and expectations of future results involving risks and uncertainties, which may cause actual results to differ materially from those set forth. Investors and prospective investors are referred to the Company's Form 10-Q for the quarter ended September 30, 2000 and its most recent Form 10-K for the year ended December 31, 1999 for a more detailed discussion of the factors that could cause actual results to differ. The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.