NEW YORK, May 3, 2007 (PRIME NEWSWIRE) -- Great West Gold, Inc. (Pink Sheets:GWGO) announced on May 2, 2007 that it had acquired the Unitrust Capital S.A. Group, subject to the completion of certain legal formalities; this company being engaged in the issue of and the marketing of prepaid debit and credit cards. This Company is also engaged in various payment solution enterprises. This acquisition has now been completed.
Great West Gold, Inc. in the processing of changing its name to that of Fortress Financial Group, Inc. with immediate effect. and will be obtaining a new CUSIP Number and Trading Symbol. Stockholders will be advised accordingly.
The Company, will, with immediate effect, now be exclusively focusing on its recently acquired Payment Solutions business.
The Company had stated that it was reviewing its share capital structure. It has been decided that in order to restore credibility, for the Company, to substantially reduce the substantial "float"; a "roll back" of the outstanding shares of Common Stock was imperative. The Company has therefore filed its Notice of this Reverse Split with the NASD, it will be effective for Stockholders of Record on May 10, 2007 and the Payment Date is May 14, 2007, the ratio of this Reverse Split is on the basis of 1 for 2,000. The Company intends that it will no longer trade as a "sub penny stock", this in our opinion, has proven to be of little use nor benefit, to our stockholders. This Reverse Split will be effective prior to the Company trading under its new name and Trading Symbol.
A completing new corporate web site is being completed; it will be available to stockholders next week. This web site will focus exclusively on the Company's new business whilst retaining details on the Mining portfolio. Please be advised that corporate E Mail and contact address will be changed on or before that date, being May 14, 2007. Stockholders will be kept advised. The new Management team will be announced on that new corporate web site. Mr. Peter J. Bezzano, the President of the Company, will remain as the Company's President. Mr. Peter J. Bezzano's experience as a practicing British Solicitor will bring his considerable legal, negotiating and commercial skills to the new Company.
Mr. Peter J. Bezzano, the President of the Company has stated that he considers this acquisition to be a very exciting and dynamic challenge for the Company; and needless to say, will be a very positive deal for the Company. After a year of research, it has been enormously gratifying to have secured a highly efficient, superbly managed prepaid debit and credit card programe, backed marketed and managed by a substantial world class organization.
Mr. Peter J. Bezzano stated that the exhaustive and very successful due diligence conducted upon the Company and its products; resulted in our being convinced that we have now secured a product that is flawless in its execution and in respect of the level of support provided by its Issuers. He is particularly gratified by its low cost overhead structure, the operations being based in a very low cost, yet first class, jurisdiction. The use of Internet marketing to acquire customers is of enormous benefit, given the cost savings in the use of Internet, when compared with the huge costs associated with that of traditional marketing campaigns.
The benefits to our Company are innumerable, the monthly recurring income stream, access to the global market, the ability to offer these unique offshore card products, the day to day interface with world class management. Perhaps most importantly, the positioning of the Company in one of the fastest growing market sectors in the world, with the possibility of synergistic links with other financial service providers, and globally. The ability to drive our growth through the Internet, offer enormous challenges, it is our intention to grow and expand upon what is in our opinion, a very successful entrenched marketing model.
I must stress that stockholders will not in any way, be prejudiced by this restructure of the Company, as indeed, the Company's Mining Portfolio continues to hold a very significant value for the Company and upon our realization of its true value, even further benefits will accrue to our loyal and supportive stockholders.
The mining exploration companies controlled by Great West Gold, Inc. will remain as Company assets until they are distributed to stockholders, in full. It is intended that these assets be placed in two separate quoted companies under independent and experienced mining management teams. The Mining Assets in question, are : Great West Gold, Inc.'s stockholding in : Bouse Mining Holdings plc, Ambassador Gold Holdings plc, Golden Eagle Mining Holdings plc, Sentinel Resource Holdings plc, Copperstone Mining Holdings plc; and the "Bonanza" Gold Project, the only wholly owned company of Great West Gold, Inc.
The Company can confirm that the "Bouse", "South Copperstone" and the "Golden Eagle" Mining Exploration Projects are being transferred into a separate Company. The Company has now appointed management to this Company.
Furthermore, the "Mockingbird", "Ambassador" and the "Bonanza" Mining Exploration Projects are being transferred into a second separate Company. Management for this Company has not as yet, been agreed upon.
"Bouse", "Mockingbird", "South Copperstone", "Ambassador" and "Golden Eagle" are controlled by the new company but have significant outside stockholders though previous stock dividend distributions to Great West Gold, Inc. stockholders.
In the interim, these Mining assets will be retained as "portfolio" assets on the Company's books.
The stock and interests in the above-mentioned mentioned six Mining Exploration Projects will be distributed in full, to eligible Great West Gold, Inc. stockholders. No stock issued pursuant, and pertaining to the acquisition of the Unitrust Capital S.A acquisition, will be eligible for these Stock Dividend distributions of the Company's Mining portfolio.
Great West Gold, Inc. has relinquished its interests in the below-mentioned Mining Projects and cancelled the corresponding Convertible Loan Notes and debt associated therewith, thereby leaving the Company completely debt free, as follows :-
"Treasure Kingdom", "Monstro Verde", "Copper Mountain Mining", "Yaba" "Storm Cloud", ""Starlight", "Venezia", "Federal", "Buffalo Lime Cap", "Red Cloud", "Gladstone Lookout", "Copper Mountain", "Swansea", "Tip Top" and "Mineral Mountain".
The Company will continue to distribute the outstanding dividends to eligible Great West Gold, Inc. stockholders, a process to be managed "in house" with immediate effect, and not by Computershare Trust Company, Inc. All enquiries in the respect are to be directed to angela@greatwestgold.com.
As previously stated, the Company is now appointing a new Auditor; this is a condition of the acquisition of the Unitrust Capital S.A. Group. This will result in outstanding filings being brought up to date; and hopefully see a speedy return to the OTC BB Market. This process is being overseen by the incoming management, who will appoint an auditor of their choice.
About Great West Gold, Inc.
Great West Gold, Inc., www.greatwestgold.com, was a gold mining exploration stage company, engaged in the acquisition and exploration of mining properties in the United States. The Company now retains these Gold Mining Exploration interests as portfolio assets. In and during May of 2007, the Company will effect a name and Trading Symbol change to that of Fortress Financial Group, Inc. and will then, be solely engaged in the issuing and marketing of prepaid debit and credit cards, on a global basis; as well offering various other payment solutions. The Company will from May 10, 2007, be operating from a new, more pertinent corporate web site, reflecting the Company's change in the nature of its business.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a companies' annual report on Form 10-K or 10-KSB and other filings made by such company with the SEC.