Conover, NC, March 20, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Fortran Corporation (FRTN) is pleased to announce that the legal action initiated against our former President and CEO has been resolved in an out of court settlement (the "Settlement"). As a result of the Settlement, 6,180,808 shares of Fortran Corporation's common stock and 1,350,000 shares of Fortran Corporation's preferred stock will be retired. This will reduce the number of issued and outstanding shares by approximately 20%.
Glenn Withers, Fortran Corporation's current President and CEO, said, "The resolution of this legal issue will allow our team to focus our time on growing the business."
About Fortran Corporation:
Fortran Corporation is a telecommunications system integrator dedicated to designing, implementing and maintaining complex communications solutions. Fortran Corporation is comprised of engineering and design, network service, sales, remote monitoring, and on-site services. In October 2015, Fortran Corporation acquired an 80% interest in Tower Performance Construction, Inc. and Tower Performance, Inc., with offices in Texas, New Jersey and Pennsylvania. For more information contact us at: info@fortrancorp.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
With the exception of historical information, the matters discussed in this press release are forward-looking statements and considerations that involve a number of risks and uncertainties. The actual future results of Fortran Corporation could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, fluctuation in operating results, the ability of Fortran Corporation to compete successfully and other events, factors and risks previously and from time to time disclosed in Fortran Corporation’s filings with the OTC Markets Group including, specifically, those factors set forth in any “Risk Factors” section contained in such filing.