Conover, NC, March 05, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Fortran Corporation (OTC: FRTN) is pleased to announce that we have completed the sale of our 80% interest in Tower Performance, Inc., Tower Performance Texas, and Tower Performance Construction, Inc. held through one of our subsidiaries, New TPI, LLC.
We expect that this will remove $1.1 million dollars of debt from our balance sheet and generate additional working capital, which we believe will enable us to focus on our core business.
We are also pleased to announce our latest agreement with Nippon Electric Company ("NEC") to offer NEC’s new and original biometric authentication technologies in six areas—face recognition, iris recognition, fingerprint/palmprint recognition, voice recognition and ear acoustic authentication—which we believe are among the best of their class in the world. We believe NEC provides the most suitable solutions to customers’ needs with its biometric authentication technologies, and, by combining multiple biometric authentication systems, will result in more robust security.
We plan to aggressively move forward with building shareholder value through acquisitions and organic growth. We are currently in discussions with several large profitable companies as potential acquisitions candidates, and will provide updates as we progress.
We are excited about our future and look forward to providing you with regular progress updates.
About Fortran Corporation:
Fortran Corporation is a telecommunications system integrator dedicated to designing, implementing and maintaining complex communications solutions. Fortran is comprised of engineering and design, network service, sales, remote monitoring, and on-site services. For more information contact us at: info@fortrancorp.com.
Visit us at www.fortrancorp.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Statements and information contained in this communication that refer to or include Fortran’s estimated or anticipated future results or other non-historical expressions of fact are forward-looking statements that reflect Fortran’s current perspective of existing trends and information as of the date of the communication. Forward looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “should,” “estimate,” “expect,” “forecast,” “outlook,” “guidance,” “intend,” “may,” “might,” “will,” “possible,” “potential,” “predict,” “project,” or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements about the removal of $1.1 million dollars of debt from Fortran’s balance sheet, the generation of additional working capital and management’s belief that the sale will enable Fortran to focus on its core business; Fortran’s offer of NEC’s new original biometric authentication technologies in six areas; the belief that NEC provides the most suitable solutions to customers’ needs and will result in more robust security; and Fortran’s plans, objectives, expectations and intentions including, but not limited to, its plan to aggressively move forward with building shareholder value through acquisitions and organic growth. It is important to note that Fortran’s plans, objectives, expectations and intentions are not predictions of actual performance. Actual results may differ materially from Fortran’s current expectations depending upon a number of factors affecting Fortran’s business. Factors that could cause or contribute to such differences include, but are not limited to, fluctuation in operating results, the ability of Fortran to compete successfully and other events. These factors also include, among others, the inherent uncertainty associated with financial and other projections; the anticipated size of the markets and continued demand for Fortran’s products; the impact of competitive products and pricing; changes in generally accepted accounting principles; successful compliance with governmental regulations applicable to Fortran’s facilities, products and/or businesses; changes in laws, regulations and governmental policies; the loss of key senior management or staff; and other events, factors and risks previously and from time to time disclosed in Fortran Corporation’s filings with the OTC Markets Group Inc. including, specifically, those factors set forth in any “Risk Factors” section contained in such filings.
Glenn Withers
828 324 4611
gwithers@fortrancorp.com