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Jul 29, 2008 -- Fortress Financial Group, Inc. (PINKSHEETS: FFGO | Quote | Chart | News | PowerRating) notes that Hunt Gold Corporation has issued a Press Release today which states that Fortress Financial Group, Inc. is playing "hard ball" with them and that they are very likely subject to a takeover bid. Alan Santini, the CEO of the Company, confirms that "the other good news for our stockholders is that the Company has managed today to repurchase a substantial amount of stock in the market, based on the current price weakness." Full details of these repurchases will be announced in the morning. Alan Santini can now confirm that he has served notice upon the Board of Directors of Hunt Gold Corporation as well as the representatives of certain Investment Groups that Hunt Gold Corporation announced that certain Investment Groups had obtained voting rights over 51% of the Company's outstanding stock. They did not, however, acquire the actual stock, just the voting rights.
Furthermore, these Investment Groups failed to factor into account that Fortress Financial Group, Inc. held an amount of circa 483 million shares which are now eligible to have their restrictive legend removed and become "free trading," effectively doubling the "free float." These Investment Groups have been attempting to "low ball" attempts to purchase our Investment in Hunt Gold Corporation, a situation that we will not tolerate. Finally, the CEO of Fortress Financial Group, Alan Santini, currently serves as Company Secretary to Hunt Gold Corporation. He has tendered his resignation as Company Secretary with immediate effect, citing conflicts of interest. Alan Santini, the CEO of Fortress Financial Group, Inc., commented that he was "quite happy to put Hunt Gold Corporation in play to ensure that the best price could be obtained for this Company and that all serious bidders for Hunt Gold Corporation would serve our Company's interests as well those Fortress Financial Group, Inc. stockholders who received stock in Hunt Gold Corporation as a Stock Dividend." Santini added that "Hunt Gold Corporation chooses to see our actions as militant. I see it very differently. I call it maximizing stockholder value for our Company, our stockholders and for Hunt Gold Corporation stockholders."
Jul 29, 2008 -- CME Group (NYSE: CME), the world's largest and most diverse derivatives exchange, announced today that the Dubai Financial Services Authority (DFSA) has granted CME Group the status of a Recognized Body within the Dubai International Financial Centre (DIFC) for all CBOT products. The DFSA is the independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the DIFC. The Recognized Body status takes effect immediately and enables market participants in DIFC to apply to CME Group to become members of CBOT and directly access and trade CBOT products via the CME Globex electronic trading platform. The CBOT products covered by the approval include global benchmark futures and options on futures contracts for agricultural commodities, including corn, wheat, soybeans and ethanol; long-term interest rate products including benchmark 30-year U.S. Treasury Bonds and 10-, 5- and 2-year U.S. Treasury Notes; and Dow Jones index products including DJIA Futures and mini-sized Dow Futures. "We are delighted to receive this recognition from the DFSA, and to be able to offer the full range of our listed derivatives products in all asset classes to the fast-growing DIFC community," said Bob Ray, Managing Director, International Sales and Commodity & Equity Products. "We look forward to working with the DFSA to continue providing CME Group's world-leading products and services within the DIFC for both local and global customers."
Jul 29, 2008 -- Terra Nova Financial LLC (OTC BB: TNFG), a specialized financial services firm for trading professionals, has joined forces with Omniquant, a provider of algorithmic trading solutions, to supercharge the automated trading functionality of the Tradient Pro platform developed by Terra Nova's affiliate, Tradient Technologies, Inc. "Traders have sophisticated requirements for trading platforms, but until now tools for advanced automated trading were cost-prohibitive and out of reach to the individual and small to mid-sized institutional trader," said Michael Nolan, President of Terra Nova Financial. "We are thrilled to address this high octane segment of the trading community with this powerful new component of the Tradient Pro offering which takes full advantage of the Omniquant engine." The product of more than ten years of development, Omniquant's analytic engine uses advanced memory management techniques to deliver enhanced performance. It is capable of processing 10 million instructions per second, handling complex calculations supporting most any trading strategy, and is optimized for time series data and financial calculations. The heavy lifting is done behind the scenes in Omniquant's C++ engine and through the software's integrated scripting language. "There can be many advantages to automated rules-based trading, but what makes the Omniquant/Tradient Pro solution even more valuable -- especially in this volatile market -- is the improvement in reaction time realized by combining these analytic and execution tools," said Buck Andrews, CEO of Omniquant. "We are very excited to have established this initiative to bring these advantages to Terra Nova's portfolio of professional traders, hedge funds and money managers."
Jul 29, 2008 -- Equifax Inc. (NYSE: EFX | Quote | Chart | News | PowerRating) today announced the launch of a new commercial solution to automate application processing and improve account management and decisioning. Called Account Advantage(TM), the solution leverages comprehensive business credit information to help non-financial trade professionals increase efficiencies throughout the credit decisioning process. "The commercial marketplace has long faced challenges due to factors such as lack of automation in the applications and account review process as well as limited access to rich credit data," said Michael Shannon, president, Commercial Information Solutions, Equifax. "Account Advantage eliminates these challenges by providing access to unique data and sophisticated technology that enables companies to respond to market dynamics and make consistent business credit decisions across sales channels." With Account Advantage, businesses gain access to unique Equifax Commercial and Small Business Financial Exchange (SBFE) data, proprietary market-leading risk scores and information from other data providers. A configurable application, Account Advantage allows companies to view the information that is most critical to their business needs and simplify account management. In addition to improving operational efficiency and productivity, the solution also facilitates regulatory and policy compliance.
Market Wrap for July 29, 2008
The stock market rallied on Tuesday, lifted by a drop in oil prices, several better-than-expected quarterly earnings reports, an increase in consumer confidence, and speculation that the latest capital raise from a major financial firm is a sign that the worst is over for Wall Street. Stocks finished the day at session highs following a late-day surge in buying interest, led by financials. Nine of ten sectors posted a gain. Defensive investments underperformed on a relative basis, with healthcare (+0.7%), telecom (+0.6%), and utilities (+0.4%) trailing the broader market. Likewise, the 10-year Treasury note slipped 15 ticks. In an effort to reduce its risk exposure and shore up its balance sheet, Merrill Lynch (MER 26.32, +1.99) is selling $30.6 billion U.S. CDOs for only $0.22 on the dollar, or $6.7 billion. The assets were valued at $11.1 billion at the end of the second quarter, meaning the sale will result in a $4.4 billion pretax write-down. Merrill has taken $51.8 billion in write-downs and credit losses since the credit market turmoil began last year -- second only to Citigroup's (C 18.46, +1.03) $54.6 billion. The financial sector ended the session with a massive 7.5% gain, as traders speculated that the Merrill news indicated better times are ahead for financial firms. The sector also benefited from some short-covering, and a bit of a rebound trade followings its 12% loss over the previous three sessions. Crude prices fell 2.3% to $121.87 per barrel as the dollar rose 0.9%. This sparked buying interest in consumer discretionary (+3.3%), retailers (+4.1%) and airlines (+11.4%). Conversely, the energy sector (-0.8%) posted a loss. In economic news, the Conference Board said that July consumer confidence rose roughly 2% month-over-month to 51.9 -- the first gain in six months. The increase in confidence came as oil prices retreated from record highs and the stock market rebounded from its July 15 low. Rising confidence levels are a plus for the stock market, although the survey only has weak correlation with actually spending. Despite Tuesday's massive 2.4% advance, the Dow is only up 0.2% this week, as it had a lot of ground to make up after falling 239 points on Monday.
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