InvestSource, Inc.: Fortress Financial Group, Inc. Announces Sale of Gold Assets

Aug 14, 2008 (M2 PRESSWIRE via COMTEX) -- SA | Quote | Chart | News | PowerRating -- Stocks in the News: Fortress Financial Group, Inc. (Other OTC: FFGO), ING Group (NYSE: ING), LDK Solar Co., Ltd (NYSE: LDK), Dr Pepper Snapple Group, Inc. (NYSE: DPS), Macy's, Inc. (NYSE: M | Quote | Chart | News | PowerRating) and Seabridge Gold (AMEX: SA)

August 13, 2008 -- Fortress Financial Group, Inc. (Other OTC: FFGO) confirms that the sale of its interests in the "Bouse" and "South Copperstone" Gold Mining & Exploration companies will be completed on Friday August 29, 2008. The Company will receive its shares of Goldco Common Stock on that date. The Company and its Advisors are now in a position to plan the distribution dates of US$400 million in Goldco shares of Common Stock as an Extraordinary Dividend to its stockholders.

August 13, 2008 -- ING Group (NYSE: ING | Quote | Chart | News | PowerRating) ING Advisors Network has announced a series of organizational changes at the network level, resulting in it elevating a number of senior officers in the organization. "After a number of years of phenomenal growth, it is important we review our organizational structure to propel our future growth and continue to help our reps succeed," said John Simmers, CEO of ING Advisors Network. "These appointments highlight one of our hidden strengths, the depth of talent in our organization." The changes, which are effective immediately, are: Mark Marr, 50, becomes executive vice president and chief administrative officer. He will assume additional responsibility for Risk Management, Operations, Information Technology and Strategic Integration. Marr was previously chief financial officer, and was also responsible for the Commissions, Licensing and Registrations, Due Diligence and Strategic Relations departments for ING's four independent broker-dealers.

August 13, 2008 -- LDK Solar Co., Ltd (NYSE: LDK), a leading manufacturer of solar wafers, announced that it has signed a five-year contract to supply multicrystalline solar wafers to India-based XL Telecom & Energy Limited. Under the terms of the agreement, LDK Solar will deliver approximately 300 MW of multicrystalline silicon solar wafers to XL Telecom & Energy Limited over a five-year period, commencing in the first quarter of 2009 and extending through 2013. XL Telecom & Energy Limited will make a down payment representing a portion of the contract value to LDK Solar. "We are pleased to enter into this long-term supply contract with XL Telecom & Energy Limited, a leading Solar Export company," stated Mr. Xiaofeng Peng, Chairman and CEO of LDK Solar. "With this most recent supply contract we are looking forward to building a relationship with XL Telecom & Energy Limited as well as expanding our presence in India."

August 13, 2008 -- Dr Pepper Snapple Group, Inc. (NYSE: DPS | Quote | Chart | News | PowerRating) reported second quarter 2008 earnings of $0.42 per share compared to $0.54 per share in the prior year period. The Company's results reflect the impact of certain related party transactions with Cadbury that continued until separation on May 7, 2008. Excluding restructuring costs in both years and transaction and separation related costs in the second quarter of 2008, the Company earned $0.60 per share, an increase of 7% compared to the same period last year. Net sales increased 1%, as higher pricing more than offset sales volume declines. Segment operating profit declined 2%, primarily due to the absence of glaceau distribution. Income from operations declined 4%. Year-to-date the company earned $0.80 per share compared to $0.81 per share in the prior year period. Excluding restructuring and separation related items; the Company earned $1.01 per share, an increase of 16% compared to the same period last year. DPS President and CEO Larry Young said, "It's no secret that the beverage industry continues to face significant headwinds. Higher prices at the gas pump and at retailers across the country have impacted our consumers and their shopping habits. At DPS, we will continue to look for ways to leverage our strong flavor portfolio, customer partnerships and vertically integrated business model to expand our distribution footprint and provide preferred and affordable brands to more consumers in more outlets.

August 13, 2008 -- Macy's, Inc. (NYSE: M | Quote | Chart | News | PowerRating) reported earnings of 17 cents per diluted share for the second quarter of 2008, ended Aug. 2, 2008, compared with diluted earnings per share of 16 cents for the same 13-week period last year. Same-store sales in the second quarter declined by 2.1 percent. Second quarter 2008 earnings include two unusual items (described below) that negatively impacted earnings by 12 cents per diluted share. Excluding these items, the company earned 29 cents per diluted share from continuing operations in the second quarter of 2008. The first unusual item relates to the consolidation of three Macy's divisions announced in February 2008, which is expected to save approximately $100 million per year beginning in 2009 (approximately $60 million in savings for the partial year in 2008). In the second quarter of 2008, the company booked consolidation costs of $26 million ($17 million after tax or 4 cents per diluted share). Second quarter 2008 results also include non-cash asset impairment charges of $50 million ($31 million after tax or 8 cents per diluted share) related to private brand trade names acquired in the merger with The May Department Stores Company in 2005. In the second quarter of 2007, Macy's, Inc. earned 29 cents per diluted share, excluding May Company merger integration costs of $97 million ($60 million after tax or 13 cents per diluted share).

August 13, 2008 -- Seabridge Gold (AMEX: SA | Quote | Chart | News | PowerRating) announced the results of the first nine drill holes from this summer's program at its 100% owned Kerr-Sulphurets-Mitchell ("KSM") project, located near Stewart, British Columbia, Canada. These first holes were primarily drilled on the eastern side of the Mitchell zone to upgrade inferred resources and to explore for a possible down-dip extension to the northeast. The infill drilling encountered better grades and thicknesses than predicted by the resource model while the exploration drilling found that better grades on the down-dip extension plunge to the west. Seabridge Gold President and CEO Rudi Fronk said that "our drill program is confirming the accuracy of the Mitchell zone resource model and we expect these results will enable us to upgrade inferred resources to the indicated category. We have also found the down-dip extension of the higher-grade core, which plunges to the northwest within the Mitchell zone. This discovery has important implications for the KSM project." Wall Street ended an erratic day Wednesday with a lopsided loss, as blue chip stocks bore the brunt of investors' concerns over the health of the financial sector. The Dow Jones industrials fell more than 100 points, but the other major indexes finished with single-digit losses. High-tech and small-cap stocks fared better than the broader market, proof that investors were wary and choosy. The market started the day disappointed by the government's retail sales report, and a jump in oil prices further dampened the market's mood. With many investors on vacation, and therefore fewer people trading, price moves were exaggerated. "We're in that part of the summer where volume tends to be light, conviction tends to be minimal," said Joseph V. Battipaglia, chief investment officer at Ryan Beck & Co. The Commerce Department said retail sales slipped 0.1 percent as rising prices helped offset the effect of economic stimulus payments to U.S. households. Excluding a big drop in sales of automobiles, retail sales rose 0.4 percent. But even on that basis it was the weakest showing in five months. Wall Street had expected sales to remain flat after a minor increase in June. The report followed a warning from department store bellwether Macy's Inc. that its full-year profits would fall short of expectations because of slower sales. The retail numbers pointed to a consumer who remains uneasy about spending. And because consumers' spending accounts for more than two-thirds of the economy, the fear on Wall Street is that the nation is in for a prolonged period of slow or even no growth. The advance in oil prices also tinged investor sentiment. Light, sweet crude rose $2.99 to $116 a barrel on the New York Mercantile Exchange after the government said U.S. crude supplies fell unexpectedly last week. Financials, which are well-represented in indexes like the Dow, were weak, but other sectors bounced back from their lows earlier in the day. According to preliminary calculations, the Dow fell 109.51, or 0.94 percent, to 11,532.96 after falling more than 150 points earlier in the session and just under 140 points on Tuesday. The Standard & Poor's 500 index slipped 3.76, or 0.29 percent, to 1,285.83, while the Nasdaq composite index fell 1.99, or 0.08 percent, to 2,428.62.

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