Fortran Corporation Shareholder Update
The shareholders approved the election of four directors to the Board of Directors of Fortran Corporation.
Conover, NC, Jan. 24, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Fortran Corporation is pleased to announce our annual shareholder meeting was held on December 2, 2019 in Conover, North Carolina.
The shareholders overwhelmingly approved two resolutions presented to them for their ratification.
Resolution one: Ratify all prior actions of the board of directors since Fortran’s inception. 98% of the eligible votes were cast in favor of ratification.
Resolution two: Approve the reincorporation of Fortran Corporation from the state of North Carolina to the state of Delaware. 98% of the eligible votes were cast in favor of approving this resolution.
The shareholders approved the election of four directors to the Board of Directors of Fortran Corporation. The elected directors are Glenn Withers, Dayne Miller, Doug Miller, and Brett Bertolami. All four directors are currently serving in this capacity.
Glenn Withers, President and CEO, of Fortran Corporation stated, “We believe the action taken by our shareholders at this meeting provides a clear path to accomplish our goals and objectives of enhancing shareholder equity.”
Fortran has reached an agreement with Richard Wilson, former CFO of Fortran Corporation, to recover all outstanding shares of our stock that Mr. Wilson was holding (5,688,500 shares of common stock and 350,000 shares of Preferred stock). These shares have all been cancelled. Currently, Fortran Corporation has 17,936,828 outstanding shares of common stock. We have authorization to issue up to 50,000,000 shares.
We invite you to visit our new website to learn more about Fortran Corporation.
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. In October 2015, Fortran 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: [email protected].
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 filings.
Glenn Withers
828-324-4611
[email protected]