LONDON, Dec. 5, 2011 /PRNewswire/ -- 1st Global Financial
Corporation (OTC: FGBF) announces today that, in light of the
charges filed against Albert Reda,
the Company has accepted Mr. Reda's resignation. All
corporate documents that were in Mr. Reda's possession are in
the process of being delivered
to other corporate officers. The
remaining management team believes this to be an
isolated transaction that occurred without the knowledge of any
other officers and/or directors of 1st Global Financial
Corporation. Additional controls and procedures are being
implemented before any further transactions with the company can be
taken.
The following actions are being taken immediately and
will remain in effect during the pendency of the charges against
Mr. Reda. 1st Global has put a stop order on any and all
shares held by Mr. Reda and any of his affiliated companies
and or entities. Additionally, any loans or debt on the
books of 1st Global for Mr. Reda or those entities will also be
eliminated and not honored by the Company.
John Bannister, President of
FGBF, stated, "The mere fact that the allegations have been lodged
against Mr. Reda is troublesome and has caused the company to
reevaluate certain of its internal controls and procedures
and, at least for the immediate future, I will be reviewing all
transactions and will have sole signature authority for the company
for any non day-to-day activities. We are hopeful that the
actions taken by the Securities and Exchange Commission do not have
a chilling effect on the many exciting things we are working
on."
We are executing our business plan and on this DHS investment,
we have actually turned a 150% profit on capital, based on an
annualized rate of return," concluded Mr. Banister.
About 1st Global Financial Corporation
1st Global Financial Corporation (OTC: FGBF)
is creating strategic partnerships with individual
and institutional owners of property portfolios in
Ireland, the United Kingdom, Europe, USA
and the Caribbean to finance the acquisition of those
portfolios. 1st Global Financial Corporation has selected a range
of properties including hotels, commercial retail and office, and
leisure developments to provide a comprehensive income generation
to facilitate growth in the Corporation. 1st Global
intends to present to the investment community at all levels an
opportunity to participate in solid property asset acquisition
with steady income projection. The Corporation plans to issue
a series of asset backed bonds in this financial year and has
begun the confidential negotiations with book-runners and
institutional investment managers in Europe,
China, and the Middle East to facilitate
that intention. For additional
information about 1st Global Financial
Corporation please visit our website,
www.1stglobalfinancialcorp.com
Safe Harbor Statement
This update includes forward-looking statements. These
forward-looking statements generally can be identified by
phrases such as 1st Global
Financial Corporation or
its management "believes," "expects,"
"anticipates," "foresees," "forecasts," "estimates" or
other words or phrases of similar import. Similarly, statements
herein that describe the Company's business strategy, outlook,
objectives, plans, intentions or goals also are
forward-looking statements. All such forward-looking
statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from those in
forward-looking statements.
Please send inquires to 1st Global Financial Corporation via
email at info@fgbf-corp.com or via phone:
702-448-1861
SOURCE 1st Global Financial Corporation