Fortran Corporation Issues Shareholder UpdateJanuary 24, 2020
Conover, NC, Jan. 24, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Fortran (OTC: FRTN) 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 believe the action taken by our shareholders at this meeting provides a clear path to accomplish our goals and objectives of enhancing shareholder equity.”
President and CEO, Glenn Withers
About Fortran Corporation
("Fortran" or the "Company") is a leading telecommunications system integrator dedicated to designing, sourcing, implementing and maintaining complex Telecommunications solutions. We are converting the historical and traditional Telecom business model to a Telecom-As-A-Service ("TaaS") and is comprised of design, network service, technical certifications, remote monitoring, on-site service, with dedicated sales and engineering.
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 filing.
Fortran Corporation 828-324-4611