Fortran Corporation Strengthens Financial Position Through Debt Conversion and Completes Strategic Acquisition
TL;DR
Fortran Corporation strengthens balance sheet by converting debentures into common stock, eliminating interest payments and simplifying debt structure.
Fortran Corporation converts debentures issued in 2019 into common stock shares, enhancing financial position and streamlining debt obligations.
Fortran Corporation's acquisition of Intech Systems promises enhanced capabilities, expanded resources, and a wider range of solutions to meet customer needs.
Fortran Corporation's strategic acquisition of Intech Systems marks an exciting chapter in their story, offering new opportunities for growth and innovation.
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Fortran Corporation (OTC: FRTN) announced that a holder of Convertible Debentures originally issued on November 1, 2019, has converted the debenture into common stock shares. Kent Greer, President and CEO of Fortran Corporation, stated that this conversion represents a significant milestone for the company's aggressive growth strategy. The conversion strengthens the company's balance sheet, eliminates associated interest payments, and simplifies its debt structure, providing greater financial flexibility.
In addition to the debt conversion, Fortran Corporation has completed the full acquisition of Intech Systems of South Carolina. Greer described this as a strategic acquisition that marks an exciting chapter for the company, promising enhanced capabilities, expanded resources, and a wider range of solutions to meet evolving customer needs. The acquisition is expected to increase Fortran's market share in the Southeast region and contribute positively to revenue and bottom-line performance.
Fortran Corporation operates as a telecommunications system integrator specializing in designing, implementing, and maintaining complex solutions focused on cloud-based and AI services. The company's operations encompass engineering and design, network services, sales, remote monitoring, and on-site service. For additional information, visit https://www.fortrancorp.com.
The announcement includes forward-looking statements under the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties that could cause actual results to differ materially from current expectations. Factors that could affect results include fluctuations in operating results, competitive pressures, changes in accounting principles, regulatory changes, and the impact of the COVID-19 pandemic on business operations and the global economy. These risks are detailed in Fortran Corporation's filings with the OTC Markets Group Inc.
Curated from NewMediaWire
