FortisAnnounces $5.3 Million In Funding Agreements

 

WINTERPARK, Fla., May 10, 2004 (BUSINESS WIRE) -- Fortis Enterprises(OTCBB:FRTE)announced today that the Company has entered into a Standby EquityDistributionAgreement ("SEDA") with US-based investment fund Cornell CapitalPartners LP in the amount of $5million. Additionally, the Company entered intoasecured convertible debenture agreement with Cornell in order to provide theCompany with expedited accessto $300,000 of funding, $150,000 of which has been received by FRTE.

 

Underthe SEDA, Cornell has committed to provide up to $5 million of funding tobe drawn down at the Company'sdiscretion by the purchase of the Company'scommonstock. The Company may request up to $200,000 in any six-day period inexchangefor issuing Cornell shares of common stock. The facility may be used inwholeor in part entirely at the Company's discretion, subject to an effectiveregistrationstatement. 
 

StephenW. Carnes, CEO of Fortis Enterprises stated, "The funding agreement withCornell Capital will enable theCompany to have access to the capital that itneedsto execute its business strategy. I am pleased with the fundingarrangementas it provides the Company with access to capital in a manner thatenablesthe Company the flexibility to receive funds at the Company's sole
discretion."

 

Additionally,Mr. Carnes stated, "The Company will now begin to undertake thenecessarysteps to complete the first acquisition that was previously announcedbythe Company. I am also pleased to announce that the Company recently beganmaking initial contacts withother potential acquisition candidates. Thesecontactswere made so that as we complete the first acquisition we will haveotheracquisition candidates in the pipeline in an effort to expedite theoverallgrowth of the Company."
 

AboutFortis Enterprises -- Fortis Enterprises is a publicly traded company ontheOver-the-Counter Bulletin Board under the symbol FRTE. The Company ispresentlya development stage company that intends to capitalize upon the nichemarketopportunities within the commercial and residential restoration servicemarkets.More information is available about Fortis Enterprises atwww.fortisenterprises.com.

 

FortisEnterprises does not have any relationship with, nor the approval of,Fortis(NL) N.V. Corporation, Fortis, Inc., or any of their affiliates.
 

For upto date corporate information about Fortis Enterprises, contact Stephen W.Carnes at 407-435-3959. E-mail: 

info@fortisenterprises.com.

 

Thispress release contains certain "forward-looking" statements, asdefined inthe UnitedStates Private Securities Litigation Reform Act of 1995 that involveanumber of risks and uncertainties. Statements, which are not historical facts,are forward-looking statements.The Company, through its management, makesforward-lookingpublic statements concerning its expected future operations,performanceand other developments. Such forward-looking statements arenecessarilyestimates reflecting the Company's best judgment based upon currentinformationand involve a number of risks and uncertainties, and there can be noassurancethat other factors will not affect the accuracy of suchforward-lookingstatements. It is impossible to identify all such factors,factorsthat could cause actual results to differ materially from thoseestimatedby the Company. They include, but are not limited to, the timing oftheavailability of the SEDA, the Company's ability to execute its businessstrategy,the actual receipt of funds from Cornell Capital, the Company'sabilityto consummate and complete acquisitions, the Company's access to futurecapital,the successful integration of acquired companies, governmentregulation,managing and maintaining growth, the effect of adverse publicity,litigation,competition and other factors that may be identified from time totimein the Company's public announcements. The Company undertakes no obligationto revise or update suchstatements to reflect current events or circumstancesafterthe date hereof or to reflect the occurrence of unanticipated events.
 

Thispress release is provided for information purposes only and is not intendedto constitute an offer to sellor a solicitation of an offer to buy securities.
 

SOURCE:Fortis Enterprises

 

 

CONTACT:Fortis Enterprises, Winter Park

StephenW. Carnes, 407/435-3959

E-mail:info@fortisenterprises.com