Fortran Corporation Signs LOI
Fortran Corporation (OTC: FRTN) has signed a Letter of Intent to acquire Comconexx, LLC, a telecommunications service provider based in Fort Myers, Florida.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Fortran Corporation (OTC: FRTN) has signed a Letter of Intent to acquire Comconexx, LLC, a telecommunications service provider based in Fort Myers, Florida. This acquisition is expected to enhance Fortran's market share in the Southeast and boost its revenue, thereby improving financial performance. President Glenn Withers emphasized the strategic significance of this deal, aiming for completion by December 31, 2021. Fortran specializes in complex communication solutions, encompassing design, installation, and maintenance.
Positive
- Acquisition of Comconexx expected to increase market share in the Southeast.
- Anticipated revenue boost that could enhance financial performance.
Negative
- Potential delays in acquisition completion could impact strategic goals.
- Risks associated with the ongoing COVID-19 pandemic may affect business operations.
Details
News Market Reaction – FRTN
The recorded move for FRTN in the trading session of this news was +69.23%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Conover, NC, Sept. 07, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Fortran Corporation (OTC: FRTN) is pleased to announce that the company has signed a Letter of Intent (LOI) to acquire Comconexx, LLC, a Wyoming limited liability company.
"We believe that the acquisition of Comconexx will increase our market share in the Southeast and add revenue that will enhance our bottom line numbers," stated President Glenn Withers.
Comconexx is headquartered in Fort Myers, Florida and provides telecommunication sales, installation, and services in Fort Myers and the surrounding areas.
Fortran expects to complete the acquisition of Comconexx before December 31, 2021.
About Fortran Corporation:
Fortran Corporation is a telecommunication system integrator dedicated to designing, implementing and maintaining complex communications solutions. Fortran is comprised of engineering and design, network services, sales, remote monitoring, and on-site service. For more information, contact us at: info@fortrancorp.com.
Visit us at www.fortrancorp.com
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Statements and information contained in this communication that refer to or include Fortran's estimated or anticipated future results or other non-historical expressions of fact are forward-looking statements that reflect Fortran's current perspective of existing trends and information as of the date of the communication. Forward looking statements generally will be accompanied by words such as "anticipate," "believe," "plan," "could," "should," "estimate," "expect," "forecast," "outlook," "guidance," "intend," "may," "might," "will," "possible," "potential," "predict," "project," or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements about the belief that the acquisition of Comconexx will increase Fortran's market share in the Southeast and add revenue that will enhance its bottom line numbers, and Fortran's expectations that it will complete the acquisition of Comconexx before December 31, 2021. It is important to note that Fortran's plans, objectives, expectations and intentions are not predictions of actual performance. Actual results may differ materially from Fortran's current expectation depending upon a number of factors affecting Fortran's business. Factors that could cause or contribute to such differences include, but are not limited to, fluctuation in operating results, the ability of Fortran to compete successfully and other events. These factors also include, among others, the risks associated with the ongoing COVID-19 pandemic and related public health measures on its business, customers, markets and the worldwide economy: the inherent uncertainty associated with financial and other projections: the anticipated size of the markets and continued demand for Fortran's products: the impact of competitive products and pricing: changes in generally accepted accounting principles: successful compliance with governmental regulations applicable to Fortran's facilities, products and/or businesses; changes in laws, regulations and governmental policies: the loss of key senior management or staff: and other events factor and risks previously and from time to time disclosed in Fortran Corporation's filings with the OTC Markets Group Inc. including, specifically, those factors set forth in any "Risk Factors" section contained in such filings.
Glenn Withers
828-324-4611
gwithers@fortrancorp.com
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