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BRIEF-Fortress Global Enterprises Says There Is Significant Uncertainty Whether Company Will Continue As A Going Concern

Published 2019-08-06, 09:29 p/m
© Reuters.  BRIEF-Fortress Global Enterprises Says There Is Significant Uncertainty Whether Company Will Continue As A Going Concern
FGE
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Aug 6 (Reuters) - Fortress Global Enterprises Inc FGE.TO :

* FORTRESS GLOBAL ENTERPRISES REPORTS SECOND QUARTER 2019 RESULTS

* QTRLY SALES $36.8 MILLION VERSUS $50.1 MILLION

* THERE IS SIGNIFICANT UNCERTAINTY WHETHER COMPANY WILL CONTINUE AS A GOING CONCERN

* FORTRESS GLOBAL ENTERPRISES- ASSUMES THAT COMPANY WILL BE ABLE TO REALIZE ITS ASSETS AND DISCHARGE ITS LIABILITIES IN NORMAL COURSE OF BUSINESS

* FORTRESS GLOBAL ENTERPRISES-MANAGEMENT'S IMPAIRMENT EVALUATION IDENTIFIED IMPAIRMENT LOSS OF $44.9 MILLION AT FSC MILL OPERATIONS AT JUNE 30

* ACTIVE DISCUSSIONS WITH COMPANY'S LENDERS ARE ONGOING, AS WELL AS EFFORTS TO SEEK OTHER SOURCES OF FINANCING

* NO ASSURANCE THAT COMPANY WILL BE SUCCESSFUL IN RAISING CAPITAL ON ACCEPTABLE TERMS IF AT ALL

* FORTRESS GLOBAL ENTERPRISES - ABILITY TO CONTINUE AS GOING CONCERN DEPENDENT ON BEING SUCCESSFUL IN ACCESSING ADDITIONAL SOURCES OF LIQUIDITY

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