euro adhoc: Fortune Management Inc.
Joint Ventures/Cooperation/Collaboration /
Fortune to form Global Renewable Resources BV
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
13.04.2007
Zug/Switzerland, 13 April 2007 - Fortune Management Inc., listed on
the German and Dubai Stock Exchange (ISIN: AOBLYY; Symbol: FMI1) has
established Global Renewable Resources BV ("GRR"), a marketing and
logistics services platform focused on bio-fuels and associated
feedstocks. The business will be located in the Netherlands and
Switzerland.GRR will have Goldman Sachs as a minority shareholder, with Goldman Sachs and Fortune Management having equal representation on the board of the new group. Paul Bagley, Chairman of the Board at Fortune Management, has been appointed Chairman of the Board of GRR. The business will be led by Joseph Hirl who has extensive experience in building commodities marketing and logistics firms. Foundry Capital helped organize the formation of the Company and will be on the Supervisory Board.
The global biofuels industry is experiencing significant growth driven by governmental targets and consumer demand. The European Union has taken a leading role in the use of biodiesel, and this will be the initial focus area for the business.
GRR is a Principal Investment of Fortune Management whose strategy it is to invest its own resources in promising businesses with high potential for growth and appreciation in value. GRR is entering the biofuels market at an opportune stage to take advantage of increased activity and the need for improved market support and efficiency.
End of ad hoc release
Profile of FORTUNE Management Inc.: FORTUNE Management Inc., Zug/Switzerland, is a publicly listed private equity firm. Its two business divisions are Private Equity Management and Principal Investments. Private Equity Management achieves consistent revenues from the management of specialised funds, whereas Principal Investments comprises direct investments (e.g. in bio-diesel manufacturer GATE or in the Swiss asset managers Fortune Wealth Management Group AG) with a view to capital gains. FORTUNE Management Inc. has subsidiaries in Zug, Zurich, Geneva, Luxemburg, Rotterdam, Santiago de Chile, Würzburg and Vienna, as well as a branch in Dubai. The companys shares (ISIN: USU 026281027) are listed in the General Standard segment of Frankfurt Stock Exchange (symbol: FMI1) and on the DIFX in Dubai.
Contact: FORTUNE Management Inc. Mark Kübler Phone +41 41 727 10 40 IR@fortune-management.com Bahnhofstrasse 10 P.O. Box 324 CH-6301 Zug
end of announcement euro adhoc 13.04.2007 12:04:09
Further inquiry note:
Michael Staab
New Mark Finanzkommunikation
Tel.: +49(0)69 94418097
E-Mail: michael.staab@newmark.de
Branche: Financial & Business Services
ISIN: USU026281027
WKN: A0BLYY
Börsen: Börse Berlin-Bremen / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Frankfurter Wertpapierbörse / regulated dealing/general
standard