Fortran Corporation (OTCPK:FRTN) acquired 80% of Tower Performance, Inc. on November 16, 2015. Under the terms of transaction, Fortran may acquire the remaining 20% stock of Tower Performance within three years. Substantial personal commitment by Douglas W. Rink Chief Executive Officer of Fortran, including personal guaranty to Tower Performance shareholders for certain financial terms of a agreement with Tower Performance and its three shareholders, was required. Further, Douglas W. Rink also used personal assets and agreement to use Fortran assets as security for a $1.4 million prime rate, 48 month term loan with BB&T Bank. Upon completion of transaction, Douglas W. Rink Chief Executive Officer of Fortran will become Chairman of the Board and Vice President of Tower Performance and Richard C. Wilson chief Financial Officer of Fortran will become a Director and Treasurer of Tower Performance. Tower Performance senior management has agreed to remain with Tower Performance for up to three years. The transaction is expected to earnings accretive.

Fortran Corporation (OTCPK:FRTN) completed the acquisition of 80% of Tower Performance, Inc. on November 16, 2016.