Fortis Offers Stock: Fortis Corp. of Irvine,...

Fortis Offers Stock: Fortis Corp. of Irvine, a provider of medical-cost containment and managed health-care services to businesses, offered stock for sale to the public for the first time. The Irvine company offered 1.5 million shares of common stock at a price of $10 each. The offering will raise $15 million before underwriting expenses are deducted. President Gordon Clemons said the proceeds will be used to repay North Star Universal, Fortis’ parent company, which invested $9.9 million to get Fortis started in business. The remainder of the proceeds will be used to supplement working capital, for expansion and other general corporate purposes. The company’s stock will be traded on the National Assn. of Securities Dealers Automated Quotation system under the symbol FORT.