Drain strawberries, reserving 1/2 cup juice. Chop strawberries; set juice and berries aside. In mixing bowl, cream shortening and sugar. Add eggs, one at a time, beating well after each addition. Combine dry ingredients; add to creamed mixture alternately with buttermilk. Stir in pecans, chopped strawberries and extracts.
Pour into greased and floured 10-inch fluted tube pan. Bake at 325° 1 1/4 hours or until toothpick inserted near center comes out clean. Cool 10 minutes; remove from pan to wire rack.
In small saucepan, combine sugar and reserved strawberry juice. Add sliced strawberries. Bring to boil; cook and stir 1 minute. Remove from heat; stir in extracts. Brush some sauce over warm cake. Serve cake with remaining sauce. Makes 12 to 16 servings.