Fortitude Group Inc. Executes an Agreement to Purchase 51% of Smart Workout Inc., an NYC Health & Fitness Club
July 01 2013 - 7:30AM
Business Wire
Fortitude Group Inc. (NQB: FRTD) announces it has entered into
an agreement with Smart Workout Inc.
(http://www.smartworkout.net/), a Hi End fitness club located in
East Midtown, NYC.
Under the terms of the agreement, Fortitude Group Inc. will
acquire 51% NOI of Smart Workout Inc.’s present and future
operations. Smart Workout Inc. is a Hi End fitness club established
in 2009 as a corporate entity in the state of New York. The company
has been featured in various metro New York media to include
Television, Radio and Print.
“Fortitude Group Inc. was attracted to Smart Workout Inc. for a
number of reasons. The popularity of fitness in the USA has spread
out over all age groups, and increased particularly amongst those
over age 50. Of the over 78 million aging Baby Boomers, over ten
thousand will turn 50 every day for the next fifteen years. This
demographic represents significant spending power that allocates
more leisure time and takes a vested interest in living more
healthy lifestyles. The industry as a whole continues to see
expanding growth. Yoga participation has grown at ~24% CAGR over
last decade with total spending nearly doubling since 2004 to $5.7
billion annually. More than 10 million people are participating in
Pilates today. Smart Workout Inc. has its fingers on the pulse of
this growth by offering their members professional trainers to
teach smaller classes providing a personal intimate experience in
the heart of Midtown Manhattan. The addition of Smart Workout Inc.
to Fortitude’s portfolio equates to our continuing efforts to build
intrinsic value for our shareholders,” Thomas Parilla, CEO of the
Fortitude Group Inc. stated.
Smart Workout Inc. is operated under the talented direction of
Elaine Platt, CEO/Chairwoman. Ms. Platt holds an MBA in Finance
from NYU Stern College of Business, LLM in Taxation from NYU
Graduate School of Law, LLM in Corporate Law from NYU Graduate
School of Law, JD, Boston University School of Law and AFAA Group
Exercise Certified.
Elaine Platt CEO/Chairwoman commented, “Smart Workout Inc. is
excited about our future prospects. The new found relationship with
Fortitude Group should result in our ability to launch our exciting
new venture, 'Fitness Vacations,' all inclusive vacations for
fitness and weight loss, set against the rich cultural backdrop of
New York City.”
About:
Fortitude Group Inc. is a diversified company with investments
in multiple sectors of the economy, targeting joint ventures,
wholly owned subsidiaries and or majority/minority positions that
cross various market segments with the goal of creating a quality
company that builds intrinsic value for its shareholders.
Safe Harbor:
This press release contains forward-looking statements. Such
forward-looking statements are subject to a number of risks,
assumptions and uncertainties that could cause the Company's actual
results to differ materially from those projected in such
statements. Forward-looking statements speak only as of the date
made and are not guarantees of future performance. We undertake no
obligation to publicly revise any forward-looking statements.
Contact:
Investor RelationsSterling CapitolKent ThomasPhone – (631)
824-7661Email – IR-FRTD@sterlingcapitol.net
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