Fortitude Group, Inc. Announces Master Funding Agreement With OTCBB Company
March 04 2014 - 8:45AM
Marketwired
Fortitude Group, Inc. Announces Master Funding Agreement With OTCBB
Company
ERIE, PA--(Marketwired - Mar 4, 2014) - Fortitude Group, Inc.
(OTC: FRTD) is pleased to announce that on February 28, 2014, the
Company entered into a master funding agreement whereby, under the
terms of the agreement, Fortitude will become the majority
shareholder of a fully reporting Bulletin Board public company for
the specific purpose of completing the funding of PRIMARQ while not
diluting the current share structure of Fortitude.
Thomas J. Parilla, CEO of Fortitude, stated, "Under the
preliminary terms of our purchase agreement, we have committed to
invest $4 million USD for a 45% stake in PRIMARQ. If we were to use
the equity of Fortitude to perfect this transaction, even at
today's closing price, the dilution to our shareholders would be
massive. To combat this, our partners at G3 designed this unique
funding strategy which upon completion will allow us to acquire
control of this fully reporting trading company. Instead of
diluting Fortitude, we do the opposite strategy and issue our
shareholders a dividend in this fully reporting company which upon
closing, will give us the ability to complete the PRIMARQ
investment within 30-days."
The agreement calls for closing this acquisition on or before
March 7, 2014, at which time the Company will announce to the
public, the name and symbol of the new publicly traded portfolio
company. The release will further outline the dividend ratio to be
issued to Fortitude shareholders as well as the effective date for
this dividend.
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.
Forward Looking
Statements 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 Fortitude Group, Inc. Investor Relations Phone:
888-531-4931 Email:
infofrtd@gmail.com
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