Fortitude Group, Inc. Defines Terms of Recently Announced Special Share Issuance
March 12 2014 - 8:15AM
Marketwired
Fortitude Group, Inc. Defines Terms of Recently Announced Special
Share Issuance
ERIE, PA--(Marketwired - Mar 12, 2014) - Fortitude Group, Inc.
(OTC: FRTD) clarifies terms of recently announced "Master Funding
Agreement" special share issuance.
The Board of Directors is pleased to announce the recent closing
of its previously publicized "Master Funding Agreement." Under the
terms of the agreement, as of calendar date: March 14, 2014 at
6:00pm EDT, Affinity Mediaworks Corp. (OTCQB: AFFWD) will issue a
total of 9,250,000 shares as a special share issuance to the
Fortitude Group shareholders of record. The shares will be issued
and later included in an S-1 Registration Statement subject to
filing prior to April 1, 2014.
The 9,250,000 shares represent approximately 14% of the
to-be-issued and outstanding stock of Affinity Mediaworks. Under
the issuance calculation, for every 92 FRTD shares beneficially
owned by a Fortitude shareholder, they shall be entitled to receive
1 new additional share of Affinity Mediaworks. The closing price of
Affinity Mediaworks as of March 11, 2014, was $3.00 per share. For
reference, a Fortitude shareholder with 100,000 shares which they
purchased at the March 11, 2014, closing price of $.0233 or
$2,330.00, would receive 1,087 newly issued shares of Affinity with
an implied value of $3,261.00.
Thomas J. Parilla, CEO of Fortitude stated, "We are pleased to
be able to reward our loyal shareholders with this Master Funding
Agreement special share issuance. This issuance provides our
shareholders with all of the features of a standard dividend
without the dividend name and more importantly, without incurring
the time delay of FINRA approval. Using this unique funding
strategy provides closure of the investment round with PRIMARQ
without diluting the capital structure of Fortitude. We see an
industry poised for exponential growth over the coming quarters.
Our commitment to invest $4 million USD for a 45% stake in PRIMARQ
puts us at the forefront of this exciting new industry. It is our
goal to complete the PRIMARQ investment within the next
30-days.
The calendar date cut-off point to participate in this dividend
is March 14, 2014 at 6:00pm EDT. At the cut-off time, participation
will pass and our transfer agent will be instructed to issue the
new Affinity dividend to the Fortitude shareholders of record which
are reflected on our shareholders list as well as the NOBO list as
of the calendar date.
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: info@g3corp.net
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