Fortitude Group, Inc. Provides Shareholder Update
May 08 2014 - 9:54AM
Marketwired
Fortitude Group, Inc. Provides Shareholder Update
ERIE, PA--(Marketwired - May 8, 2014) - Fortitude Group, Inc.
(PINKSHEETS: FRTD) announced today that on May 7, 2014, the company
submitted the final share issuance instructions to the Affinity
Mediaworks Corp. (OTCQB: AFFW) transfer agent for issuance to bona
fide Fortitude shareholders of record, as of the calendar date:
March 14, 2014 at 6:00pm EST.
As previously announced, 9,250,000 shares of Affinity Mediaworks
Corp., which represents approximately 14% of the to-be-issued and
outstanding stock of Affinity Mediaworks, are being issued as a
Special Share Issuance to bona fide shareholders of record of
Fortitude Group, Inc. This issuance has been calculated that 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 9,250,000 shares of Affinity Mediaworks Corp. being
distributed to Fortitude bona fide shareholders of record will
carry registration rights and be registered in the Company's
S-1. According to Affinity management, the S-1 is in the being
completed and is anticipated to be filed mid-May. The average
timeline for an S-1 to be deemed effective is 90-days from the
initial submission to the SEC.
In other corporate news, Fortitude received a trademark
infringement email from American Express for the use of the phrase
"Black Card." While counsel for Fortitude notified American
Express that the Affinity card is a closed loop system and does not
infringe on their trademark, management for Fortitude concluded
that the cost to litigate was not in the best interest of Fortitude
or its shareholders. As a non-litigation course of action,
management of Fortitdue changed the name of the Affinity Black Card
to Affinity Elite Card (http://www.affinityelitecard.com). All
cards that were previously ordered and processed under the Affinity
Black Card brand are being reissued under the Affinity Elite Card
brand. This new issuance will be completed mid-May according
to the company.
Thomas J. Parilla, CEO of Fortitude, stated, "While the market
in Fortitude share price has been volatile as of late, the company
is continuing to execute on the previously announced business
plan. We have added $16,000,000 in joint venture asset with
the partnership between Fortitude and Affinity and the revenue
sharing component to this agreement should start producing regular
income for the company later this quarter. The new Fortitude
corporate website (http://www.frtdgroup.com) will be launching this
month and will be a public a forum to find out what's going on with
the company without hearing it from unsubstantiated third
parties."
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:
888-447-5501 Email: Email Contact
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