Fortitude Group, Inc. Provides Public Update
May 22 2014 - 8:33AM
Marketwired
Fortitude Group, Inc. Provides Public Update
ERIE, PA--(Marketwired - May 22, 2014) - Fortitude Group, Inc.
(PINKSHEETS: FRTD) provides the public an update on outstanding
corporate items.
Management is proud to provide the public an update on pending
corporate events:
- OTCQB Acquisition - Due Diligence has progressed as expected
with one outstanding item which is a 3rd Party Valuation of our
recently acquired Database (over 1,600,000 qualified Opt-In
Members). A valuation specialist has been retained to complete
this task. Both sides are confident that due diligence will be
completed prior to the May 30, 2014 deadline.
- Industry Standard Valuation - According to the 2014 case study
prepared by Subscription Site Insider (CLICK HERE) entitled "Email
List Valuations: What's Your Opt-In Email List Worth as a Media
Property on the M&A Marketplace Today?" the author provides
valuations on specific opt-in data ranging from between $1 - $35
per name depending on eight key factors. Based on these 8 factors,
the acquired domains membership database would be valued at the
higher end of the spectrum and should be valued between $20 and $25
per opt-in name.
- Affinity Elite Cards- Both the retail cards ordered and the
$25.00 Special Offer Shareholder cards have completed production
and will ship the first week of June.
- VaporVites-The initial 5,000 order ships the first week of June
and the remaining 10,000 units ship mid-June
- ShareholderConnect.com - Our cloud based shareholder
communication platform launches on May 26, 2014.
- Quarterly Filing - The Company will have the quarterly report
filed on or before the close of business on Friday, May 23,
2014.
- Yield Sign - Corporate Counsel is aware of the yield sign on
OTC Markets. Counsel is submitting the required legal opinion
to OTC Markets prior to the Quarterly filing on May 23, 2014.
- AFFW Special Share Distribution - The shares have been ordered
and the Affinity transfer agent has submitted a bill for $7400.00
for this share issuance. This invoice was paid on Tuesday the 20th
of May. The shares issuance should be completed on or before
May 23, 2014.
- Share Buy-Back Program - The Company has retired approximately
28% of its combined issued and outstanding stock. The process
to retire the free trading stock via Cede and Co and the restricted
stock with our Transfer Agent is still in progress and should
reflect to the public mid-June. Upon verification that the
current buy back reflects with both, we will continue to buy back
our stock as ratified by our Board of Directors.
- Primarq- The Company is awaiting specific due-diligence
information from Primarq. It has come to our attention that
management of Primarq has been sending out conflicting and
disparaging messages via social media about Fortitude. We are
not at liberty to discuss the progress of the proposed acquisition
of Primarq, as we our bound by a tri-party non-disclosure
agreement.
- Corporate Websites - The Company is on schedule to have the
following sites completed and launched to the public prior to the
end of May 2014:
- FRTDGroup.com (Corporate Site) FRTD.net (Corporate Site)
FortitudeGroup.net (Corporate Site) VaporVites.com
iShareRewards.com AffinityEliteCard.com CrowdExaminer.com
ShareholderConnect.com InvestorLynks.com
Thomas J. Parilla, CEO of Fortitude, stated, "We are receiving
several phone calls from shareholders, requesting information about
the proposed merger and the disparity between the proposed
valuation and our current stock price. As we get closer to the
end of the due diligence period and our valuation is validated by a
3rd party specialist, I am confident the market will adjust
accordingly. We have traded over 220 million shares in the past
three trading sessions and BuyIns.net has tracked over 50% of our
daily trading volume as short sales. I am not a person that
will blame the shorts or negative post on message boards as the
reason for a declining stock price. We are going to continue
to grow our business and enter into income producing agreements
that add cash flow to our bottom line. If we continue this model, I
am confident that our stock price will reflect its true value."
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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