NEW YORK, NY--(Marketwired - Jan 23, 2014) - Fortitude Group, Inc. (OTC: FRTD) announces formation of three new majority owned subsidiaries.
The Board of Directors has approved the formation of three new subsidiaries of Fortitude Group, Inc. The Company has registered Fortitude Healthcare, Fortitude RE Holdings and Fortitude Technology as three majority owned subsidiaries. These newly formed corporations will be registered in Delaware and operated under separate management. Each subsidiary will immediately take the necessary steps to file the required registration statements with the SEC, FINRA and State & Federal regulatory bodies with a goal to have the shares of each subsidiary traded as a separate public company in 2014.
Fortitude Healthcare is being developed to consolidate the existing letters of intent which will complete the acquisitions the company has announced over the past year. Fortitude RE Holdings is being formed in order to conclude the acquisition of PRIMARQ as well as fund additional companies which management has under consideration that align with PRIMARQ and other sectors of the real estate industry. Finally, Fortitude Technology is being created to fund either as a primary investment or the outright acquisition of technology companies which will focus on mobile applications, virtual desktops and holographic projection touch applications. New management will be announced for each subsidiary company in the coming days.
According to the Company, the three new subsidiaries listed above will provide a funding conduit for both Procap Funding and outside investors who want to capitalize on the growing healthcare sector without linking the performance of their investment to the other two subsidiaries.
"We have spent the last year identifying specific companies that fit our growth strategy either by partnership, minority investment or outright acquisition. This process has produced its share of successes and failures. Unfortunately, the failures dominated the successes as reflected in our stock price. By forming the three subsidiaries stated above, we can move from concept to implementation and present our shareholders the opportunity to participate in the future success of each separate entity upon completion of our public registration. We are proud to announce that our share structure has not changed in the last year which should have a significant positive effect on our stock price as each revenue announcement is made in 2014," stated Thomas Parilla, CEO of Fortitude Group, Inc.
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.