ERIE, PA--(Marketwired - May 23, 2014) - Fortitude Group, Inc. (PINKSHEETS: FRTD) announced today that they have executed a development agreement with an East Coast Native American Nation.
Under the terms of the agreement, Fortitude shall develop a white labeled social media aggregator that can be used by the tribal casino hosts and management to further enhance the casinos personal profiles of existing high frequency gamblers. In addition, upon completion, this application will provide the casino a currently unavailable, real-time tool that can be used to qualify new player's credit worth and the risk associated with specific players based on past performance at other facilities. This application is being developed around the same technology that powers Fortitudes ShareholderCONNECT application. The proposed completion and delivery date is June 22, 2014.
Thomas J. Parilla, CEO of Fortitude, stated, "This agreement is the first of many that we plan on executing over the next year. The revenue model is based on a per-site-license fee and the amount of individual records accessed per month. We are charging an annual per-site license fee of $25,000.00 plus $1.50 per accessed record. Under this announced agreement, the contracted tribal nation will purchase no less than 100 site licenses with a data plan of a minimum of 10,000 accessed records per month.
"This is a very exciting revenue model that has a low cost of entry with a high return on capital. We are in current negotiations will several other Native American Nations to offer similar products and hope to announce several executed agreements in the coming days."
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.