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."
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.