SOURCE: Fortitude Group, Inc.
ERIE, PA--(Marketwired - Mar 26, 2014) - Fortitude Group, Inc. (OTC: FRTD) is pleased to provide an update to its previously announced Stock Repurchase Plan.
On February 25, 2014, the Board of Directors resolved the repurchase of up to 100,000,000 Class A common shares of the Company. On March 26, 2014, the Board of Directors agreed to increase the allotted number of shares in the Stock Repurchase Plan from 100,000,000 to 250,000,000 (which can be purchased over the next 365-days). The Resolution delivers additional increases to the amount of shares in the Stock Repurchase Plan if new revenue substantiates the increase. The Company has completed all required account formation documents to begin this repurchase effective immediately.
Over the next month, the Company intends to repurchase approximately 60,000,000 shares through various open market purchases along with the repurchase of an additional 40,000,000 restricted shares in privately negotiated transactions. Each subsequent month, purchase denominations will be evaluated case by case and be based on specific market conditions and actual derived revenue.
On March 27, 2014, the Company is launching http://www.FRTDBuyBack.com to assist shareholders who currently own restricted shares of Fortitude and would like to enter into confidential negotiations with the Company to sell their shares back to the Company and retire the shares to treasury.
"We are pleased to begin this Stock Repurchase Plan. Upon completion, this plan should retire approximately 27% of our issued and outstanding stock, unless additional increases to the plan are implemented by our Board. As our revenue increases, we will continue to repurchase shares and retire them to treasury. The company has NO convertible debt, NO off-balance sheet arrangements and NO toxic debt/financing agreements, which means this buyback should reward our shareholders with an increase in our share price," stated Thomas J. 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.