SOURCE: Fortitude Group, Inc.
ERIE, PA--(Marketwired - Apr 25, 2014) - Fortitude Group, Inc. (OTC: FRTD) is pleased to announce that as part of their previously announced Stock Repurchase Plan they have purchased, through a series of open market transactions 27,550,000 shares of their common stock or 8.5% of the 305,174,925 shares currently held with Cede & Co.
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 company has also made purchases in private transactions with shareholders who hold restricted shares of Fortitude. An accounting of these restricted share purchases is being completed and the total retired share count will be announced to the public upon completion.
"We are on pace to complete our initial goal of 60,000,000 shares being purchased through open market transactions this month. We are committed to the growth of our company while increasing the value of our shareholders equity. Retiring 8.5% of our public float is one of many steps we are initiating to solidify our commitment." -Thomas J. Parilla, Fortitude CEO
For shareholder that hold restricted Fortitude securities, the company has established http://www.FRTDBuyBack.com in order to assist shareholders who would like to enter into confidential negotiations with the Company to sell their shares back to the Company and retire the shares to treasury.
The company is also providing an update to shareholders awaiting their Special Share Issuance of Affinity Mediaworks (OTCQB: AFFW). The company received the 9,250,000 restricted share certificate and immediately completed the required corporate resolution, issuance instruction letter and shareholders list to perfect the re-issuance of shares to the Fortitude shareholders. The last item requested by the AFFW transfer agent was supplied on Wednesday, April 23, 2014 and the re-issued shares should be received by Fortitude shareholders on or before May 2, 2014.
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.