ERIE, PA--(Marketwired - Apr 28, 2014) - Fortitude Group, Inc. (OTC: FRTD) is pleased to announce, as part of their previously announced Stock Repurchase Plan, they have retired and returned to treasury 185,000,000 shares of their restricted common stock (20% of the 894,322,304 shares that were formally issued and outstanding).
The Board of Directors, on February 25, 2014, 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). To date, the company has retired a total of 212,550,000 shares (24%) of their issued and outstanding common stock.
Thomas Parilla, CEO of Fortitude, stated, "Our goal was to retire 60,000,000 shares of our common stock by the end of April. We have exceeded this goal and in doing so have positioned ourselves to capitalize on a soon-to-be announced strategic partnership with an existing revenue generating company in the entertainment industry. This partnership will showcase our existing product-line as well as introduce several new products to the public."
The company will provide updates to their shareholders awaiting the Special Share Issuance of Affinity Mediaworks (OTCQB: AFFW). The company received the 9,250,000 restricted share certificate and instantaneously completed the required corporate resolution, issuance instruction letter and shareholders list to perfect the re-issuance of this certificate to Fortitude shareholders. The last item requested by the AFFW transfer agent was supplied on Wednesday, April 23, 2014. 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.