SOURCE: Fortitude Group, Inc.
ERIE, PA--(Marketwired - Apr 10, 2014) - Fortitude Group, Inc. (OTC: FRTD) announced today that on April 5, 2014, the company received 9,250,000 shares of Affinity Mediaworks Corp. (OTCQB: AFFW) and has submitted the certificate to the Affinity transfer agent to have the shares re-issued and forwarded to bona fide Fortitude shareholders of record, as of the calendar date: March 14, 2014 at 6:00pm EDT.
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. Affinity Mediaworks is set to invest $4,000,000 for a 45% in PRIMARQ in April 2014. Based on preliminary pro-forma numbers, while still a pre-revenue company, within 90-days of funding, PRIMARQ is projecting gross revenue of over $200 million per year. Currently, Affinity has raised the $4,000,000 necessary to complete this investment and under the terms of the funding agreement, the investment capital can only be released to
PRIMARQ upon verification that the Fortitude shareholders have received their AFFW Special Share Issuance certificates.
For shareholders that are unsure if they are on the NOBO (Non-Objecting Beneficial Owner) list or they just want to confirm that they are on the participation list, they can visit http://www.FRTDIssuance.com and input their personal information which will include their name, address, phone number, number of shares beneficially owned as of March 14, 2014 and purchase price.
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(which will be filed with the SEC April 2014). The average timeline for an S-1 to be deemed effective is 90-days from the initial submission to the SEC. The first draft of the S-1 is currently being reviewed by management at this time and is expected to be filed on April 15, 2014.
Thomas J. Parilla, CEO of Fortitude stated, "Fortitude is growing at a fast pace as we move through April 2014. We are excited to have just booked our first revenue from the initial 5k VaporVites unit order and we are completing another 25k unit order which will be announced after the deposit is received. We have also just notified the public that due to unforeseen issues with our plan administrator, http://www.420cashcard.com will no longer be operating under the '420' brand and that we decided to replace the site with a more universally acceptable name Http://www.affinityblackcard.com. Through this new site we will be processing the over 7,000 card orders we received through the '420' brand. We are completing the final BETA test on the new site and anticipate its new launch on the 11th. We are still receiving submissions from the Http://www.FRTDIsuance.com site from shareholders that want to participate in this extraordinary opportunity. This new issuance should be completed the week of the 14th keeping us within our target timeline."
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.