Fortitude Group, Inc. Defines Terms of Recently Announced Special Share Issuance
Erie, PA, March 12, 2014: Business Wire- Fortitude Group, Inc. (OTC: FRTD) clarifies terms of recently announced “Master Funding Agreement” special share issuance.
The Board of Directors is pleased to announce the recent closing of its previously publicized “Master Funding Agreement”. Under the terms of the agreement, as of calendar date: March 14, 2014 at 6:00pm EST, Affinity Mediaworks Corp. (OTCQB: AFFWD) will issue a total of 9,250,000 shares as a special share issuance to the Fortitude Group shareholders of record. The shares will be issued and later included in an S-1 Registration Statement subject to filing prior to April 1, 2014.
The 9,250,000 shares represent approximately 14% of the to-be-issued and outstanding stock of Affinity Mediaworks. Under the issuance calculation, 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 closing price of Affinity Mediaworks as of March 11, 2014, was $3.00 per share. For reference, a Fortitude shareholder with 100,000 shares which they purchased at the March 11, 2014, closing price of $.0233 or $2,330.00, would receive 1,087 newly issued shares of Affinity with an implied value of $3,261.00.
Thomas J. Parilla, CEO of Fortitude stated, “We are pleased to be able to reward our loyal shareholders with this Master Funding Agreement special share issuance. This issuance provides our shareholders with all of the features of a standard dividend without the dividend name and more importantly, without incurring the time delay of FINRA approval. Using this unique funding strategy provides closure of the investment round with PRIMARQ without diluting the capital structure of Fortitude. We see an industry poised for exponential growth over the coming quarters. Our commitment to invest $4 million USD for a 45% stake in PRIMARQ puts us at the forefront of this exciting new industry. It is our goal to complete the PRIMARQ investment within the next 30-days.
The calendar date cut-off point to participate in this dividend is March 14, 2014 at 6:00pm EST. At the cut- off time, participation will pass and our transfer agent will be instructed to issue the new Affinity dividend to the Fortitude shareholders of record which are reflected on our shareholders list as well as the NOBO list as of the calendar date.
About
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.
Contact
Fortitude Group, Inc.
Investor Relations
Phone: 888-531-4931
Email: info@g3corp.net
