Maybe someday we will see this happen to SRGE...
Post# of 9903
Posted On: 05/18/2014 10:17:17 PM
Maybe someday we will see this happen to SRGE...
Fortitude Group, Inc. Receives Letter of Intent to Purchase Company
ERIE, PA--(Marketwired - May 18, 2014) - Fortitude Group, Inc. (PINKSHEETS: FRTD) announced today that they received a Letter of Intent (LOI) to be purchased by a fully reporting OTCQB company. The name of the proposed acquirer has been withheld due to the LOI having a confidentiality clause. The LOI also includes a 10-day due-diligence period with an estimated closing date for the transaction of May 30, 2014. Upon completion of the due-diligence period, both companies intend to make a joint announcement to the public as well as file the required 8-k.
The LOI proposes an "in-Kind" share-exchange between both companies whereby upon completion of the merger, the OTCQB Company would be the surviving entity. The acquiring company has valued Fortitudes shares at $.12 per share which is the proposed value Fortitude shareholders would receive upon completion of the merger. This valuation was achieved by combining the industry acceptable valuation of Fortitudes recently acquired data base, the revenue derived from their VaporVites vapor system and adjusting the issued and outstanding stock for the nearly 230 million Fortitude shares which were part of the recently announced Share Buyback program.
Thomas J. Parilla, CEO of Fortitude stated, "This LOI helps support the growth valuation of Fortitude and the price of our stock. We are confident that upon completion of the due-diligence, this merger will close within the proposed timeline. We are pleased with the initial offer of $.12 per share but will leave the specifics to our accountants and attorneys to work through price and terms. "
About
The Wolf
Wolf Analyst Group LLC
wolf@wolfofweedstreet.com
Fortitude Group, Inc. Receives Letter of Intent to Purchase Company
ERIE, PA--(Marketwired - May 18, 2014) - Fortitude Group, Inc. (PINKSHEETS: FRTD) announced today that they received a Letter of Intent (LOI) to be purchased by a fully reporting OTCQB company. The name of the proposed acquirer has been withheld due to the LOI having a confidentiality clause. The LOI also includes a 10-day due-diligence period with an estimated closing date for the transaction of May 30, 2014. Upon completion of the due-diligence period, both companies intend to make a joint announcement to the public as well as file the required 8-k.
The LOI proposes an "in-Kind" share-exchange between both companies whereby upon completion of the merger, the OTCQB Company would be the surviving entity. The acquiring company has valued Fortitudes shares at $.12 per share which is the proposed value Fortitude shareholders would receive upon completion of the merger. This valuation was achieved by combining the industry acceptable valuation of Fortitudes recently acquired data base, the revenue derived from their VaporVites vapor system and adjusting the issued and outstanding stock for the nearly 230 million Fortitude shares which were part of the recently announced Share Buyback program.
Thomas J. Parilla, CEO of Fortitude stated, "This LOI helps support the growth valuation of Fortitude and the price of our stock. We are confident that upon completion of the due-diligence, this merger will close within the proposed timeline. We are pleased with the initial offer of $.12 per share but will leave the specifics to our accountants and attorneys to work through price and terms. "
About
The Wolf
Wolf Analyst Group LLC
wolf@wolfofweedstreet.com
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