Fortitude Group Inc CEO and Chairman of the Board of Directors Thomas Parilla has released news today, concerning the disposition of company assets, namely the acquisitions that took place prior to his appointment as CEO. Today's press is included below.
Erie, PA., February 11, 2013 – Fortitude Group Inc., updates shareholders of material events.
Fortitude Group Inc., (Symbol FRTD) CEO Thomas Parilla, today announces the disposition of BGGR INC. including all of its subsidiaries, App-Swarm, Inc., as well as the acquired rights for the formulation of nutraceutical products previously announced.
Additionally, Fortitude Group Inc., CEO Thomas Parilla announces that 4,000 shares of Series C and 1,000 shares of Series B preferred stock that was issued for the original acquisition agreement(s) have been returned to Fortitude Group Inc. and canceled, as mutually agreed upon and set forth in terms for release.
Fortitude Group Inc. also informs shareholders that 1,000 Series C Preferred stock has been purchased by and is in possession of Thomas Parilla. The company also received a reduction of $50,000 in its accrued expenses in reimbursement for stock issued for debt from prior subsidiaries. The reimbursement was an element in the original acquisition contract in January 2012. The Series C preferred stock represent 100% of this series and equates to the transfer of control of the company to its CEO, Thomas Parilla.
Thomas Parilla commented “as I reviewed the options that would best serve the company and its shareholders, and after lengthy discussion with BGGR Inc., CEO Norman Birmingham, it became clear to the both of us that at present, medical opportunities were the future of the company and that the disposition of all other assets was warranted."
“There is a wealth of opportunity for growth which will result in success “. “The structure that Fortitude Group Inc., operates under; an incubator company, is very attractive to entities seeking a pathway to the public markets. Our strategic plan of attracting quality acquisitions to spin out is still in place. But it must be noted the company also seeks core holdings that would remain in the company. These holdings when ascertained will be the foundation that Fortitude Group Inc., utilizes to builds its intrinsic value resulting in increasing shareholder equity,” Thomas Parilla CEO said.
About:
Fortitude Group Inc. develops practical solutions for healthcare with direct holdings, subsidiaries and or joint ventures. The Company’s service-product portfolio includes premium FDA approved medical devices and advanced technologies engineered to prevent the risk associated healthcare acquired conditions and improve clinical outcomes.
Safe Harbor:
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
Sterling Capitol Investor Relations
Phone – (631) 824-7661
Email – IR-FRTD@sterlingcapitol.net
