Fortitude Group, Inc. Announces Private Label Card Agreement Worth Over $33 Million in Annual Revenue
March 25 2014 - 9:45AM
Marketwired
Fortitude Group, Inc. Announces Private Label Card Agreement Worth
Over $33 Million in Annual Revenue
ERIE, PA--(Marketwired - Mar 25, 2014) - Fortitude Group,
Inc. (OTC: FRTD) announced today that they have executed a private
label card agreement with a fast growing bail bonds company.
The name of the company is being withheld until final approval
by Fortitude's issuing bank is achieved. The company anticipates
this approval within the next 14 days.
Under the terms of the agreement, Fortitude will supply and
manage a private labeled Prepaid Discover® Card to a national bail
bonds company who intends on using the card as a replacement to
their existing national calling card program. This bail bonds
company is currently licensed in five states with twelve new state
applications pending approval. The bail bonds company currently
uses the pre-paid phone cards as a data source in the event the
customer skips out on their bail and fugitive recovery become
necessary. Currently, the bail bonds company issues an average of
7500 calling cards per month.
The agreement calls for a minimum of 10,000 cards to be issued
by the bail bonds company monthly within sixty days from the
execution date of the agreement with Fortitude.
Thomas J. Parilla, CEO of Fortitude, stated, "This agreement
further solidifies our foothold in the growing stored value
industry. With this private label agreement, within the next
quarter, we will be issuing a minimum of 10,000 cards per month
representing approximately $32,000 in initial card purchase revenue
per month and $289,300 in monthly transaction revenue. From
this agreement, the company should realize a minimum net revenue of
$384,000 in annual card sales and over $26 million in annual
transaction revenue."
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
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