Fortitude Group, Inc. Provides Stock Repurchase Plan Update
March 26 2014 - 9:35AM
Marketwired
Fortitude Group, Inc. Provides Stock Repurchase Plan Update
ERIE, PA--(Marketwired - Mar 26, 2014) - Fortitude Group, Inc.
(OTC: FRTD) is pleased to provide an update to its previously
announced Stock Repurchase Plan.
On February 25, 2014, the Board of Directors resolved the
repurchase of up to 100,000,000 Class A common shares of the
Company. On March 26, 2014, the Board of Directors agreed to
increase the allotted number of shares in the Stock Repurchase Plan
from 100,000,000 to 250,000,000 (which can be purchased over the
next 365-days). The Resolution delivers additional increases to the
amount of shares in the Stock Repurchase Plan if new revenue
substantiates the increase. The Company has completed all required
account formation documents to begin this repurchase effective
immediately.
Over the next month, the Company intends to repurchase
approximately 60,000,000 shares through various open market
purchases along with the repurchase of an additional 40,000,000
restricted shares in privately negotiated transactions. Each
subsequent month, purchase denominations will be evaluated case by
case and be based on specific market conditions and actual derived
revenue.
On March 27, 2014, the Company is launching
http://www.FRTDBuyBack.com to assist shareholders who currently own
restricted shares of Fortitude and would like to enter into
confidential negotiations with the Company to sell their shares
back to the Company and retire the shares to treasury.
"We are pleased to begin this Stock Repurchase Plan. Upon
completion, this plan should retire approximately 27% of our issued
and outstanding stock, unless additional increases to the plan are
implemented by our Board. As our revenue increases, we will
continue to repurchase shares and retire them to treasury. The
company has NO convertible debt, NO off-balance sheet arrangements
and NO toxic debt/financing agreements, which means this buyback
should reward our shareholders with an increase in our share
price," stated Thomas J. Parilla CEO of Fortitude Group, Inc.
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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