|By Marketwired .||
|March 21, 2014 11:56 AM EDT||
ERIE, PA -- (Marketwired) -- 03/21/14 -- Fortitude Group, Inc. (OTC: FRTD) announced today the progress for the special share issuance of Affinity Mediaworks Corp. (OTCQB: AFFW).
As previously announced, 9,250,000 shares of Affinity Mediaworks Corp., which represents approximately 14% of the to-be-issued and outstanding stock of Affinity Mediaworks, are being issued as a special share issuance to bonafide shareholders of record of Fortitude Group, Inc. as of 6:00 pm on March 14, 2014. This issuance has been calculated for every 92 FRTD shares beneficially owned by a Fortitude shareholder. They shall be entitled to receive 1 new additional share of Affinity Mediaworks. Affinity Mediaworks is set to invest $4,000,000 for a 45% equity ownership in PRIMARQ in April 2014. Based on preliminary pro-forma numbers, while still a pre-revenue company, within 90-days of funding PRIMARQ is set to ramp up to over $200 million per year in revenue.
As of March 17, 2014, management of the Company has ordered its current NOBO (Non-Objecting Beneficial Owner) list from DTC as well as its most recent certified shareholders list from the company's transfer agent. The completion of the bonafide shareholders list should be completed by March 31, 2014. To help ensure bonafide shareholders of record do not miss out on this special share issuance, the Company is pleased to announce that beginning March 22, 2014, shareholders of the Company can go to http://www.FRTDIssuance.com and input their personal information which will include their name, address, phone number, number of shares beneficially owned as of March 14, 2014, purchase price and a required screenshot upload to verify the shareholders brokerage position.
The Board of Directors of Affinity Mediaworks Corp. have ratified and instructed the issuance of 9,250,000 shares of Affinity to the Company's transfer agent, to be issued in the name of Fortitude Group, Inc. and sent via overnight currier to Fortitude. Management of Fortitude expects to be in receipt of the certificate during the week of March 24, 2014. Upon receipt of the certificate, management of Fortitude will instruct Affinity's transfer agent to re-issue the certificate(s) to the bonafide shareholders of record of Fortitude. Certificates will be sent to bonafide shareholders of record of Fortitude no later than the second week of April, 2014.
The 9,250,000 shares of Affinity Mediaworks Corp. being distributed to Fortitude bonafide shareholders of record will carry registration rights and be registered in the Company's S-1(which will be filed with the SEC April 2014). The average timeline for an S-1 to be deemed effective is 90-days from the initial submission to the SEC.
Thomas J. Parilla, CEO of Fortitude stated, "Since announcing the special share issuance of AFFW stock to our shareholders, we have received multiple inquiries from shareholders. We have listened to these comments and hope this update will help bring clarity to how this transaction is being completed. Beginning March 22, 2014, our shareholders will be able to go to http://www.FRTDIssuance.com and gain access to valuable tools such as a FAQ, proposed valuations, contact information, message boards (to communicate with other shareholders) and access to forms from the transfer agents. Our commitment is to provide superior communication with our shareholders and address any question they may have during this process."
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.
Fortitude Group, Inc.
Email: [email protected]