Fortitude Group, Inc. Agrees to Specific Asset Sale
ERIE, PA--(Marketwired - Jun 9, 2014) - Thomas Parilla, CEO of Fortitude Group, Inc. (PINKSHEETS: FRTD) proudly announces a Specific Asset Purchase Agreement with Cascade Technologies Inc. (PINKSHEETS: CSDT). As part of this agreement all medical assets currently held by Fortitude Group Inc. will be sold to Cascade Technologies. Cascade has agreed to pay Fortitude $2,000,000 in common stock as consideration for this purchase. All Fortitude shareholders of record as of 5:00 EDT on June 13, 2014 will qualify to receive the shares of Cascade. The Official Effective date will be June 13, 2014 at 5:00 pm EDT.
Parilla further added, "Even under very tough circumstances, we've kept the shareholders of this company at the forefront of our planning, and we're very pleased to be able to close this acquisition with Cascade Technologies. We believe this is in the best interest of our company going forward, and the shareholders that have put their support in us. We are actively pursuing the sale of our non-core assets and will continue to distribute the proceeds to our shareholders at each subsequent closing. We feel that by divesting ourselves of our non-core assets, we can achieve a premium closer to our previously announced .12 per share. I want our shareholders to know that this process will not happen overnight but this announced acquisition is the first step in accomplishing this goal."
"Cascade Technologies offers Fortitude shareholders a fresh start, and a very nice premium to their current holdings. Although CSDT is currently a Non-SEC Filing Pink Sheet stock, management believes Cascade will have their past filings back to current status within the next quarter," stated Thomas Parilla.
On May 18, 2014, the company had entered into an LOI with a fully reporting OTCQB company, to be acquired in its entirety through a share-for-share acquisition. Unfortunately, with the recent trading suspension by the SEC, the LOI was rescinded until such time as Fortitude completes an updated 15c211.
The company further announces the immediate termination of two separate corporate actions. First, according to the company, it has become clear that the Marijuana industry is under intense scrutiny by regulatory bodies therefore, effective immediately Fortitude will be rescinding the acquisition of Mari-Medical Pharmaceuticals. Fortitude firmly believes Mari-Medical is on the right path, unfortunately, given the current regulatory environment both parties are better served by moving forward separately. Management of Fortitude wish the management team at Mari-Medical the best of luck, and they appreciate all of their hard work to date.
Second, effective immediately, the company has terminated the LOI with Primarq. This action was based on Primarq's failure to perform in providing Fortitude the previously agreed to Legal Opinion required to close the transaction.
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.
