News Out. Primarq Projected Revenues.
Erie, PA., July 10, 2013, Fortitude Group Inc., (OTC: FRTD) – Primarq Inc. PROJECTED FIFTH YEAR – REVENUES $570MM; EBIT $190MM; MARKET CAP $5B
Fortitude Group Inc., (OTC: FRTD) currently holds a 15% minority position, with an option for an additional 15% of: Primarq Inc., a Silicon Valley company with an operational model that consists of a PROPRIETARY MARKET PLATFORM AND INVESTMENT DESIGNS SYSTEM which directs equity funding to assist homebuyers and homeowners in the purchase and refinancing of homes without excessive levels of debt.
A Primarq company spokesperson has informed Fortitude that the San Francisco based company projects its fifth year revenues to be $570MM, resulting in earnings before interest and taxes (EBIT) of $190MM with a market cap of $5 Billion US dollars. Primarq will achieve these numbers through its Multiple Revenue Sources which are transactional and recurring.
As mentioned in prior press, but bears repeating; Primarq’s management team has built earlier successful Private Market Systems. The Primarq team is steeped in Financial Tech, Real Estate Finance, Regulatory and Legislation Environments. Primarq’s advisors and board consists of recognized thought leaders all combined with the goal of improving socio-economic fabric resulting in an improved homeownership profile. Domestically there is an annual equity need of approximately $300 Billion Dollars in the current market space.
“I'm excited for our shareholders that we've contractually agreed to acquire 15% of this venture with a
signed option contract to acquire up to 30% of Primarq. With the exceptional personal that Primarq has
put in place, and the subsequent collective knowledge in areas noted above, along with Primarq’s CEO
Steve Cinelli’s impressive background consisting of corporate finance, strategy, business development
and financial technology I continue to believe this is a true game changer for the Fortitude Group and its
shareholders.” Thomas J Parilla CEO Fortitude Group Inc. stated.
About:
PRIMARQ is an emerging capital market system which enables equity capital to flow into the owner- occupied real estate market. Through PRIMARQ, homebuyers will be able to supplement their down payments and homeowners access equity in their homes without additional borrowing, including for purposes of facilitating loan modifications. A financial technology company, PRIMARQ seeks to improve the structure of housing finance, for the benefit of all its constituents - homebuyers, homeowners, banks, investors and the government. For additional information on PRIMARQ, please go to www.primarq.com.
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.
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
