Fortitude Group Inc. Repurchases $27.5 Million Shares of Its Own Stock


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PK:FRTD / OTC:BB:FRCN / OTC:BB:WMIH / OTC:BB:STEV
04/28/2014 [ACCESSWIRE]

Fortitude Group Inc. (OTCPINK: FRTD) experienced robust stock volume Apr. 25, with 23.5 million shares changing hands.

The strong volume came on the heels of the Erie, Penn.-based holding company’s announcement that as part of its previously announced Stock Repurchase Plan, the company has purchased, through a series of open market transactions, 27,550,000 shares of its common stock or 8.5% of the 305,174,925 shares currently held with Cede & Co.

On Feb. 25, 2014, the Board of Directors resolved the repurchase of up to 100,000,000 Class A common shares of the company. On Mar. 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 company has also made purchases in private transactions with shareholders who hold restricted shares of Fortitude. An accounting of these restricted share purchases is being completed and the total retired share count will be announced to the public upon completion.

"We are on pace to complete our initial goal of 60,000,000 shares being purchased through open market transactions this month," said Fortitude’s CEO Thomas Parilla.  "We are committed to the growth of our company while increasing the value of our shareholders equity. Retiring 8.5% of our public float is one of many steps we are initiating to solidify our commitment," he added. 

In February, Fortitude Group entered the legal marijuana business in a potentially lucrative way.

Provide Debit-Card Processing

Here’s an excerpt from Fortitude’s Feb. 24 announcement:

“Fortitude Group, Inc. (OTC: FRTD) CEO Thomas J. Parilla is pleased to announce that on Feb. 22, 2014, the Company executed a Master Agent Agreement with eViteXchange.com. Under the terms of the agreement, Fortitude will offer and facilitate closed-loop transaction processing to legal dispensaries in the medical marijuana industry as well as provide processing for entities in states that have legalized recreational marijuana sales.

Fortitude shall acquire from eViteXhange.com the URL's 420banc.com and 420cashcard.com. Both domains will be used as a pre-paid platform allowing legal marijuana merchants customers to process purchase transactions using a debit card vs. cash. The private-label card will offer additional rewards and points to the card holders which can be custom designed to fit their individual likes and needs. Fortitude expects to derive approximately $155.00 annual profit per retail card user. The Company intends to launch on Mar. 17, 2014."

On Apr. 25, FRTD’s share price closed at 3 cents, unchanged from its closing price of the previous day.

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Firemans Contractors Inc. Opens New Office in San Antonio

In other news, Firemans Contractors Inc.’s  (OTCQB: FRCN) stock volume skyrocketed Apr. 25, with 225.8 million shares changing hands, more than 6 times its three-month average volume of 33.8 million.

The uptick in volume is being fueled in part by the Fort Worth, Texas-based contactor’s announcement that it has taken the next step in its franchise expansion plans by opening an office in San Antonio.

The office puts a physical presence into a key market where Firemans Contractors has existing business relationships that need our services performed. This new office also serves to position the company for the grand opening of a franchisee in San Antonio when that happens. 

Fireman’s CEO Renee Gilmore said in a written statement, "It is a natural progression to expand into San Antonio based upon our existing presence and the fact that it is one of the fastest growing cities in the nation."

According to the company, San Antonio is a market with many veterans that have served in our nation’s armed forces. Fireman’s said the company is targeting veterans for franchisees, as veterans are able to excel and thrive in a structured and proven system.  

On Apr. 25, FRCN’s share price closed at 0.0026 cents, up 0.0008 cents from the previous day’s closing price of 0.0017 cents.

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WMI Holdings Corp.  Issues $110 million of its 13% Senior First Lien Notes

Meanwhile, WMI Holdings Corp. (OTCQB: WMIH) I, a reinsurance company. on Apr. 10, issued $110 million aggregate principal amount of its 13% Senior First Lien Notes due 2030 (the "First Lien Notes") under an indenture, dated as of March 19, 2012 (the "First Lien Indenture"), between the WMI Holding and Wilmington Trust, National Association, as Trustee.

Additionally, the company issued $20 million aggregate principal amount of its 13% Senior Second Lien Notes due 2030 (the "Second Lien Notes" and, together with the First Lien Notes, the "Runoff Notes") under an indenture, dated as of Mar. 19, 2012 (the "Second Lien Indenture" and, together with the First Lien Indenture, the "Indentures"), between the company and Law Debenture Trust Company of New York, as Trustee.

Under the Indentures, WM Holdings is required to provide, to the holders of the Runoff Notes, unaudited monthly financial statements with respect to WM Mortgage Reinsurance Company, Inc., the company's subsidiary.

On Apr. 25, WMIH’s share price closed at $3.07 down 3 cents, from the previous day’s closing price of $3.04.

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Stevia Corp. Enters Partnership with TRAUB's Consumer Food and Beverage Group

Finally, Stevia Corp.’s (OTCQB: STEV) share volume also soared Apr. 25, with 25 million shares changing hands.

The strong volume is being fueled in part by the Indianapolis-based farm management company’s announcement that it has entered into a convertible note financing agreement with YOPC, LLC, a Colorado-based manufacturer of 'In The Soup,' a line of Natural and Organic Premium Soups sold in classic glass jars.

The agreement and full disclosure of the terms are included as part of the Form 8-K filed with the SEC on Apr. 2, 2014. 

Included in the terms are Stevia’s rights to participate in future financings of YOPCP and the first right of refusal with respect to the management rights for distribution of 'In The Soup' and other YOPCP products in Asia for a five year period.

TRAUB Consumer Food and Beverage has been engaged by YOPCP to advise on both national and global expansion focusing on increasing 'In The Soup's' distribution and brand visibility. The 'In The Soup' brand was launched in 2013 by Casey Puckett, renowned Olympic Skier, and his partner Yalonda Long, the creator of the all-natural and organic line of soups.

On Apr. 25, STEV’s share price closed at 16 cents unchanged from the previous day’s closing price.

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