Boston, MA 05/23/2014 (wallstreetpr) – Diversified company, Fortitude Group Inc. (OTCMKTS FRTD), has confirmed receiving a letter from the SEC letting it know of its common stock suspension. The company has also gone forward to reiterate its unawareness of any wrongdoing; that might have led to the surprise suspension.
Fortitude Cooperating with the SEC
Fortitude Group Inc. (OTCMKTS:FRTD)has reiterated its desire and willingness to corporate at all cost with the SEC and FINRA to ensure the matter is solved as soon as possible. The suspension might have come as a result of the company being stuck at the bottom of the chart for the longest time. Adoption of optimistic PR strategies with a view of resurrecting the company’s stock looks to have failed miserably.
The suspension by the SEC follows fortitude admission it had received a letter of intent for a possible merger by a fully reporting OTCQB Company. Fortitude has not revealed the name of the company that had shown interest of acquiring it, claiming to have a confidentiality clause.
The letter of intent was reported to have a 10 day due diligence period with the closing date set for May 30, 2014. The Acquiring Company is thought to have valued Fortitude’s at $0.12 a share.
Fortitude developing a white Label Social Aggregator
Fortitude Group Inc. (OTCMKTS:FRTD) is executing a development agreement signed by an East coast Native American Nation. Terms of the agreement involve the company developing a white label social aggregator to be used by tribal casino hosts, for enhancement of casinos personal profiles for high frequency gamblers.
The application is set to incorporate a real-time tool for identifying new players’ credit worth, as well as risks associated with specific players based on their performance while on other facilities. The latest technology is to be developed around Fortitude’s ShareholderCONNECT application. The expected completion and delivery date is June 22, 2014.
According to the company’s CEO, this is one of the many deals that Fortitude Group Inc. (OTCMKTS:FRTD) plans to sign in the coming year.
