“This deal is a true gamechanger for the FortitudeGroup and itsshareholders as weevolve our value creationthesis”
June 27, 2013 08:30 AM Eastern Daylight Time
Fortitude Group Inc. Announces Investment in PRIMARQ Inc.
Fortitude intends to acquire 15% interest in private capital market systemERIE, Pa.--(BUSINESS WIRE)--Fortitude Group Inc. (Ticker Symbol FRTD) CEO Thomas J. Parilla announced today theagreement to purchase a minority interest in PRIMARQ Inc. (www.primarq.com), a private capital market system whosevision it is to provide an improved model for housing finance that delivers measurable benefits to homebuyers,homeowners, investors and the economy at large. Under the terms of the agreement, Fortitude Group Inc. will acquire a15% ownership position in PRIMARQ with an option to acquire a total of 30%."This deal is a true game changer for the Fortitude Group and its shareholders as weevolve our value creation thesis,” said Thomas J. Parilla, CEO of Fortitude Group Inc.“PRIMARQ has developed a technology-enabled model that is highly unique andextremely well-timed. We have seen the application of technology in capital formationwith the advent and expansion of crowdfunding and private markets, and see thatPRIMARQ will take this to a new level. The Company is led by an exceptionally strongand visionary team and will capitalize on the opportunity to impact a large share of thereal estate finance market. We are thrilled to gain ownership in a truly cutting edge,innovative company like PRIMARQ. Fortitude Group Inc. remains steadfast in building intrinsic value for its shareholdersand this investment is a major step towards meeting that goal.”San Francisco-based PRIMARQ is creating the first market for investing in, and trading of, equity in residential realestate. It will unite homebuyers and homeowners with investors in a mutually beneficial way that delivers less debt-reliant,more affordable homeownership to Americans as well as providing investor access to an attractive asset class.PRIMARQ is deeply committed to evolving the methodology by which homes are financed and has crafted a solution withthe breadth and sophistication needed to shift the 80-year-old mortgage debt paradigm.“Fortitude’s investment in PRIMARQ will further accelerate our primary goals of making sustainable homeownershippossible for millions of American families, enabling wealth creation and improved affordability, and providing passiveaccess to a compelling asset class and best market practices for private sector investors. The excesses of debtfinancing have negatively impacted homebuyers, homeowners, lenders and government agencies, adding systemic risk,affecting both affordability and the health of the broader economy. It is time for a change,” states a Companyspokesperson.
About: Fortitude Group Inc.
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 creatinga quality company that builds intrinsic value for its shareholders.
ortitude Group Inc. Announces Investment in PRIMARQ Inc. | Business Wirehttp://www.businesswire.com/news/home/20130627005375/en/Fortitude...1 of 36/27/2013 8:47 PM