Fortitude Group Inc. Executes an Agreement to Purchase 51% of Smart Workout Inc., an NYC Health & Fi
Fortitude Group Inc. Executes an Agreement to Purchase 51% of Smart Workout Inc., an NYC Health & Fitness Club
ERIE, Pa.--(BUSINESS WIRE)-- Fortitude Group Inc. (NQB: FRTD) announces it has entered into an agreement with Smart Workout Inc. (http://www.smartworkout.net/), a Hi End fitness club located in East Midtown, NYC.
Under the terms of the agreement, Fortitude Group Inc. will acquire 51% NOI of Smart Workout Inc.'s present and future operations. Smart Workout Inc. is a Hi End fitness club established in 2009 as a corporate entity in the state of New York. The company has been featured in various metro New York media to include Television, Radio and Print.
"Fortitude Group Inc. was attracted to Smart Workout Inc. for a number of reasons. The popularity of fitness in the USA has spread out over all age groups, and increased particularly amongst those over age 50. Of the over 78 million aging Baby Boomers, over ten thousand will turn 50 every day for the next fifteen years. This demographic represents significant spending power that allocates more leisure time and takes a vested interest in living more healthy lifestyles. The industry as a whole continues to see expanding growth. Yoga participation has grown at ~24% CAGR over last decade with total spending nearly doubling since 2004 to $5.7 billion annually. More than 10 million people are participating in Pilates today. Smart Workout Inc. has its fingers on the pulse of this growth by offering their members professional trainers to teach smaller classes providing a personal intimate experience in the heart of Midtown Manhattan. The addition of Smart Workout Inc. to Fortitude's portfolio equates to our continuing efforts to build intrinsic value for our shareholders," Thomas Parilla, CEO of the Fortitude Group Inc. stated.
Smart Workout Inc. is operated under the talented direction of Elaine Platt, CEO/Chairwoman. Ms. Platt holds an MBA in Finance from NYU Stern College of Business, LLM in Taxation from NYU Graduate School of Law, LLM in Corporate Law from NYU Graduate School of Law, JD, Boston University School of Law and AFAA Group Exercise Certified.
Elaine Platt CEO/Chairwoman commented, "Smart Workout Inc. is excited about our future prospects. The new found relationship with Fortitude Group should result in our ability to launch our exciting new venture, 'Fitness Vacations,' all inclusive vacations for fitness and weight loss, set against the rich cultural backdrop of New York City."
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.
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.
Phone - (631) 824-7661
Email - IR-FRTD@sterlingcapitol.net
Kent Thomas, 631-824-7661
KEYWORDS: United States North America New York Pennsylvania
The article Fortitude Group Inc. Executes an Agreement to Purchase 51% of Smart Workout Inc., an NYC Health & Fitness Club originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.