Fortitude Group Inc., PRIMARQ and Bendigo Announce Strategic Partnership
ERIE, Pa.--(BUSINESS WIRE)-- Fortitude Group Inc., (OTC: FRTD) Primarq Inc. a 15% minority holding of Fortitude with an option agreement in place to acquire a total minority ownership stake of 30% today informs shareholders of the following:
PRIMARQ Incorporated (www.primarq.com), a private capital market system whose vision is to provide an improved model for housing finance, announces a strategic partnership with Bendigo Securities LLC, d/b/a CrowdClear (www.crowdclear.com). Under this agreement, PRIMARQ and CrowdClear will collaborate on online investment offerings in compliance with regulatory requirements and best practices.
This partnership will enable PRIMARQ to take full advantage of CrowdClear's acumen in compliance with SEC and FINRA requirements while maintaining its commitment to offering accredited investors an institutional investment product. CrowdClear will allow PRIMARQ's market system approach to grow in a highly scalable, regulatory-compliant manner.
"As capital markets evolve through the use of technology and new methods of finance, PRIMARQ is excited to partner with the CrowdClear team from Bendigo Partners, which has built its franchise on disruptive approaches to the financial services market," stated Steve Cinelli, Founder and CEO of PRIMARQ. "While we are on the verge of creating a paradigm shift in housing finance, we clearly understand the needs, resources and requirements necessary for a comprehensive, transparent, and compliant investor experience. With the support of CrowdClear, we intend to set the benchmark for online private investing."
"In imagining the future of technology-enabled investing, certainly from our roots at E*TRADE, we are thrilled to partner with Steve and his team at PRIMARQ," stated Steve Ferrando, CIO and co-founder of CrowdClear. "Supporting PRIMARQ's effort to efficiently intermediate the next generation of real estate financing is a compelling opportunity for us."
Fortitude CEO Thomas J. Parilla commented "The strategic partnership formed by Primarq and Bendigo puts the final piece of the puzzle together and answers the question asked by shareholders related to the regulatory compliance of Primarq. These two entities are perfectly matched, managed by strong experienced leadership and have a common goal of revolutionizing the way Real Estate is monetized by taking it from its current operation model of a debt industry to an equity industry."
PRIMARQ is a capital market system that enables accredited investors to invest equity funds alongside homebuyers and homeowners in the purchase and refinancing of owner-occupied residential real estate. In recognizing the systemic problem of excessive debt, PRIMARQ was conceived to bring fresh risk-based capital into the housing segment of the domestic and global economies. Its goal is to enable broader homeownership through more prudent financing methods while offering the investment community an efficient, transparent, and informed way to gain exposure to one of the largest asset classes, residential real estate.
CrowdClear delivers technology, services and expertise to funding portals to facilitate financial transactions between investors and issuers. The company's regulatory-compliant platform supports funding portals' objective to connect high quality entrepreneurs with accredited investors. Bendigo Securities LLC d/b/a CrowdClear is a registered broker-dealer and member FINRA/SIPC and is a wholly-owned subsidiary of Bendigo Partners.
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.
Investor Relations- Sterling Capitol
Phone: (631) 824-7661
Investor Relations- Sterling Capitol
Kent Thomas, 631-824-7661
KEYWORDS: United States North America Pennsylvania Washington
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