I previously blogged about Fortitude Group’s (FRTD) SEC trading suspension (that I predicted) and its quarterly financial statements that were so badly faked as to make me think that the company’s CEO had experienced a major brain injury. Today the stock resumed trading after the SEC trading suspension (currently trading at $0.004, down 80%) and the company put out a press release announcing the cancellation of the buyout agreement (with that news buried a few paragraphs in). Here is the highlight:
On May 18, 2014, the company had entered into an LOI with a fully reporting OTCQB company, to be acquired in its entirety through a share-for-share acquisition. Unfortunately, with the recent trading suspension by the SEC, the LOI was rescinded until such time as Fortitude completes an updated 15c211.
Fortitude Group also announced an asset sale to another non-SEC reporting Pinksheet company in exchange for stock. The idiocy of CEO Thomas Parilla (and anyone who would pay attention to him) is mind-boggling.