Forte Group Announces Formation of Wholly-Owned Subsidiary to Expand Brand Partnership Opportunities
Online, November 7, 2024 (Newswire.com) - Forte Group Holdings Inc. (CSE:FGH)(OTC PINK:FGHFF)(FSE:7BC0)(WKN:A40L1Z) ("Forte Group" or the "Company"), a diversified lifestyle and wellness consumer packaged goods company, announces the formation of a new wholly-owned subsidiary, Forte Group Entertainment Inc.("Forte Group Entertainment") effective November 1, 2024, aimed at expanding brand partnership opportunities across the Company's growing portfolio.
The establishment of Forte Group Entertainment represents a significant step in Forte Group's strategy to forge impactful brand partnerships, enhancing the visibility and reputation of its product lines, including its TRACE BLACKwater and nutraceutical brand. Through this new subsidiary, the Company will actively pursue collaborations with key brand spokespersons and explore synergistic partnerships that strengthen its market position and expand its audience reach.
"Creating Forte Group Entertainment aligns with our mission to innovate within the wellness and lifestyle markets," said Marcello Leone, CEO of Forte Group. "We are committed to building valuable partnerships that drive brand awareness and engage consumers in meaningful ways, and Forte Group Entertainment aims to provide the focused platform to achieve these goals."
As part of this initiative, Forte Group is actively engaging with brands and partners who share its vision of promoting health and wellness through unique consumer experiences. These partnerships aim to play a key role in the growth strategy of Forte Group's branded product offerings, enhancing the company's profile in the marketplace.
The Company will provide updates on potential partnerships as they are solidified, in accordance with applicable laws.
Conversion of Promissory Notes
The Company also announces further to its press release dated October 31, 2024, it has converted the principal amount of $47,064.70 of a secured promissory note issued by its wholly-owned subsidiary, Naturo Group Enterprises Inc. ("Naturo Group"), into common shares of the Company (each, a "Debt Settlement Share") at a price of $0.52 per Debt Settlement Share, for a total of 90,508 Debt Settlement Shares. This conversion strengthens the Company's balance sheet by reducing outstanding debt, thereby improving financial stability and enhancing the Company's overall financial position.
The Debt Settlement Shares are subject to a restricted period of four months and one day.
None of the securities issued pursuant to the Shares for Debt Arrangement have been or will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
About Forte Group Holdings Inc.
Forte Group Holdings Inc. (CSE:FGH)(OTC:FGHFF)(FSE:7BC0) (WKN: A40L1Z ) is a diversified lifestyle and wellness consumer packaged goods company. Forte Group develops and manufactures a range of alkaline and mineral-enriched beverages and nutraceutical supplements for both its TRACE brand and private-label clients. Based in British Columbia, Canada, Forte Group owns a pristine natural alkaline spring water aquifer and operates a 40,000-square-foot, Health Canada- and HACCP-certified manufacturing facility near Osoyoos, British Columbia. The Company's distribution network includes traditional retail and e-commerce channels, delivering wellness-focused products directly to consumers through its innovative offerings.
On behalf of the Board of Directors:
John Campbell, Chief Financial Officer and Chief Strategy Officer, Director
john@fortegroup.co
604-569-1414
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements within the meaning of applicable securities laws. These statements include, but are not limited to, expectations regarding the formation and anticipated activities of Forte Group Entertainment Inc., the potential impact of brand partnerships on the Company's market position and product visibility, and the expected effect of the promissory note conversion on the Company's financial stability and overall financial position. Additional forward-looking statements relate to anticipated regulatory compliance associated with the Shares for Debt Arrangement. Forward-looking statements reflect management's current beliefs and assumptions based on information available as of the date of this release. However, these statements are subject to risks, uncertainties, and other factors that could cause actual outcomes to differ materially from those anticipated. Key risk factors include, but are not limited to, market conditions, the Company's ability to establish and maintain successful brand partnerships, regulatory changes affecting securities and consumer packaged goods, fluctuations in stock price, compliance with U.S. securities laws, and other factors disclosed in the Company's filings on SEDAR+. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, there can be no assurance that anticipated results will occur as projected or at all. The Company disclaims any obligation to update or revise any forward-looking statements, except as required by applicable law.
SOURCE: Forte Group Holdings
Source: Forte Group Holdings
