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Luminar Media Group Inc. (OTC PINK: LRGR), headquartered in Miami, Florida, has undergone significant transformations and strategic ventures to expand its market presence and diversify its business operations. Initially, the company gained recognition as the parent company of Royale de Monte Carlo®, a luxury vodka brand known for its exceptional smoothness and crafted by fifth-generation master distillers in France’s iconic Cognac region. This ultra-premium vodka has successfully secured its place in prominent markets, thanks to strategic alliances with distribution networks including Mexcor International, Nationwide Wine & Spirits, and Stefano Selections, among others.
Recently, Luminar Media Group announced a pivotal move into the financial technology (fintech) sector through the acquisition of FortunCo LLC. This acquisition enables the company to realign its mission towards providing innovative financial solutions to underserved communities. The transition, including a name change to Fortun Corp., marks Luminar's strategic exit from the liquor business, focusing instead on offering revenue-based financing products to minority-owned businesses and entrepreneurs. This initiative is set to redefine the landscape of small business finance, particularly targeting the Hispanic-owned business sector, which is rapidly growing in the United States.
The company is led by interim president and Chairman of the Board, Yoel Damas, a seasoned entrepreneur and attorney, who is committed to empowering underserved communities by facilitating access to capital. Fortun's financing solutions are designed to be transparent, fast, and flexible, supporting the economic growth of small businesses and enhancing shareholder value. With a strong focus on minority-owned enterprises, Fortun aims to support the backbone of the American economy through comprehensive and tailored financial services.
Fortun Corp. is gearing up for a strategic expansion, including negotiations with a national firm for underwriting and regulatory filings, and identifying potential takeover targets and strategic partnerships within the finance, fintech, funding, and factoring industries. These initiatives are expected to expedite the deployment of Fortun’s financing solutions, driving growth and long-term value creation.
For more detailed information on Luminar Media Group Inc. and its ventures, visit the official websites of their respective brands: Royale de Monte Carlo and Stefano Selections.
Luminar Media Group (OTCMARKETS: LRGR) and its subsidiaries FortunCo and Fortun Advance have engaged ThinkEquity as their financial advisor. Fortun, which merged with a Luminar subsidiary in May 2024, is a FinTech company providing working capital advances to underserved communities, particularly Latino and minority-owned small businesses.
The company has completed over $2.5 million in client fundings since the May merger. According to McKinsey & Company's December 2023 report, financial services revenues from Latinos may grow by more than $90 billion to reach $240 billion by 2030. The partnership with ThinkEquity aims to scale operations in 2025, expanding working capital advance business and broadening their financial product portfolio.
Luminar Media Group (OTCMARKETS: LRGR) forecasts significant growth for Q4 2024, building on strong Q3 performance. Key projections include:
- Funding volume increase of 45% to $1,650,000
- Revenue growth of 32% to $407,550
- Total assets rise of 26% to $2,430,000
Fortun Advance, a subsidiary, shows impressive growth trajectory with monthly funding volumes steadily increasing. As of September 30, 2024, total assets reached $1,926,507. LRGR is initiating a rebranding process to Fortun Corp. The company emphasizes its strategic position in supporting small businesses, which generate over $800 billion annually in the U.S. economy.
Luminar Media Group (OTCMARKETS: LRGR), a small business revenue-based finance company focusing on Hispanic and minority-owned businesses, has released its Q3 2024 financial results, surpassing forecasts across key metrics. Highlights include:
- Funding Volume: $1,138,000 (exceeded forecast of $1,108,700)
- Receivables: $1,428,281.47 (surpassed forecast of $1,650,963)
- Revenue: $307,211.00 (exceeded forecast of $298,540)
- Total Assets: $1,926,507 with $498,226.39 cash on hand
The company funded 169 deals in Q3, with an average deal size of $6,733. Fortun has expanded to 17 states, with Florida accounting for 76% of total funding. Despite Hurricane Helene's impact on Florida in late September, the company met all its quarterly goals and remains focused on supporting underserved small businesses.
Luminar Media Group (OTC: LRGR) reports significant growth in its fintech subsidiary, Fortun Advance. Total assets have reached $1,216,491, reflecting a 21.65% ROI since its May 2024 merger. Key metrics show impressive month-over-month growth:
- Accounts Receivable: 98.7% increase
- New Funding Volume: 50.63% growth
- Receivables Deposited: 147% surge
Fortun Advance's business model covers operational costs through fees and commissions, demonstrating scalability. The company has funded businesses across 25 industries in 17 states, with potential for expansion. Juan M. Sese, a banking veteran with 25 years of experience, joins as Vice President of Finance, bringing expertise in finance, business strategy, and private equity.
Luminar Media Group (OTC: LRGR) reports substantial growth in its Business Advance operations for July and August 2024. Key highlights include:
- 245% increase in Business Advances in July compared to June 2024
- Total assets grew to $1,209,237.39 as of August 23, 2024
- Projected total gross receivables of $1,651,953 for Q3 2024
- Expanded team from 14 to 25 members in August
- Over 100 transactions closed as of August 23rd
- Funding extended across multiple states, with Florida accounting for 82.4%
- Secured additional $1 million funding commitment for September
The company projects funding an additional $500,000 in September, potentially generating $745,000 in gross receivables and $130,000 in revenue.
Luminar Media Group (OTC PINK:LRGR) is transitioning into the finance industry by acquiring FortunCo and investing $1 million in fintech solutions for underserved communities. The company will divest its spirits division and rebrand to Fortun Corp. Interim president Yoel Damas plans to appoint seasoned finance professionals to the executive team. Fortun aims to empower underserved and minority-owned businesses with quick, accessible capital, highlighting the potential $1.4 trillion contribution from Latino businesses to the U.S. economy. Fortun targets Hispanic-owned businesses and is negotiating with a national firm for underwriting and regulatory support. The company is also exploring further acquisitions and partnerships to expand its financial solutions.
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