Fortun Engages ThinkEquity as Financial Advisor

Rhea-AI Summary

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.

Positive

• Completed over $2.5 million in client fundings since May 2024 merger
• Targeting Latino financial services market projected to reach $240 billion by 2030
• Strategic partnership with ThinkEquity to scale operations

Negative

• None.

MIAMI, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Luminar Media Group, Inc. (“Luminar”) (OTCMARKETS: LRGR), along with its subsidiaries FortunCo LLC and Fortun Advance LLC (collectively, “Fortun”), have entered into an advisory agreement with ThinkEquity, a boutique investment bank created by experienced professionals that have worked together for over a decade collectively financing more than $50 billion in public and private capital raises, restructurings, and mergers and acquisitions.

Fortun is a FinTech company that prioritizes innovation and adaptability as it provides working capital advances to communities underserved by traditional financial services. Led by Chief Executive Officer Yoel Damas, a pioneer in the development and implementation of financial solutions specifically designed to support the continued growth of Latino and other minority-owned small business in the United States, Fortun merged with a subsidiary of Luminar in May of 2024.

According to a December 2023 report by McKinsey & Company titled, The economic state of Latinos in America: Advancing financial growth¹, “financial-services revenues from Latinos may grow by more than $90 billion to $240 billion by 2030.” In fact, according to McKinsey, “opportunities to offer Latino customers more tailored solutions are plentiful. Success will go to the early movers.”

“Fortun is uniquely positioned to drive both impact and market share by focusing on delivering purpose-built financial services tailored to Latinos, who comprise approximately 20% of the United States population. We have partnered with ThinkEquity as advisors to scale our operations in 2025, expanding our working capital advance business and broadening our financial product portfolio.

“We have the tools, experience and understanding to effectively serve our Latino customers as evidenced by our accomplishment of more than $2.5 million in completed client fundings since our merger in May, and with guidance from ThinkEquity, we will take meaningful steps, which we anticipate will accelerate our growth and further strengthen our position in the financial markets in 2025,” said Yoel Damas, CEO of Fortun.

About Luminar Media Group, Inc.

Luminar Media Group, Inc., with corporate headquarters in Miami, Florida, is a pioneering FinTech company focused on providing tailored financial services to underserved communities, particularly Latino and minority-owned small businesses. Through its subsidiaries FortunCo LLC and Fortun Advance LLC, the Company delivers innovative, revenue-based funding supporting the economic growth of these businesses. See: FortunCo

About ThinkEquity

ThinkEquity is a boutique investment bank created by experienced professionals that have worked together for over a decade, collectively financing over $50 billion in public and private capital raises, restructurings, and mergers and acquisitions. See: ThinkEquity

Forward-Looking Statements

This press release contains forward-looking statements regarding Luminar Media Group’s future performance, growth strategies, and market opportunities. Such statements involve risks and uncertainties that could cause actual results to differ materially.

[1] See: The economic state of Latinos in America: Advancing financial growth

For more information, please contact:
Robert Rico
Investor Relations
Phone: 305-283-9237
Email: Robert@Fortunco.com
Follow us on X: @FortunCorp

FAQ

How much funding has LRGR's Fortun completed since its merger in May 2024?

Fortun has completed more than $2.5 million in client fundings since its merger with Luminar Media Group in May 2024.

What is the projected size of Latino financial services market that LRGR is targeting by 2030?

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.

What is the purpose of LRGR's partnership with ThinkEquity announced in December 2024?

LRGR partnered with ThinkEquity to scale operations in 2025, expand their working capital advance business, and broaden their financial product portfolio.

What percentage of the US population does LRGR's target Latino market represent?

According to the press release, Latinos comprise approximately 20% of the United States population.