Luminar Media Group to Provide Financial Solutions to Underserved Market with New Acquisition

Rhea-AI Summary

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.

Positive

• Luminar Media Group's acquisition of FortunCo marks a strategic entry into the finance industry.
• The $1 million initial investment demonstrates a strong commitment to growth.
• The rebranding to Fortun Corp and divestment from the liquor business allows a focused mission in fintech.
• Interim president Yoel Damas brings seasoned leadership and plans to add experienced finance professionals.
• Fortun aims to support underserved and minority-owned businesses, potentially contributing $1.4 trillion to the U.S. economy.
• Strategic negotiations with a national firm for underwriting and regulatory filings strengthen Fortun's financial foundation.
• Plans for additional acquisitions and partnerships could accelerate growth and expansion.

Negative

• The transition away from the liquor business may initially unsettle some investors accustomed to the company's previous focus.
• The success of the $1 million investment hinges on effective execution and market adoption of the new fintech solutions.
• Potential delays or challenges in rebranding and regulatory approval could affect business momentum.
• The company's ambitious expansion plans involve significant risk and uncertainty, particularly in identifying and integrating new acquisitions and partnerships.

MIAMI, FL / ACCESSWIRE / June 6, 2024 / Luminar Media Group, Inc. (OTC PINK:LRGR), is making its entry into the finance industry by providing innovative financing solutions to underserved communities through its proprietary fintech products. This strategic move follows the acquisition of FortunCo LLC and includes an initial investment commitment of $1 million dollars.

With this acquisition, the Company is realigning its mission and is strategically exiting the liquor business, divesting its spirits division to its original stakeholders. Luminar Media Group is in the process of applying for a name change and ticker symbol change to Fortun Corp.

Leadership with Vision and Expertise

Fortun will be led by interim president and Chairman of the Board Yoel Damas, a seasoned entrepreneur and attorney. In the next 30 days, Damas intends to name seasoned public market and finance veterans to executive and board positions within the Company. This team, combined with Mr. Damas's nuanced understanding of the capital needs of underserved communities, forms the foundation of Fortun's dedication to empowering these segments. By helping underserved communities and small businesses gain access to financial services, Fortun not only supports community development but also enhances shareholder value.

Empowering Entrepreneurs with Accessible Capital

Fortun's revenue-based financing product is poised to redefine the landscape of small business finance by offering minority owned entrepreneurs quick and easy access to capital. According to a study by the Stanford Graduate School of Business, if Latino businesses were to grow at the national average rate, they could contribute an additional $1.4 trillion to the U.S. economy, underscoring their pivotal role in the nation's economic landscape.

"We are not merely building a business; we are fostering a community and paving the way for a future where underserved communities and Latino entrepreneurs become a crucial and central part of the American economic success story," Damas stated. The company aims to support the backbone of the American economy-small businesses-by providing transparent, fast, and flexible financial solutions."

Focusing on Hispanic-Owned Businesses

Latinos are projected to represent 29% of the U.S. population by 2050. Recognizing the unique challenges faced by Hispanic-owned businesses, which number over 4.65 million in the U.S., Fortun is committed to addressing the financial needs of this vital economic segment. "Latinos and other underserved communities, many of whom are considered "un bankable" are not merely participants in the American dream; they are redefining it with their entrepreneurial spirit and unparalleled work ethic," said Damas. "Our foray into the public markets is a strategic move that demonstrates our commitment to accelerating the growth of Latino-owned and minority owned businesses, one of the fastest-growing demographics in the U.S."

Strategic Expansion and Future Vision

The initial investment of $1 million lays the foundation for growth and is just the beginning. Fortun is gearing up for a strategic expansion. The company is in negotiations with a national firm to manage underwriting and regulatory filings, further cementing its financial foundation. Additionally, Fortun is in the process of identifying and vetting possible takeover targets, as well as strategic partnerships, with other finance, fintech, funding, and factoring companies. The potential acquisition of these targets and forming of strategic partnerships within the finance space will expedite the deployment of Fortun's financing solutions to its customer, thereby accelerating its growth trajectory. This ambitious growth plan underscores Fortun's commitment to sustainable success and long-term value creation for shareholders.

About Luminar Media Group, Inc. soon to be Fortun Corp.

Luminar Media Group soon to be Fortun Corp. headquartered in Miami, Florida, a pioneering fintech company specializing in financial solutions is dedicated to serving underserved communities, particularly Latino and minority-owned enterprises, Fortun leverages cutting-edge data analytics, proprietary processes, and digital technology to provide fast, efficient, and tailored financial services. Committed to transparency and responsibility, Fortun Corp. ensures that underserved customers and businesses have access to the capital and liquidity needed to thrive in today's market.

Media Contact:
Robert Rico FortunCo, LLC
Robert@fortunco.com

Forward-Looking Statements This press release contains forward-looking statements based on current assumptions and beliefs about our business, financial condition, and prospects. These statements are subject to risks and uncertainties that may cause actual results to differ materially. Investors should review our periodic reports filed with the SEC for more information on potential risks. We assume no obligation to update forward-looking statements, except as required by law.

SOURCE: Luminar Media Group, Inc.

View the original press release on accesswire.com

FAQ

What is Luminar Media Group's new focus after acquiring FortunCo ?

Luminar Media Group is transitioning into the finance industry, providing fintech solutions to underserved communities.

What is the initial investment Luminar Media Group is making in its new finance venture?

Luminar Media Group is making an initial investment of $1 million in its new fintech venture.

What changes are happening to Luminar Media Group's business structure?

Luminar Media Group is divesting its spirits division and rebranding to Fortun Corp.

Who will lead Fortun Corp after the acquisition of FortunCo ?

Yoel Damas will serve as the interim president and Chairman of the Board, with plans to appoint seasoned finance professionals.

What market segment is Fortun Corp aiming to support?

Fortun Corp aims to support underserved and minority-owned businesses, particularly Hispanic-owned businesses.

How significant could the impact of Latino businesses be on the U.S. economy according to Fortun Corp?

If Latino businesses grow at the national average rate, they could contribute an additional $1.4 trillion to the U.S. economy.

What strategic actions is Fortun Corp planning to ensure its growth?

Fortun Corp plans to negotiate with a national firm for underwriting and regulatory support, and is exploring further acquisitions and partnerships.