Published:
Fortress International Group Awarded Additional Contracts with Existing Clients Totaling More Than $6 Million
COLUMBIA, Md., Sept. 3 /PRNewswire-FirstCall/ -- Fortress International
Group (Nasdaq: FIGI), a company providing comprehensive services for the
planning, design and development of mission-critical facilities and
information infrastructure, today announced that it has been awarded
additional contracts with existing clients totaling more than $6 million of
fast track projects.
A current customer has awarded Fortress additional phases of an existing
construction management project to upgrade its mission-critical facility. The
potential revenue from these additional project phases is estimated to
initially be approximately $4.3 million and will be performed by Fortress'
subsidiary Total Site Solutions. This is the third project performed for this
customer over the past 18 months.
In addition, Fortress was awarded two major data center design projects
with two separate existing customers totaling more than $1.7 million. One
project is in the Southeast while the second project is in the Midwest. Both
projects are anticipated to progress into negotiations for construction
management and facilities management opportunities with the potential value of
these future opportunities estimated to be in excess of $100 million. These
two design contracts are expected to begin immediately. Fortress
International subsidiary Total Site Solutions will perform the contracted
services.
Tom Rosato, CEO of Fortress International commented on these latest
project wins, "We are continuing to see more and more fast track projects come
on line with existing customer relationships. This is a key element of the
go-to-market strategy that we have outlined since becoming public, whereby we
stay closely involved with our customers over the life cycle of their
projects. We are always seeking opportunities to demonstrate our value
through ongoing support and services these customers require, whether they are
facility upgrades or enhancements to existing projects. The trust and
reputation for reliability that we have developed with existing customers led
directly to the contracts we are announcing today."
ABOUT FORTRESS INTERNATIONAL GROUP INC.
Fortress International Group Inc. (FIGI) and its subsidiaries Total Site
Solutions, Rubicon, Vortech, and Innovative Power, plan, design, build and
maintain specialized facilities such as data centers, trading floors, call
centers, laboratories, medical facilities, network operation centers,
communication facilities, and secure facilities. For nearly 30 years, the FIGI
team has pioneered building robust and scalable infrastructure into mission-
critical facilities. The firm offers unsurpassed expertise in the
infrastructure systems (electrical, mechanical, telecommunications, security,
fire protection and building automation) that are the critical facility's
lifeblood. FIGI's comprehensive portfolio of services and multi-disciplinary
expertise provide customers a highly respected single source for critical
services that bridge the gap between IT and facilities.
FORWARD-LOOKING STATEMENTS
This release may contain "forward-looking statements" -- that is,
statements related to future-not past-events, plans, and prospects. In this
context, forward-looking statements may address matters such as our expected
future business and financial performance, and often contain words such as
"guidance," "expects," "anticipates," "intends," "plans," "believes," "seeks,"
"should," or "will." Forward-looking statements by their nature address
matters that are, to different degrees, uncertain. Particular uncertainties
that could adversely or positively affect the company's future results
include: the company's reliance on a significant portion of its revenues from
a limited number of customers; the uncertainty as to whether the company can
replace its declining backlog; risks involved in properly managing complex
projects; risks relating to revenues under customer contracts, many of which
can be canceled on short notice; risks related to the implementation of the
company's strategic plan, including the ability to make acquisitions and the
performance and future integration of acquired businesses; and other risks and
uncertainties disclosed in the company's filings with the Securities and
Exchange Commission. These uncertainties may cause the company's actual
future results to be materially different than those expressed in the
company's forward-looking statements. The company does not undertake to
update its forward-looking statements.
Company Contact: Investor Relations:
Tom Rosato John McNamara
Chief Executive Officer Cameron Associates
Fortress International Group, Inc. Phone: (212) 245-8800 Ext. 205
Phone: (410) 423-7438 john@cameronassoc.com
SOURCE Fortress International Group
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