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COLUMBIA, Md., Oct 07, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- 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 new engagements for services, including technology consulting, construction management and facility management awards totaling $25 million for the 3rd quarter of 2008, bringing booked business for 2008 to $111 million. The cumulative sales figure for 2008 includes an adjustment reducing the amount by $4.5 million related to an unused contract maximum value on a completed project, in which the savings went back to the owner. This represents a 39% increase over the $80 million of new business booked during the first nine months of 2007.
The new business brings work to all Fortress business units and includes owner representation services, at risk design-build construction management services, technology consulting services and facilities management business. A break down of the divisional work booked for the quarter and year to date is as follows:
3rd Qtr. Year to date
-- Technology consulting- $3 million $7 million
-- Construction management- $18 million $93 million
-- Facility management- $4 million $11 million
Fortress International Chief Executive Officer Tom Rosato commented, "Despite the broader economic difficulties our bookings for this quarter exceeded last year's 3rd quarter bookings by 20%. At the same time, our proposal activity exceeded $64 million for the quarter, a 28% increase over the same quarter last year. We continue to see positive trends in two key areas that point to strength in future business. First, technology consulting continues to trend upward, which indicates we are increasing our new customer base and our opportunities to provide follow on services. Second, we expect that the amount of revenue we will recognize in future quarters from our Facility Management Division will continue to increase. Many of the design build projects that were delayed in late 2007 and early 2008 are progressing to completion. Many of these customers have already contracted with Fortress to provide our maintenance and management services which will increase the flow of Facility Management backlog dollars into revenue in future quarters. This is an important development as it begins to fulfill our original strategy to of generating an increasingly significant percentage of our EBITDA dollars from recurring business."
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:
Tom Rosato
Chief Executive Officer
Fortress International Group, Inc.
Phone: (410) 423-7438
Investor Relations:
John McNamara
Cameron Associates
Phone: (212) 245-8800 Ext. 205
john@cameronassoc.com
SOURCE Fortress International Group
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