COLUMBIA, MD, Dec 15, 2008 (MARKET WIRE via COMTEX News Network) -- Fortress International Group Inc. (NASDAQ: FIGI), a company providing comprehensive services for the planning, design, development and maintenance of mission-critical facilities and information infrastructure, today announced that it has recently been awarded multiple contracts totaling more than $17 million.
Fortress subsidiary Rubicon Services signed construction management contracts to build and renovate two data center sites for a new collocation provider customer. The projects, located in Miami and North Jersey, are funded and are to begin immediately.
Separately, Rubicon was also awarded three contracts to provide mechanical and electrical upgrades to a large national telecommunications company's data center site in Northern New Jersey. The projects are valued at approximately $1.5 million and are also expected to begin immediately.
Fortress subsidiary Total Site Solutions was awarded two separate contracts totaling $2mm to provide design and construction services to upgrade various classified facilities. The contracts were awarded through the Army Corps of Engineers in conjunction with a minority company teaming partner.
Total Site Solutions was also awarded an annual staffing and maintenance contract to maintain a 150,000 square foot data center in Orlando, Florida. Fortress had previously provided design and retrofit services to this customer and will now provide on site engineers to manage the facility as well as services to maintain the facility infrastructure equipment. The value of this annual contract is approximately $825,000, and the facility is currently increasing tenant occupancy and the value of this contract is anticipated to increase as the occupancy increases over time.
Fortress International's Chief Executive Officer Thomas P. Rosato said, "The ongoing success of our new business development continues despite the current market conditions. We remain cautiously optimistic that our existing and potential new customers will continue to fund their capital projects in 2009."
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.
Headquartered in the Baltimore-Washington corridor, FIGI provides complete turnkey facility services from the initial planning stages, to construction, to ongoing maintenance of the completed project. Its clients include the world's most demanding mission-critical organizations, including Fortune 500 firms and US government agencies. For more information, visit www.totalsitesolutions.com or call 888-321-4TSS (4877).
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 Email Contact
SOURCE: Fortress International Group Inc.
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