COLUMBIA, Md., Sept 03, 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 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.
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 firstname.lastname@example.org
SOURCE Fortress International Group
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