Fortress International Group Books $4.5 Million in New Facilities Management and Technology Consulting Business in Fourth Quart

^{Published on 2011-01-13 13:16:25 - Market Wire}
 

Fortress International Group Books $4.5 Million in New Facilities Management and Technology... -- COLUMBIA, Md., Jan. 13, 2011 /PRNewswire/ --

COLUMBIA, Md., Jan. 13, 2011 /PRNewswire/ -- Fortress International Group, Inc. (OTC: FIGI), a provider of consulting and engineering, construction management and 24/7/365 site services for mission-critical facilities today announced that its Facilities Management (FM) and Technology Consulting (TC) divisions closed new contracts totaling approximately $4.5 million during the fourth quarter of 2010, ended December 31, 2010.

Fourth quarter bookings for the Company's FM business totaled approximately $3.0 million, and included new recurring revenue contracts related to the maintenance of containerized data center facilities, commissioning and start-up work for a large electrical products manufacturer, renewals of expiring service contracts and customer site upgrades.

Additionally, during the fourth quarter of 2010, the Company's TC division was awarded project contracts totaling approximately $1.5 million. These awards include private sector and classified government projects, and services such as on-site technical support, engineering services and special assessments and evaluations of technology space. The government projects are primarily comprised of task orders being released under the Company's previously announced task order contract.

"Our new business and pipeline opportunities continued to grow in the fourth quarter from both new customers and follow-on projects. This high level of activity demonstrates not only the strength of our offering, but the continued recovery of the markets in which we operate, and positions the Company for sustained growth as we enter 2011," said Thomas P. Rosato, Fortress' Chief Executive Officer. "One of our top priorities in 2010 was the growth of our high-margin, recurring revenue service business and we have accomplished a great deal in that regard. We completed the year with 37 service agreements, which provide guaranteed annual revenue of approximately $5.5 million. With several large projects expected to commence in the near future, we are confident in our ability to build upon the progress we made during 2010."

About Fortress International Group, Inc.

Fortress International Group, Inc. is leading mission-critical facilities into a new era of maximum uptime and efficiency. Fortress provides consulting and engineering, construction management and 24/7/365 site services for the world's most technology dependent organizations. Serving as a trusted advisor, Fortress delivers the strategic guidance and pre-planning that makes every stage of the critical facility lifecycle more efficient. For those who own, lease or manage mission-critical facilities, Fortress provides innovative end-to-end capital management, energy, IT strategy, procurement, design, construction, implementation and operations solutions that optimize performance and reduce cost.

Fortress International Group, Inc. is headquartered in Maryland, with offices throughout the U.S. For more information, visit: [ www.FortressInternationalGroup.com ] or call 888-321-4877.

Fortress International Group, Inc. -- setting a new standard for the optimized critical facility.

Forward Looking Statements

This press 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; risks relating to our ability to continue as a going concern; the uncertainty whether the Company can raise substantial additional funds to continue its operations; risks associated with our effort to meet our working capital requirements and scheduled maturities of indebtedness absent restructuring; 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; the uncertainty whether potential contracts and our backlog would materialize; risks relating to our ability to implement a reduction in our expenses; risks relating our ability to continue to implement our business plan; risks relating to our liquidity; risks relating to our ability to meet all of the terms and conditions of our debt obligations; uncertainty related to current economic conditions and the related impact on demand for our services; 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.

SOURCE Fortress International Group, Inc.

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