SOURCE: Fortress International Group, Inc.

Fortress International Group, Inc.

October 19, 2009 07:00 ET

Fortress International Group, Inc. Awarded Contracts Totaling $39.4 Million

COLUMBIA, MD--(Marketwire - October 19, 2009) - Fortress International Group, Inc. (NASDAQ: FIGI) ("Fortress," or the "Company"), a leading provider of consulting and engineering, construction management and 24/7/365 site services for mission-critical facilities, today announced that it has been awarded six contracts totaling approximately $39.4 million spanning all three of its divisions -- technology consulting, construction management and facilities management. Including the new project awards, Fortress International has closed $46.5 million in new business since the end of the second quarter.

The bulk of the contract awards come from four significant design and construction projects for two of Fortress International's co-location customers totaling $36.4 million. Revenue related to these projects will span over the next eight months with projects located in Chicago, Toronto and Atlanta.

In addition, Fortress' technology consulting division has been selected to be part of the professional services team to assist the U.S. Social Security Administration to develop and design their new data center in Baltimore. The initial contract with Fortress is for $300,000, however due to the size and complexity of the project, Fortress believes that its involvement will evolve from this initial contract.

Fortress was also awarded a $2.7 million facility management contract over a three year period to commission and service multiple containerized data center modules.

"Our private sector project wins are the direct result of the credit markets opening up in our sector," said Chief Executive Officer Thomas P. Rosato. "Capital spending has been very slow since October of 2008. We are now beginning to see our capacity-constrained data center customers executing their facilities expansion plans to meet pent up demand. The credit markets are responding favorably to this segment and we expect to see increased project spending over the next few quarters."

About Fortress International Group, Inc.:

Fortress International Group, Inc. is leading mission-critical facilities into a new era of maximum uptime and efficiency. By combining the knowledge and experience of Total Site Solutions and Rubicon Professional Services, two experts in critical facilities infrastructure, Fortress International 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. -- setting a new standard for the optimized critical facility.

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

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; 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.

Contact Information

  • Company Contact:
    Thomas P. Rosato
    Chief Executive Officer
    Fortress International Group, Inc.
    Phone: (410) 423-7438

    Investor Relations:
    Kristen McNally/Brandi Floberg
    The Piacente Group, Inc.
    Phone: (212) 481-2050
    figi@tpg-ir.com