Company to Highlight Growth in Facilities Management, Total New Bookings
and New Proposal Activity
COLUMBIA, Md., Sept. 4 /PRNewswire-FirstCall/ -- Fortress International
Group (Nasdaq: FIGI), holding company for Total Site Solutions (TSS), a
company providing comprehensive services for the planning, design and
development of mission critical facilities and information infrastructure,
today announced that Harvey Weiss, Chairman, and Tom Rosato, CEO, will
speak at the ROTH 2007 New York Conference on Wednesday, September 5, 2007.
Present with Mr. Weiss and Mr. Rosato will be Tim Dec the company's CFO who
will be available to meet with attendees during the conference. Messrs.
Weiss and Rosato will discuss recent events and the current business
environment for the Company's services to analysts, portfolio managers,
investment bankers and other financial professionals. The conference will
be held at The Westin New York at Times Square September 5-6 2007.
Mr. Rosato commented, "We're looking forward to speaking to investors
at this highly regarded conference. This will give us an opportunity to
reemphasize some of the highlights from our recently reported second
quarter as well as point out some recent developments. The annual run rate
for our Facilities Management Division continues to increase. That
Division's current annual run rate as of June 30th 2007 was approximately
$30 million based on current booked contracts, timing of revenue
recognition, and existing recurring customer relationships. We believe that
by year end based upon recent developments our annual run rate for these
services could be a high as $40 million. Bookings for new work reached $60
million at the end of June, and this helped bring our backlog to reach $55
million, a record high for the Company. Current new business bookings
through August indicate that our backlog at the end of September may be as
high as $65 million. Finally, the run rate for new proposal activity is
averaging approximately $70 million per quarter, or approximately $300
million annually and as we have indicated, the success rate on our
proposals has historically been 70%.
"This activity indicates that our organic growth initiatives continue
to be successful as we expand our new customer base and business
initiatives. The current infrastructure we have in place for our proposal,
engineering and estimating group can support a business that is three times
our current size. We believe this will create some significant operating
leverage as we grow."
ABOUT TOTAL SITE SOLUTIONS
Total Site Solutions (TSS) plans, designs, builds and maintains
specialized facilities such as data centers, trading floors, call centers,
network operation centers, communication facilities, laboratories and
secure facilities. For more than a quarter-century, the TSS 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. TSS'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, TSS 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 http://www.totalsiteteam.com or call 888-321-4TSS
(4877).
FORWARD-LOOKING STATEMENTS
This document 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. For
Fortress, 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:
Thomas P Rosato John McNamara
CEO Cameron Associates
Fortress International Group (212) 245-8800 Ext. 205
Phone: 410.312.9988 x 222 john@cameronassoc.com
SOURCE Fortress International Group
 back to top
Related links:
http://www.totalsiteteam.com
CONTACT:
Thomas P Rosato, CEO of Fortress
International Group, +1-410-312-9988 x 222, or Investors, John
McNamara of Cameron Associates, +1-212-245-8800 Ext. 205,
john@cameronassoc.com, for Fortress International Group
|
