Attached files
| file | filename |
|---|---|
| 8-K - TSS, Inc. | v169558_8k.htm |
| EX-10.1 - TSS, Inc. | v169558_ex10-1.htm |
|
Company
Contact:
|
Investor
Relations:
|
|
Thomas
P. Rosato
|
Kristen
McNally/Brandi Floberg
|
|
Chief
Executive Officer
|
The
Piacente Group, Inc.
|
|
Fortress
International Group, Inc.
|
Phone:
(212) 481-2050
|
|
Phone:
(410) 423-7438
|
figi@tpg-ir.com
|
FORTRESS
INTERNATIONAL GROUP ANNOUNCES SALE OF RUBICON DIVISION
Columbia, MD – December 22, 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 it has entered into a definitive agreement with Rubicon Acquisition
Company, LLC for the sale of Fortress’ Rubicon Professional Services division
for an aggregate purchase price of approximately $1.875 million. Subject to
customary closing conditions, including, obtaining certain approvals and
consents, the sale is expected to close by year-end.
Under
terms of the agreement Rubicon Acquisition will make an upfront cash payment to
Fortress of $1.0 million, assume payments of approximately $0.3 million in a
promissory note and bonus obligations, and will execute $0.5 million in
promissory notes payable monthly over 18 months with a 4% annual interest rate,
beginning four months following the close of the agreement.
“The sale
of this division supports our objective to strengthen the balance sheet and cash
position of Fortress International going into 2010,” said Chief Executive
Officer Thomas P. Rosato. “The Rubicon division’s main focus was in project
consulting, equipment and construction management services. These tasks remain
as Fortress deliverables, however our future and core competency is in our
ability to consult, design, manage projects, and ultimately maintain
mission-critical facilities under longer term contract relationships where our
revenues are not impacted as severely by capital spending.
“We
maintain a robust backlog of approximately $67.7 million and continue to be
encouraged by marked improvement in economic conditions in our sector,” Mr.
Rosato continued. “With strong proposal and pipeline activity underway, we
expect to continue to show year-over-year improvement over the coming quarters
in new business bookings. More importantly, this sale improves our liquidity and
solidifies our short-term financial position. We maintain a full range of
best-in-class service offerings, which we believe provide the necessary
foundation for our long-term success.”
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. - 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.
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