COLUMBIA, Md., Jan. 31 /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 new contract awards for the month of January reached
Tom Rosato , Chief Executive Officer of Fortress commented, "We continue to benefit from the strong demand for conditioned data center space in the US market. These projects all carry a component of technology consulting, construction management and facility management, and the revenues will move us closer to our goal of generating more than 50% of our EBITDA profit from recurring revenue sources. The locations of these projects increases our geographic foot print and further enhances our reputation as one of the premier providers of mission-critical facilities and information infrastructure."
Gerard Gallagher , CEO/President of Total Site Solutions added, "The success we have experienced over the past few months continues to demonstrate the validity of our Go-to-Market methodology. These customers recognize our unique ability to address their concerns in these highly technical and specialized environments, and we are establishing relationships that we believe will generate repeat business in the near and long term. These new projects demonstrate our proven capability as a long term provider of services in the complex and demanding mission-critical facilities environment."
Chief Financial Officer Tim Dec commented, "These projects have unique fast track schedules which underscore the urgent need for mission-critical facilities. The projects involve work across all business units and furthermore, we believe that approximately 55% of these awards will be recognized as revenue in 2008. The new work of the past three months will add significantly to our EBITDA growth expectations."
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 www.totalsitesolutions.com or call 888-321-4TSS (4877).
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.
SOURCE Fortress International Group