COLUMBIA,
Md., May 15, 2013
/PRNewswire/ -- Fortress International Group, Inc.
(Other OTC: FIGI) announced today that it has appointed
Maura A. McNerney as Chief Financial
Officer effective May 20, 2013. Ms.
McNerney replaces Ken Schwarz, who
is resigning as CFO effective May 17,
2013 for personal reasons. Mr. Schwarz will remain with the
company in another role until August 23,
2013.
Ms. McNerney was previously Vice President, Chief
Financial Officer and Treasurer of Hampshire Group, Limited (OTC:
HAMP). Ms. McNerney returned to Hampshire in August 2011 after leaving to pursue other
interests in July 2009. During her
time away from Hampshire, she served as Vice-President, Corporate
Controller of Centerplate and then Chief Financial Officer of
Spartan Foods of America. During her original five year tenure at
Hampshire, she served in several roles, including Vice-President of
Accounting and Reporting and Chief Accounting Officer. Prior to
working at Hampshire, Ms. McNerney was an audit manager with
Deloitte & Touche. Ms. McNerney is a certified public
accountant and chartered global management accountant. She will be
located in the company's Columbia,
Maryland headquarters.
"I am excited to have Maura join our team and continue to
support the improvements we have made the past year as we execute
our growth plans. She will be an integral part of our management
team as we continue to improve our execution and extend our market
reach both vertically and geographically," said Anthony Angelini, Chief Executive Officer of
Fortress. "I would also like to thank Ken for his contributions to
Fortress the past eight months and wish him all the best for the
future."
Commenting on her new position, Ms. McNerney added,
"Joining Fortress at this time is very exciting. I am pleased to
become a part of a strong management team who is focused on the
strengthening and growth of this company."
In connection with her appointment as CFO, Ms. McNerney
received a stock option to purchase 200,000 shares of Fortress
common stock. All of the independent directors of Fortress approved
this grant, which was not made under any compensation plan approved
by Fortress' stockholders. The exercise price per share for these
stock options is equal to the average of the high and low bid
prices for Fortress' common stock reported daily on the OTCQB
marketplace during the 20 trading days following the grant date.
These stock options become exercisable in installments as follows
(1) 50,000 shares become exercisable on the first anniversary of
the grant date, (2) 50,000 shares become exercisable on the second
anniversary of the grant date, and (3) 100,000 shares become
exercisable on the third anniversary of the grant date.
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.thefigi.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 operating in a
highly competitive industry; actual or potential conflicts of
interest between the Company and members of the Company's senior
management; risks relating to rapid technological, structural, and
competitive changes affecting the industries the Company serves;
the uncertainty as to whether the Company can replace its backlog;
risks involved in properly managing complex projects; risks
relating to the possible cancellation of customer contracts on
short notice; risks relating to our ability to continue to
implement our strategy, including having sufficient financial
resources to carry out that strategy; 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, including the Annual Report on
Form 10-K for the fiscal year ended December
31, 2012. 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.