COLUMBIA, Md., May 21, 2013 /PRNewswire/ -- Fortress
International Group, Inc. (Other OTC: FIGI) announced today
that it had secured a new credit facility through Bridge Bank
(NASDAQ: BBNK) to support the company's growth strategy and provide
financial flexibility. The facility provides a line of credit up to
$6 million over the next two
years.
"As Fortress continues to execute our strategic business plan,
this line of credit provides an additional source of liquidity for
our investments and working capital requirements," said
Anthony Angelini, Chief Executive
Officer of Fortress. "We appreciate the confidence that Bridge Bank
demonstrated in our service portfolio and believe that this credit
facility will serve as a solid foundation to assist our expected
future growth."
"We are thrilled to have the opportunity to support Fortress
International Group with this flexible credit solution as they
continue to execute their business model," said Paul Gibson, senior vice president and market
manager for Bridge Bank's East Coast Technology Banking Division.
"We feel confident that their management team is pursuing a
realistic and compelling growth strategy, and we are excited to be
a part of their future success."
Fortress also announced that it has restructured the promissory
note held by its President and Chief Operating Officer,
Gerard Gallagher, reducing the
outstanding principal amount by approximately $307,000 (or approximately 14%) to $1,900,000. The restructured promissory note
provides for an immediate payment of $900,000, eight quarterly principal payments of
$25,000 beginning July 1, 2013, a principal payment of $100,000 on January 3,
2014, and the remaining outstanding balance due on
July 1, 2015.
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.
About Bridge Bank
Bridge Bank is a full-service
professional business bank dedicated to meeting the financial needs
of small, middle market, and emerging technology businesses located
throughout the U.S. Bridge Bank provides its clients with a
comprehensive package of business banking solutions delivered
through experienced, professional bankers. Bridge Bank's Technology
Banking Division serves venture-backed and non venture-backed
companies from inception to IPO. Bridge Bank's product offering
includes growth capital, equipment and working capital credit
facilities and treasury management solutions, along with a full
line of international products and services and financing secured
by domestic, government and foreign receivables. For details, visit
www.bridgebank.com.
Conference Call Details
Fortress will conduct a
conference call on Wednesday, May 22,
2013 at 9:00 a.m. EDT to
discuss 2013 first quarter financial results, the acquisition of
the data center integration services business announced yesterday,
and this financing. Investors may listen to the conference call via
telephone at: 877-941-2068 (U.S./Canada) or 480-629-9712 (international) or via
live audio web cast on the investor relations section of the
Company's website at www.thefigi.com.
An audio replay of the conference call will also be available
approximately two hours after the conclusion of the call and will
be available until Wednesday, May 29,
2013. The audio replay can be accessed by dialing
800-406-7325 (U.S./Canada) or
303-590-3030 (international) and entering conference call ID
4621459, or via an archived webcast available on the investor
relations section of the Company's website at www.thefigi.com
approximately two hours after the conclusion of the call, and will
remain available for 90 calendar days.
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 the possible cancellation of customer
contracts on short notice; risks relating 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.