Fortune Advised of Acquisition of Seven Skilled Nursing Facilities by Ide Management Group
INDIANAPOLIS, Oct. 2, 2012 /PRNewswire/ -- Fortune Industries, Inc. (NYSE MKT:FFI) (the "Company") announced today that it has been informed by Ide Management Group, Inc. ("IMG") that IMG has successfully closed on the acquisition of seven skilled nursing facilities on September 28, 2012. According to IMG, these facilities are located in Indiana and expand IMG's portfolio of owned or managed facilities from 20 to 27 in Indiana, Illinois, Iowa, and Wisconsin. The Company recently disclosed that it has reached an agreement in principal to restructure its current merger agreement by planning to enter into an amended merger agreement with IMG. The merger transaction is subject to final documentation, completion of due diligence, regulatory compliance and other normal contingencies. For additional information regarding IMG, please see its website at www.imgcares.com.
About Fortune Industries, Inc.
Fortune Industries, Inc., is a professional employer organization (PEO) focused on small and medium-sized business clients in 47 states, providing human resource consulting and management, employee assessment, training, payroll services, and benefits administration. The company has three divisions operating as licensed PEOs: Century II, Inc., located in Brentwood, TN; Employer Solutions Group, Inc., located in Loveland, CO, Provo, UT, Phoenix and Tucson, AZ; and Professional Staff Management, Inc., located in Indianapolis, and Richmond, IN. The company's PEO divisions are among the nation's oldest PEOs, and are recognized market leaders providing the full array of outsourced human resource services through co-employment relationships with companies that typically do not have an internal personnel or human resources department. Fortune Industries represents clients with a combined 13,600 worksite employees representing a broad base of industries including healthcare, IT, financial, and other professional services, as well as manufacturing, construction, and telemarketing. For more information, visit www.ffi.net.
About Ide Management Group, LLC.
Ide Management Group (IMG) owns and manages skilled nursing and assisted living facilities. IMG was founded by Mark Ide in 1997 and acquired its first skilled nursing facility in Indiana in 2001. Through a strategy of growth by acquisition, IMG now owns or manages 20 facilities throughout Indiana, Illinois, Iowa and Wisconsin, and continues to pursue acquisition opportunities that fit the company's facility profile and provide immediate returns on investment. Headquartered in the greater Indianapolis, Indiana area, IMG currently employs over 2,200 people. For more information, visit the IMG website at www.imgcares.com.
Forward Looking Statements
This press release and other statements by Fortune Industries, Inc. may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "estimate," "potential," or future/conditional verbs such as "will," "should," and "could" or the negative of those terms or other variations of them or by comparable terminology. The absence of such terms, however, does not mean that the statement is not forward-looking. Any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences, include, but are not limited to, the risks and uncertainties that are discussed under the heading "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" within the Company's Form 10-K for the year ended June 30, 2012. The Company undertakes no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise. Readers should carefully review the risk factors disclosed within the Company's Form 10-K and other documents filed by the Company with the Securities and Exchange Commission.
SOURCE Fortune Industries, Inc.