COLUMBIA, Md., March 22, 2011 /PRNewswire/ -- Fortress International Group (Other OTC :FIGI ) a provider of consulting and engineering, construction management and 24/7/365 site services for mission-critical facilities, today announced first quarter 2011 bookings to date of $11.6 million, which includes $9.2 million of new business and $2.4 million of service contract renewals. These bookings include $1.3 million in Technology Consulting projects, $3.4 million in Construction Management and $6.9 million in Facilities Management projects.
The new technology consulting business includes an upgrade project with a large IT services provider, through which fortress will replace traditional magnetic hard disk drives with energy efficient solid-state drives in the provider's 50,000 servers. This group of projects also includes several smaller-scale technology studies that the Company expects will mature into larger design-build project awards over time.
The Company's construction management bookings include a $1.2 million upgrade of an existing data center facility located in southeastern Pennsylvania. This project is the first phase of a three-year, four-phase upgrade of the center, with an estimated budget for the four phases of $20 million. Fortress believes it is well positioned to secure additional project business related to this facility as subsequent phases of the upgrade are awarded.
Technology consulting and construction management projects include contract wins with customers such as Dell, Equinix, Home Depot, and Black and Veatch.
Additionally, the Company has been awarded new Facilities Management contracts from a total of 21 customers. This work, which represents a mix of both new management projects and renewals of existing contracts, includes wins with Dell, SAIC, The Washington Post, Blue Cross Blue Shield, Powerloft, RCN, APC, Capgemini and Raytheon. The work that will be performed under these recurring revenue contracts includes adds, moves and changes on existing facilities, as well as commissioning and start-up of specialized power equipment and general facilities maintenance activities
"We remain keenly focused on improving visibility, building our recurring revenue base and expanding margins through the growth of our facilities management business. This segment of our business performed well throughout 2010 and remained strong into the early part of 2011, giving us a great deal of confidence about the Company's near-term prospects," said Thomas P. Rosato, Fortress' CEO. "These wins, which include projects with both public and private sector companies, help to further diversify our revenue base and reduce our dependence on capital budgets, creating greater stability in our business over the longer-term and helping Fortress achieve its overall objectives of growth and ongoing profitability."
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.FortressInternationalGroup.com or call 888-321-4877.
Fortress International Group, Inc. -- setting a new standard for the optimized critical facility.
Forward Looking Statements
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SOURCE Fortress International Group, Inc.