Fortune Industries, Inc. Mourns the Loss of Carter Fortune

INDIANAPOLIS, Aug. 27, 2012 /PRNewswire/ -- Fortune Industries, Inc. (the "Company") regretfully announces that Carter M. Fortune, Chairman of the Board of the Company, passed away on Saturday, August 25, 2012 at his home in Destin, Florida with his loving wife Kim by his side. 

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The Company's leadership team will continue in their present responsibilities. No changes are anticipated in the Company's day-to-day business activities.

"We are very saddened by Carter's passing, but we are prepared to move forward, carry out his vision and honor his legacy," said Tena Mayberry, President and Chief Executive Officer. "Our thoughts and prayers are with Kim and the entire Fortune family." 

"Carter dedicated his life to each and every employee of every Fortune company," said David Berry, Director.  "He will be deeply missed by all.  His passing is a loss for all of his companies and for the city of Indianapolis."

Mr. Fortune acquired the majority ownership of the Company in 2000, and served as Chairman of the Board since January 2002.

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 15,000 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.

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, 2011. 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.