INDIANAPOLIS, Feb. 13 /PRNewswire-FirstCall/ -- Fortune Industries, Inc. (AMEX:FFI) announces that it has closed its acquisition of Precision Employee Management, of Tucson, Arizona. Consideration for the purchase of Precision Employee Management approximates $2.2 million.
Precision Employee Management is a full service Professional Employer Organization (PEO) servicing small to mid-size businesses in the Tucson, Arizona region. Precision Employee Management provides human resource services and management to approximately 2,000 worksite employees. Services include payroll and benefits administration, health and workmen's compensation insurance management, human resource management and consulting, training, testing, development and assessment services and insurance brokerage services.
"The acquisition of Precision Employee Management affirms our strategy to invest capital in the fast-growing PEO industry segment," stated John Fisbeck, CEO of Fortune Industries. "We will continue to pursue additional similar opportunities in pursuit of our national drive for growth." Precision Employee Management will retain its local headquarters in Tucson. Fortune Industries maintains PEO operations in Indianapolis and Richmond, Indiana and Nashville, Tennessee. The acquisition of Precision Employee Management increases total PEO worksite employees of Fortune Industries above 10,000 participants.
Visit the companies' websites at http://www.ffi.net/ or http://www.checkmatetucson.com/ for further details.
About Fortune Industries, Inc.
Fortune Industries, Inc. operates as a technology-based service company in the United States. It provides technology solutions to businesses in five segments: Wireless Infrastructure, Business Solutions, Transportation Infrastructure, Ultraviolet Technologies, and Electronics Integration. The Wireless Infrastructure segment provides turnkey solutions directly to wireless carriers in 20 states and provides other specialty infrastructure services. The Human Resource Solutions segment provides professional employment organization (PEO) services to small and medium sized businesses with up to 1,000 employees in over 44 states including human resource consulting & management, employee assessment, training, and benefits administration. The Transportation Infrastructure segment provides the installation of highway safety products and commercial structural steel. The Ultraviolet Ink segment provides worldwide state-of-the-art UV ink technology solutions. The Electronics Integration segment provides sales and installation of commercial electronics.
Fortune Industries is based in Indianapolis, Indiana and is publicly traded on the American Stock Exchange under the symbol FFI. Additional information about Fortune Industries, Inc. can be found at http://www.ffi.net/.
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 August 31, 2006. 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. DATASOURCE: Fortune Industries, Inc.
CONTACT: Amy Gallo, Chief Financial Officer, of Fortune Industries, Inc., +1-317-532-1374 Web site: http://www.ffi.net/ http://www.checkmatetucson.com/
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