INDIANAPOLIS, May 8 /PRNewswire-FirstCall/ -- Fortune Industries, Inc. (AMEX:FFI) announced today the appointment of P. Andy Rayl as Chief Operating Officer of the Company. Mr. Rayl assumed the COO responsibilities on May 5, 2008.
Mr. Rayl has been a member of Fortune's Board of Directors since May 2005. Mr. Rayl had also served as Chairman of the Company's Audit Committee since this time, and resigned from the Audit Committee on May 4, 2008.
Prior to joining the Company, Mr. Rayl served as the Chief Financial and Chief Operating Officer of Technuity, Inc. From its inception in 1999, Technuity, Inc. experienced significant growth in the consumer electronics retail channel along with winning distinction as an Indiana Ernst & Young Entrepreneur of the year in 2002 and being named one of the fastest growing private companies in Indiana in both 2002 and 2004. In his capacity as CFO and COO, Mr. Rayl was responsible for all operating and financial aspects of the Company including but not limited to accounting, financial reporting, treasury management, payroll administration, employee benefits administration, legal issues, contract negotiations and collaboration with fellow management team members on developing the overall strategic objectives of the Company. At the direction of the Company's Shareholders, Mr. Rayl was instrumental in negotiating and completing the successful sale of 100% of their equity interest to Audiovox, Inc., a publicly held company currently trading on NASDAQ, on November 1, 2007.
Prior to Technuity, Mr. Rayl was employed as a Certified Public Accountant by Ernst & Young, LLP where he specialized in providing audit and assurance services for fast growing entrepreneurial based private and public companies in Indiana.
Mr. Rayl graduated with honors with a Bachelor of Science in Accounting from Indiana University.
About Fortune Industries, Inc.
Fortune Industries, Inc. operates as a global technology-based service company with offices in the United States, Singapore, China and England. It provides technology solutions to businesses in five segments: Business Solutions, Wireless Infrastructure, Transportation Infrastructure, Ultraviolet Technologies and Electronics Integration. The Business Solutions segment provides professional employment organization (PEO) services to small and medium sized businesses with up to 1,000 employees in 44 states, including human resource consulting & management, employee assessment, training, and benefits administration. The Wireless Infrastructure segment provides turnkey solutions to wireless carriers in 20 states. 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, 2007. 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: Carrie Fitzsimons, General Counsel, of Fortune Industries, Inc., +1-317-532-1374 Web site: http://www.ffi.net/
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