COLUMBIA, Md., Sept. 26, 2012 /PRNewswire/ -- Fortress International Group, Inc. (Other OTC: FIGI), announced today that it has appointed Ken Schwarz as Chief Financial Officer effective September 27, 2012. Mr. Schwarz replaces Timothy C. Dec, who resigned to pursue other opportunities. Mr. Dec has agreed to assist Mr. Schwarz to ensure an orderly transition as needed through the balance of the year.
Mr. Schwarz brings 36 years' experience in senior-level financial positions, including considerable expertise in financial turnarounds, and has overseen initiatives that have resulted in improved shareholders' equity. Most recently, he was the CFO of Primus Telecommunications Group (NYSE:PTGI), where he led a turnaround effort that resulted in significant EBITDA growth, debt refinancing and the divestiture of non-core assets.
"I am excited to have Ken join our team. He has a strong track record, and his experience with companies that are executing turnarounds and scaling for the future will be invaluable to our team. We are in the process of executing on our future vision for Fortress, and his energy and experience will further enhance our team, enabling us to better deliver on this vision," said Anthony Angelini, Chief Executive Officer of Fortress. "I would also like to thank Tim for his contributions to Fortress over the past several years and am grateful for his assistance to Ken in this transition."Commenting on his new position, Mr. Schwarz added, "I am excited to join the Fortress team. This is a company with solid long-term growth prospects and an outstanding reputation in the data center and mission critical industry. With the changes made earlier in the year, I believe Fortress has a strong foundation for future success. I look forward to the opportunities that lie ahead and to working with Anthony and the management team to help Fortress realize its full potential."