Fortress International Group, Inc. announced that it had secured a new credit facility through Bridge Bank to support the company's growth strategy and provide financial flexibility. The facility provides a line of credit up to $6 million over the next two years. The company also announced that it has restructured the promissory note held by its President and Chief Operating Officer, Gerard Gallagher, reducing the outstanding principal amount by approximately $307,000 (or approximately 14%) to $1,900,000. The restructured promissory note provides for an immediate payment of $900,000, eight quarterly principal payments of $25,000 beginning July 1, 2013, a principal payment of $100,000 on January 3, 2014, and the remaining outstanding balance due on July 1, 2015.

Fortress International Group, Inc. announced that its board of directors has appointed Maura A. McNerney as Chief Financial Officer of the company effective May 20, 2013. Ms. McNerney, age 41, replaces Kenneth D. Schwarz, who is resigning as Chief Financial Officer effective May 17, 2013, for personal reasons. Mr. Schwarz will remain with the company in another role until August 23, 2013. Ms. McNerney was previously Vice President, Chief Financial Officer and Treasurer of Hampshire Group, Limited. Ms. McNerney returned to Hampshire in August 2011 after leaving to pursue other interests in July 2009. During her time away from Hampshire, she served as Vice-President, Corporate Controller of Centerplate and then Chief Financial Officer of Spartan Foods of America.

Fortress International Group, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company reported revenue of $14,118,627 against $14,309,861 a year ago. Loss before income taxes was $23,151 against $1,252,089 a year ago. Operating income was $680 against operating loss of $1,209,321 a year ago. Net loss was $23,151 against $1,252,089 a year ago. Diluted loss per common share was $0.00 against $0.09 a year ago. EBITDA was $50,813,000 against LBITDA of $1,132,416 a year ago. Adjusted EBITDA was $158,427 against adjusted LBITDA of $1,035,049 a year ago. Normalized adjusted EBITDA was $158,427 against normalized adjusted LBITDA of $511,154 a year ago.