11/29/2005 - Fortune Diversified Receives $7.5 Million in Institutional Funding
INDIANAPOLIS (November 29, 2005) – Fortune Diversified Industries, Inc., the Company, a leading provider of wireless infrastructure services, commercial and industrial ink technology and outsourced human resource solutions services, announced today it has closed a $7.5 million institutional private placement. CB Capital Partners, Inc. acted as sole placement advisor in this transaction. The investor, Laurus Capital Management LLC, purchased a $7.5 million 3-year, Convertible Term Note at a $5.50 fixed conversion price. The transaction was done at a premium to the current stock price and included warrants.
"We are pleased to have closed this round of institutional investment with Laurus Capital Management. This transaction was concluded with beneficial terms to support our Company's long term growth plan. The proceeds will fund our working capital requirements with respect to our new contracts and assist in the deployment of resources to service our new clients, with particular focus on building earnings through profitability," said John Fisbeck, President and Chief Executive Officer.
"Our market space is experiencing significant demand and growth as represented by our latest contracts with our new and current wireless carriers. The strategic positioning of our wireless division will allow us to capitalize on the initial wireless infrastructure expenditures currently estimated at $69 billion over the next five years," John Fisbeck further stated.
About Fortune Diversified Industries, Inc.
More information can be found at: http://www.ffi.net/
CONTACT: John Fisbeck, President-CEO of Fortune Diversified Industries,Inc., +1-317-472-8865, www.ffi.net/