une Advised of Acquisition of Seven Skilled Nursing Facilities by Ide Management Group
Fortune Industries (NYSE: FFI) announced today that it has been informed by Ide Management Group, Inc. ("IMG") that IMG has successfully closed on the acquisition of seven skilled nursing facilities on September 28, 2012. According to IMG, these facilities are located in Indiana and expand IMG's portfolio of owned or managed facilities from 20 to 27 in Indiana, Illinois, Iowa, and Wisconsin. The Company recently disclosed that it has reached an agreement in principal to restructure its current merger agreement by planning to enter into an amended merger agreement with IMG. The merger transaction is subject to final documentation, completion of due diligence, regulatory compliance and other normal contingencies. For additional information regarding IMG, please see its website at www.imgcares.com.
About Fortune Industries, Inc.
Fortune Industries, Inc., is a professional employer organization (PEO) focused on small and medium-sized business clients in 47 states, providing human resource consulting and management, employee assessment, training, payroll services, and benefits administration. The company has three divisions operating as licensed PEOs: Century II, Inc., located in Brentwood, TN; Employer Solutions Group, Inc., located in Loveland, CO, Provo, UT, Phoenix and Tucson, AZ; and Professional Staff Management, Inc., located in Indianapolis, and Richmond, IN. The company's PEO divisions are among the nation's oldest PEOs, and are recognized market leaders providing the full array of outsourced human resource services through co-employment relationships with companies that typically do not have an internal personnel or human resources department. Fortune Industries represents clients with a combined 13,600 worksite employees representing a broad base of industries including healthcare, IT, financial, and other professional services, as well as manufacturing, construction, and telemarketing. For more information, visit www.ffi.net.
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