Fortified Holdings announced that it intends to move forward to acquire the assets of FastNet Solutions, a manufacturer of producs developed for the military, first responders, relief workers and others within high-risk industries.
FastNet Solutions products are sold under the Mobile Rugged brand name and include a product line of ultra-rugged, man-portable servers, data storage options, DVRs, and mobile surveillance products. Customers of FastNet include the U.S. Army, U.S Air Force, and the Department of Homeland Security.
The Company Management plans to move Fortified’s NOMAD Incident Command Platform to the FastNet manufacturing facility in Massachusetts soon after the close of the transaction. The move is expected to enable Fortified to achieve significantly improved production capabilities, streamlined inventory controls, bulk purchasing capacity and enhanced engineering support, which will pave the way towards faster customer delivery. These benefits are designed to improve overall gross profitability of the product line, and ultimately lead to increased shareholder value.
Fortified Holdings’ President & CEO, Brendan Reilly stated, “Simply put, we believe our strategic acquisition of FastNet Solutions is the perfect complement to our Fortified DataCom business. It’s manufacturing and R&D capabilities will significantly broaden our ability to develop new products through the balance of 2007 and beyond, and at the same time position us for enhanced profit margins on our NOMAD product line in 2008. As important, as part of the acquisition of FastNet, Fortified is now establishing a streamlined process for acquiring additional synergistic businesses, improving our ability to deliver on our business plan.”
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