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Investor Relations Contact Us Search Our PEO Group OASIS OUTSOURCING ANNOUNCES ACQUISITION OF CONTROLLING SHAREHOLDER OF FORTUNE INDUSTRIES, INC. WEST PALM BEACH, FLA. (September 16, 2016) – Oasis Outsourcing, the nation’s largest privately held professional employer organization (PEO), has acquired CEP, Inc., the holder of over ninety-one percent (91%) of the common stock of Fortune Industries, Inc. (OTCMKTS: FDVF), a PEO group comprised of Century II, Inc., Employer Solutions Group, Inc., and Professional Staff Management, Inc. The Fortune Industries group is one of the nation’s oldest PEO groups and provides full-service human resources and employment-related services to its diverse client base throughout the country. Oasis Outsourcing currently serves almost 6,000 clients and more than 200,000 worksite employees nationwide. This transaction will add over 14,000 worksite employees in 47 states to the Oasis platform. Terms of the deal were not disclosed. Oasis Outsourcing will promptly take the steps necessary to effect a “short-form” merger of CEP with and into Fortune Industries under Indiana law, without a meeting of Fortune Industries shareholders. This process will include the mailing of a copy and summary of a plan of merger to each record shareholder of Fortune Industries common stock at least 30 days prior to filing the related articles of merger. Upon the closing of the short-form merger, Oasis Outsourcing will acquire all of the remaining shares of Fortune Industries common stock, par value $0.10 per share, for [$0.586] per share in cash. The price per share of Fortune Industries common stock to be paid by Oasis Outsourcing in the short-form merger exceeds the implicit price per share paid for the shares of Fortune Industries common stock indirectly acquired in the acquisition of CEP, Inc., because the shareholders of CEP, Inc. agreed to pay for certain transaction costs and to bear the risk of potential indemnity liabilities. After the completion of the merger, Fortune Industries will be a wholly owned subsidiary of Oasis Outsourcing, and shares of Fortune Industries will no longer be quoted on the OTC Pink platform. “The addition of Fortune Industries to the Oasis family continues our trend of strategic acquisitions as part of our growth strategy,” said Mark Perlberg, President and CEO of Oasis Outsourcing. “The inclusion of Century II, Professional Staff Management and Employer Solutions Group is significant in Oasis’ strategy to increase our geographic footprint and cost-efficient client offerings. This acquisition also gives us the opportunity to welcome an experienced and talented team of Fortune Industries professionals to the Oasis organization.” “This is an exciting time for Fortune Industries,” said Tena Mayberry, President and CEO of Fortune Industries. “We are known for our high level of customer service and deep commitment to bringing solut
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