ENGlobal Provides Operational Update
ENGlobal Provides Operational Update
Houston, Texas, Feb. 27, 2013 (GLOBE NEWSWIRE) -- ENGlobal Corporation
(NASDAQ: ENG), a leading provider of energy-related engineering and automation
services, today provided an operational update on a range of project scopes
that were recently awarded to its Automation Segment.
· An automated pipe handling equipment company has awarded ENGlobal
projects to engineer, integrate, and test a number of automated driller's
cabins, which include consolidating drilling controls, automated pipe handling
controls, computer hardware and data processing systems.
· ENGlobal will provide design and integration services for several
analyzer shelters and remote instrument enclosure (RIE) buildings for a large
engineering and construction firm, to be shipped to a variety of end users.
The Company's scope also includes engineering, procurement, and testing of the
analyzer shelters and RIEs.
· A midstream energy master limited partnership (MLP) has selected
ENGlobal as its automation systems integration contractor. Specifically, the
Company expects to provide procurement, fabrication, and testing of industrial
shelters, programmable logical controller (PLC) systems, railcar and truck
loading / unloading facilities, and satellite transmitting and receiving
stations.
"We are pleased to receive these project awards from both new and existing
clients," said William A. Coskey, P.E., ENGlobal's President and Chief
Executive Officer. "ENGlobal is committed to being totally responsive to our
valued clients - both by providing quality services as well as supporting them
in a range of new business opportunities, as illustrated by these recent
awards."
About ENGlobal
ENGlobal (NASDAQ: ENG), founded in 1985, is a provider of engineering and
related project services principally to the energy sector throughout the
United States and internationally. ENGlobal operates through two business
segments: Automation and Engineering & Construction. ENGlobal's Automation
segment provides services related to the design, fabrication & implementation
of process distributed control and analyzer systems, advanced automation, and
related information technology. The Engineering & Construction segment
provides consulting services relating to the development, management and
execution of projects requiring professional engineering as well as
inspection, construction management, mechanical integrity, field support,
quality assurance and plant asset management. ENGlobal has approximately
1,500 employees in 12 offices and 9 cities. Further information about the
Company and its businesses is available at www.ENGlobal.com.
Safe Harbor for Forward-Looking Statements
The statements above regarding the Company's expectations regarding its
operations and certain other matters discussed in this press release may
constitute forward-looking statements within the meaning of the federal
securities laws and are subject to risks and uncertainties including, but not
limited to: (1) our successful execution of these project awards and our
receipt of prompt payment for the services we render to our clients;
(2) whether the exploration and consideration of strategic alternatives will
result in any transaction and such transaction's effects on the Company and
its stockholders; (3) our ability to comply with the terms of the forbearance
agreement with respect to the Company's Revolving Credit and Security
Agreement, including our ability to develop a plan to restore compliance with
the terms of such credit facility; (4) our ability to obtain the cure or
waiver of defaults under the Company's Revolving Credit and Security Agreement
and our existing letter of credit facility with Export-Import Bank of the
United States; (5) our ability to achieve profitability and positive cash flow
from operations; (6) our ability to collect accounts receivable and process
accounts payable in a timely manner; (7) our ability to respond appropriately
to the current worldwide economic situation and the resulting decrease in
demand for our services and competitive pricing pressure; (8) our ability to
achieve our business strategy while effectively managing costs and expenses;
(9) our ability to accurately estimate costs and fees on fixed-price
contracts; (10) the effect of changes in the price of oil; (11) delays related
to the award of domestic and international contracts; (12) our ability to
execute to our internal performance plans such as our productivity improvement
and cost reduction initiatives; (13) the effect of changes in laws and
regulations with which the Company must comply and the associated costs of
compliance with such laws and regulations, either currently or in the future,
as applicable; (14) the effect of changes in accounting policies and practices
as may be adopted by regulatory agencies, as well as by the FASB; (15) the
effect on our competitive position within our market area in view of, among
other things, increasing consolidation currently taking place among our
competitors; (16) our ability to win new business and convert those orders to
sales within the fiscal year in accordance with our annual business plan;
(17) achievement of our acquisition and related integration plans; and
(18) the uncertainties of the outcome of litigation. Actual results and the
timing of certain events could differ materially from those projected in or
contemplated by the forward-looking statements due to a number of factors
detailed from time to time in ENGlobal's filings with the Securities and
Exchange Commission. In addition, reference is hereby made to cautionary
statements set forth in the Company's most recent reports on Form 10-K and
10-Q, and other SEC filings.
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CONTACT: Natalie Hairston
281-878-1000
ir@englobal.com
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