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
