Argan, Inc. (NYSE MKT: AGX) announced that its wholly owned
subsidiary, Gemma Power Systems, LLC (GPS), entered into an EPC
Agreement with Moxie Patriot LLC (Moxie Patriot) in connection with the
design and construction of an 800 MW gas-fired power plant in
Pennsylvania.
Gemma Power, Inc. (GPI), also a wholly owned subsidiary of Argan, has
been funding Moxie Patriot in the development of this power plant
project. On May 3, 2013, Moxie Patriot entered into a Membership
Interests Purchase Agreement with a third party investor who will
provide advances for certain preconstruction costs. The consummation of
the purchase of Moxie Patriot, as well as the ability of GPS to fully
proceed under the EPC Agreement, is contingent upon the third party
investor securing permanent financing for the project.
About Argan, Inc.
Argan’s primary business is designing and building energy plants through
its Gemma Power Systems subsidiaries. These energy plants include
traditional natural gas-fired power plants as well as alternative energy
facilities including biodiesel, ethanol and renewable energy sources
such as wind power. Argan also owns Southern Maryland Cable, Inc.
Certain 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) the Company’s ability to achieve its business strategy
while effectively managing costs and expenses; (2) the Company’s ability
to successfully and profitably integrate acquisitions; and (3) the
continued strong performance of the energy sector. 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 Argan’s filings with the
Securities and Exchange Commission. In addition, reference is
hereby made to cautionary statements with respect to risk factors set
forth in the Company’s most recent reports on Form 10-K and 10-Q, and
other SEC filings.
Copyright Business Wire 2013