Primoris Services Corporation Announces New Contracts Valued At Approximately $101 Million
LAKE FOREST, Calif., Dec. 1, 2010 (GLOBE NEWSWIRE) -- Primoris Services Corporation (Nasdaq:PRIM) ("Primoris"), one of the largest specialty contractors and infrastructure companies in the United States, today announced that its wholly-owned subsidiary, James Construction Group, LLC, has been awarded three highway construction contracts by the Louisiana Department of Transportation. These contracts are expected to generate aggregate revenues to Primoris of approximately $101 million over a three-year period that commenced November 2010.
The first project, valued at approximately $26 million, involves reconstruction work on a stretch of Interstate 12 in Slidell, Louisiana. The project includes widening four existing bridges and installing approximately 76,000 tons of new asphalt pavement. Interstate 12 bypasses the New Orleans metropolitan area and Lake Ponchartrain to the north, facilitating east-west through traffic across southern Louisiana.
The two other projects are for approximately 9 miles of new interstate construction of Interstate 49, north of Shreveport, Louisiana. These projects are valued at approximately $39 million and $36 million. They entail the placement of approximately 412,000 cubic yards of excavation, the installation of approximately 1,865,000 cubic yards of embankment, and the construction of 23 new bridges.ABOUT PRIMORIS Founded in 1946, Primoris, through various subsidiaries, has grown to become one of the largest specialty contractors and infrastructure companies in the United States. Serving diverse end markets, Primoris provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, and other customers. With its acquisitions of James Construction Group in December 2009 and Rockford Corporation in November 2010, Primoris has doubled its size and the Company's national footprint now extends from Florida, along the Gulf Coast, through California, into the Pacific Northwest and Canada. For additional information, please visit www.prim.com . The Primoris Services Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5527 FORWARD-LOOKING STATEMENTS This press release contains certain forward-looking statements, including with regard to the Company's future performance. Words such as "estimated," "believes," "expects," "projects," "may," and "future" or similar expressions are intended to identify forward-looking statements. Forward-looking statements inherently involve risks and uncertainties, including without limitation, those described in this press release and those detailed in the "Risk Factors" section and other portions of our Annual Report on Form 10-K for the year ended December 31, 2009, our Form 10-Q for the three month period ended September 30, 2010, and other filings with the Securities and Exchange Commission. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
CONTACT: Primoris Services Corporation Peter J. Moerbeek, Executive Vice President, Chief Financial Officer (949) 454-7121 email@example.com The Equity Group Inc. Devin Sullivan, Senior Vice President (212) 836-9608 firstname.lastname@example.org
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