Mr. Pagano continued, "ENGlobal recently reorganized around three key segments - Engineering & Construction, Field Solutions, and Automation - in order to better serve our clients. Executive Vice Presidents have been appointed to lead each group and will report to me. In addition, we have consolidated our legal entities to provide simplicity and efficiencies company-wide. We believe that this ‘One ENGlobal’ philosophy will enhance the ability of our business development team to actively cross-sell all of our capabilities to multiple business sectors within the energy industry. We expect our new structure will help to diversify our client mix and heighten focus on our corporate strategy."
ENGlobal provides project delivery solutions through its engineering and construction, field solutions, and automation groups, primarily to the energy sector throughout the United States and internationally. The Company’s multi-disciplined staff develops projects from the initial planning stages through completion, including right-of-way acquisition and permitting, and detailed design, construction management, fabrication, and inspection. ENGlobal has over 2,200 employees in 16 offices located in 10 cities. Further information about the Company and its business is available at www.ENGlobal.com .
Safe Harbor for Forward-Looking StatementsThe statements above regarding the Company’s expectations regarding its financial results 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) the ability of our management team, including Mr. Rennie, to execute on our business plan; (2) the impact of our corporate restructuring on our results of operation; (3) our ability to respond appropriately to the current worldwide economic situation and the resulting decrease in demand for our services and competitive pricing pressure; (4) our ability to achieve our business strategy while effectively managing costs and expenses; (5) our ability to collect accounts receivable in a timely manner; (6) our ability to accurately estimate costs and fees on fixed-price contracts; (7) 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; (8) the effect of changes in the price of oil; (9) the effect of changes in accounting policies and practices as may be adopted by regulatory agencies, as well as by the FASB; (10) the effect on our competitive position within our market area in view of, among other things, increasing consolidation currently taking place among our competitors; and (11) our ability to increase or replace our line of credit. 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. Also, the information contained in this press release is subject to the risk factors identified in the Company’s most recent Form 10-K. Click here to join our email list: http://www.b2i.us/irpass.asp?BzID=702&to=ea&s=0 . ###
CONTACT: Natalie S. Hairston (281) 878-1000 ir@ENGlobal.com