This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Pernix Group, Inc. Announces That Pernix-Serka JV Has Been Awarded A $95-$115 Million Contract By The U.S. Department Of State

LOMBARD, Ill., Feb. 21, 2012 /PRNewswire/ -- Pernix Group, Inc. (OTCBB: PRXG) announced today that the U.S. Department of State ("DOS") awarded the Company's joint venture with Serka Insaat VeTicaret A.S., Pernix-Serka JV ("Pernix-Serka"), with a re-procurement contract having an estimated value of between $95 and $115 million for design and construction services work related to the former Sather Air Base in Iraq (n.k.a. the Baghdad Diplomatic Support Center).

Previously, the design and construction of all improvements to finalize the Master Plan at the Baghdad Diplomatic Support Center had been awarded to a competitor with a Notice To Proceed given on June 23, 2011.  However, the required work will no longer be performed under that contract.  The Department of State, which was required to assume the security and life support responsibilities necessary for Government personnel following the departure of the U.S. military on December 15, 2011, turned to Pernix-Serka in order to "stop the day-for-day delay in completing the facilities critical to the life safety and mission capability of Government personnel..."  The ultimate value of this award to Pernix-Serka depends on the determination of the value of the work already in place and confirmation of the performance requirements.

Nidal Z. Zayed, CEO of Pernix Group, stated: "We are deeply humbled by the trust and responsibility which the Department of State has endowed upon us. We are honored to accept that trust and confidence from our government on such a critical effort in Iraq.  Pernix was gratified to hear DOS indicate that Pernix-Serka is 'uniquely experienced and positioned' to complete this vital mission in the shortest amount of time while adhering to all quality and safety specifications inherent in such a prominent project.  Pernix, along with our trusted partner Serka, greatly value our relationship with the OBO (DOS, Bureau of Overseas Buildings Operations), and I am confident that Pernix-Serka will provide the US Department of State with the highest level of both reliability and customer service required for such an imperative project."

Pernix Group Inc. is a global company with its headquarters in Lombard, Illinois. The company is engaged in three primary business segments: construction services as a Design-Build General Contractor in the Federal and Government market; building, managing and investing in Energy Projects as an Independent Power Producer and General Contractor; and RF Transmitter Design, Installation, and Service. Pernix has full-scale construction and management capabilities, with subsidiaries in the Western Pacific islands of Tinian and Saipan, in the South Pacific island of Fiji, and in Berlin, Germany. Pernix Group, Inc. common stock is traded on the over-the-counter bulletin board (OTCBB) under the symbol PRXG. Additional information is available at

Forward-Looking Statement

Certain of the statements made in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and other factors that could cause or contribute to actual results differing materially from such forward-looking statements are discussed in greater detail in the Company's filings with the U.S. Securities and Exchange Commission.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs