TULSA, Okla., Sept. 6, 2012 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq:MTRX) today announced that its subsidiary Matrix SME has been selected to upgrade four substations for PSEG as part of the North Central Reliability Project. Matrix SME will execute all necessary work on this critical project for PSEG. The total contract value is approximately $40 million.
The scope of work entails upgrading the substations from 138kV power to 230kV power in the communities of West Orange, Livingston and Union. Construction will begin immediately with an in-service date of June 2014.
"PSEG is a valuable customer and we are proud to have been selected for this project, which reflects our commitment to safety and quality over the 65 year history of our relationship. We recognize the importance of the North Central Reliability Project for New Jersey and PSEG and we look forward to successfully completing this important project to improve the NJ power delivery system," said John Hewitt, President and CEO of Matrix Service Company.About PSEG It is the oldest and largest regulated gas and electric delivery utility in New Jersey, serving nearly three quarters of the state's population. PSEG is the winner of the ReliabilityOne Award for superior electric system reliability. PSEG is a subsidiary of Public Service Enterprise Group Incorporated (NYSE:PEG), a diversified energy company ( www.pseg.com ). About Matrix Service Company Matrix Service Company provides engineering, fabrication, construction and maintenance services to Electrical Infrastructure, Oil Gas & Chemical, Storage Solutions and Industrial markets. The Company is headquartered in Tulsa, Oklahoma, with regional operating facilities in the United States and Canada. The Matrix Service Company logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=13990 This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as "anticipate," "continues," "expect," "forecast," "outlook," "believe," "estimate," "should" and "will" and words of similar effect that convey future meaning, concerning the Company's operations, economic performance and management's best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including those factors discussed in the "Risk Factors" and "Forward Looking Statements" sections and elsewhere in the Company's reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release.
CONTACT: Matrix Service Company Kevin Cavanah Vice President and CFO T: 918-838-8822 E: firstname.lastname@example.org
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