HOUSTON, Oct. 11, 2012 (GLOBE NEWSWIRE) -- ENGlobal Corporation (Nasdaq:ENG), a leading provider of energy-related project delivery solutions, announced today that its Board of Directors has initiated a process to explore and consider possible strategic alternatives for enhancing shareholder value and supporting the Company's long-term financial strength. These alternatives could include, but are not limited to, raising capital, selling a portion of the Company's assets, and the possible sale or merger of ENGlobal, among other alternatives.
The Board of Directors has retained Simmons & Company International, an international financial advisory firm with significant experience in the energy industry, as its financial advisor during this process. ENGlobal continues to take actions to streamline its operations, including the previously announced divestiture of its Field Solutions segment, the implementation of expense reduction initiatives, and the retention of a management consultant to perform advisory services.
"It's important to note that management's primary focus is to implement our plan to return the Company to profitability," said Mr. Coskey. "Simmons will assist us with the evaluation and negotiation of various proposals presented to the Company to date in addition to other alternatives."Mr. Coskey continued. "I firmly believe we are a company with inherent value, including tangible book value, that is greater than our current stock price would indicate. I would like to thank our loyal employees and valued clients for their continued support. We are committed to taking the necessary steps to turn our business around and ensure its long-term success." The Company has not made any decision to engage in any specific strategic alternative at this time, and the exploration of strategic alternatives may not result in any specific action or transaction. ENGlobal does not intend to provide updates or make any further comment regarding its exploration and evaluation of strategic alternatives unless and until the Board of Directors has approved a definitive course of action.