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TULSA, Okla., Sept. 4, 2013 (GLOBE NEWSWIRE) --
Matrix Service Company (Nasdaq:MTRX) announced today that it has entered into an exclusive Alliance Agreement with TransCanada Corporation (TransCanada) to construct storage terminals in North America. Matrix Service will provide engineering, fabrication, and erection associated with the construction of new storage terminals and/or the expansion of existing terminals. The term of the agreement is five years. The scope of the agreement will principally include the construction of new storage tanks but also may include the balance of plant for the entire terminal.
John Hewitt, CEO of Matrix Service Company, stated, "We are excited to be selected by TransCanada as their partner on the extensive build out of new storage terminals associated with the expansion of their pipeline network within the United States and Canada. We look forward to completing safe, high quality and successful projects for TransCanada over the next five years."
About Matrix Service Company
Matrix Service Company provides engineering, fabrication, construction and repair and maintenance services to the Electrical Infrastructure, Oil Gas & Chemical, Storage Solutions and Industrial markets.
The Company is headquartered in Tulsa, Oklahoma, with regional operating facilities throughout the United States and Canada.
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 S. Cavanah
Vice President and CFO