LOMBARD, Ill., March 18, 2014 (GLOBE NEWSWIRE) -- Pernix Group, Inc. (OTCQB:PRXG) announced today that the Company's wholly owned subsidiary, Pernix (Fiji) Ltd., has been awarded a US$29 million contract by the Fiji Electricity Authority (FEA) to build a new 36 MW Power Plant adjacent to the Kinoya Power Station in Suva, Republic of Fiji. The contract scope includes the design, construction, installation and commissioning of a power house consisting of four (4) Heavy Fuel Oil power generating sets with associated auxiliaries. The engines are manufactured by Wartsila and are type W20V32 diesel engines.
Pernix Group has a long and successful tenure in the Fijian power industry, including having managed the expansion, upgrade and ongoing operations of the two largest power plants in Fiji over the past decade. Pernix currently operates and maintains those power plants under long-term contracts with FEA running through 2023, with over 72 MW of base load generation capacity. The new power plant is anticipated to be completed in 2015 and will supplement the current available capacity at the Kinoya Power Station.
Nidal Z. Zayed, CEO of Pernix Group, stated that, "We are extremely pleased to broaden our relationship with FEA, and we appreciate their continued trust in Pernix. This project is critical to the security of power generation in Fiji, and we will deliver an outstanding product. We will approach this assignment with our traditional focus on quality, safety and timely delivery that has characterized our success in Fiji and throughout the Pacific region for the past 17 years. Pernix remains fully committed to meeting the power generation needs of the Fijian people, and we look forward to our continuing and expanding role in the country and the neighboring region for many years to come."About Pernix Group, Inc. Pernix Group, Inc. is a global company with its headquarters in Lombard, Illinois. The Company is engaged in two primary operating business segments: construction services as a Design-Build General Contractor in the Federal and Government market; and building, managing and investing in Power Generation Projects as an Independent Power Producer. Pernix has full-scale construction and management capabilities, with operations in Africa, the Middle East, and the South Pacific. Pernix Group, Inc. common stock is traded on the over-the-counter bulletin board (OTCQB) under the symbol PRXG. Additional information is available at www.pernixgroup.com 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.
CONTACT: Gregg Pollack Chief Financial Officer & Vice President - Administration Pernix Group, Inc. Tel: (630) 620-4787 email@example.com Carol Groeber Corporate Controller and Principal Accounting Officer Pernix Group, Inc. Tel: (630) 620-4787 firstname.lastname@example.org Casey Stegman Director of Investor Relations Stonegate Securities Tel: (214) 987-4121 email@example.com
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts