Pernix Group, Inc. Enters Into A Memorandum Of Understanding With The Government Of Vanuatu For The Operation And Management Of The Power Grid On The Island Of Espiritu Santo, Vanuatu.
Pernix Group, Inc. an international company specializing in the
construction, power generation and broadcast equipment manufacturing
markets, announced today that it has entered into a Memorandum of
Pernix Group, Inc. an international company specializing in the construction, power generation and broadcast equipment manufacturing markets, announced today that it has entered into a Memorandum of Understanding (“MOU”) with the Government of Vanuatu. The MOU is for Pernix Group to operate and manage the power grid in Luganville and the surrounding area on the island of Espiritu Santo. The MOU is a temporary agreement that allows Pernix Group to operate and maintain the power grid, including the energy producing facilities which include both Diesel and hydro operations, for several months. During this period, Pernix Group and the Government of Vanuatu will negotiate for a longer term contract as well as allow Pernix Group to complete its due diligence. Pernix Group’s CEO, Nidal Z. Zayed stated “We are pleased to continue to expand our power generation and distribution opportunities in the South Pacific. Pernix Group is in an ideal position to leverage its experience with managing and operating power grids and power generation facilities in the region. We are excited to apply our experience and knowledge for the benefit of the people who live on the Island of Espiritu Santo and the Government of Vanuatu. We look forward to completing our due diligence and assuming responsibility under a long term contract in alliance with the Government of Vanuatu. We will continue to look for additional opportunities not only in Vanuatu but elsewhere in the region.” With full-scale construction and management capabilities, Pernix Group, Inc. is a global company engaged in three primary business segments: construction services as a design-build general contractor in the government market; an independent power producer, building, managing and investing in credit-worthy and bankable energy projects; and broadcast equipment manufacturing through its majority interest in TransRadio SenderSysteme AG. Pernix has subsidiaries in the Western Pacific islands of Tinian, Saipan and in the South Pacific island of Fiji. In 2007 Pernix Group led a joint venture that was awarded a multi million contract to build the new United States Embassy in Suva, Fiji. It’s broadcasting system operations are headquartered in Berlin, Germany. Additional information is available at www.pernixgroup.com. 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.