Houston, TX, Dec. 19, 2012 (GLOBE NEWSWIRE) -- ENGlobal Corporation (NASDAQ:ENG), a leading provider of energy-related engineering andautomation solutions, announced today that it entered into a"Second Amendment to Revolving Credit and Security Agreement,Waiver and Forbearance Extension" with its lender. Theextension will be in place through April 30, 2013 and requiresENGlobal's compliance with certain terms and conditions. Thisextended period is expected to allow ENGlobal's managementsufficient time to see the results of the implementation of itsbusiness improvement plan. As previously reported, ENGlobalhired a management consultant and subsequently developed a plan torestore the Company's compliance with the revolving creditfacility. About ENGlobal ENGlobal (NASDAQ: ENG), founded in 1985, is aprovider of engineering and related project services principally tothe energy sector throughout the United States and internationally.ENGlobal operates through two business segments: Automation andEngineering & Construction. ENGlobal's Automation segmentprovides services related to the design, fabrication &implementation of process distributed control and analyzer systems,advanced automation, and related information technology. TheEngineering & Construction segment provides consulting servicesrelating to the development, management and execution of projectsrequiring professional engineering as well as downstreaminspection, construction management, mechanical integrity, fieldsupport, quality assurance and plant asset management. ENGlobal has approximately 1,500 employees in 12 officesand 9 cities. Further information about the Company and itsbusinesses is available at www.ENGlobal.com. Safe Harbor for Forward-Looking Statements The statements above regarding the Company'sexpectations regarding its operations and certain other mattersdiscussed in this press release may constitute forward-lookingstatements within the meaning of the federal securities laws andare subject to risks and uncertainties including, but not limitedto: (1) our ability to comply with the terms of theforbearance agreement with respect to our revolving credit facilitywith our Lender, including our plan to restore compliancewith the terms of such credit facility; (2) our ability torealize the benefits of the sale of the Field Solutions segment,including our ability to collect unbilled trade receivables;(3) whether the exploration and consideration of strategicalternatives will result in any transaction and such transaction'seffects on the Company and its stockholders; (4) our abilityto comply with the terms of the forbearance agreement with respectto our revolving credit facility with our lender, including ourability to develop a plan to restore compliance with the terms ofsuch credit facility; (5) our ability to obtain the cure orwaiver of defaults under our revolving credit facility with ourlender and our existing letter of credit facility withExport-Import Bank of the United States; (6) our ability toachieve profitability and positive cash flow from operations;(7) our ability to collect accounts receivable and processaccounts payable in a timely manner; (8) our ability torespond appropriately to the current worldwide economic situationand the resulting decrease in demand for our services andcompetitive pricing pressure; (9) our ability to achieve ourbusiness strategy while effectively managing costs and expenses;(10) our ability to accurately estimate costs and fees onfixed-price contracts; (11) the effect of changes in the priceof oil; (12) delays related to the award of domestic andinternational contracts; (13) our ability to execute to ourinternal performance plans such as our productivity improvement andcost reduction initiatives; (14) the effect of changes in lawsand regulations with which the Company must comply and theassociated costs of compliance with such laws and regulations,either currently or in the future, as applicable; (15) theeffect of changes in accounting policies and practices as may beadopted by regulatory agencies, as well as by the FASB;(16) the effect on our competitive position within our marketarea in view of, among other things, increasing consolidationcurrently taking place among our competitors; (17) our abilityto win new business and convert those orders to sales within thefiscal year in accordance with our annual business plan;(18) achievement of our acquisition and related integrationplans; and (19) the uncertainties of the outcome oflitigation. Actual results and the timing of certain events coulddiffer materially from those projected in or contemplated by theforward-looking statements due to a number of factors detailed fromtime to time in ENGlobal's filings with the Securities and ExchangeCommission. In addition, reference is hereby made to cautionarystatements set forth in the Company's most recent reports on Form10-K and 10-Q, and other SEC filings. Click here to join our email list: http://www.b2i.us/irpass.asp?BzID=702&to=ea&s=0.
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