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Primoris Services Corporation Announces $19 Million in New Contracts With Nation's Largest Liquid Bulk Material Terminal Operator
(GlobeNewswire Via Acquire Media NewsEdge) LAKE FOREST, Calif., March 5, 2009 (GLOBE NEWSWIRE) -- Primoris Services Corporation (Nasdaq:PRIM) (Nasdaq:PRIMU) (Nasdaq:PRIMW) ("Primoris" or "Company"), one of the largest specialty contractors and engineering companies in the United States, today announced that its wholly-owned subsidiary, ARB, Inc., has been awarded two contracts from the nation's largest liquid bulk material terminal operator. These agreements are expected to generate aggregate revenues to Primoris of approximately $19 million for the period March 2009 through September 2010.
Under the contracts, ARB will be responsible for civil, mechanical and piping upgrades to two liquid bulk storage facilities at separate locations in southern California.
Tim Healy, President of ARB, Inc., commented, "ARB currently serves the needs of many of the largest liquid terminal operators in the western United States. This terminal operator, a long-time customer, has designated ARB a preferred provider of these services. We thank them for their continued confidence in our abilities."
ARB has extensive experience in all aspects of marine-based and land-based liquid-terminal construction, from civil and underground piping to mechanical equipment and above-ground piping. ARB's capabilities include the erection and repair of storage tanks, fire suppression systems, and truck-loading racks. When combined with the capabilities of its Underground operations, ARB can offer true turn-key installations.
About Primoris
Primoris, through various subsidiaries, is one of the largest specialty contractors and engineering companies in the United States, primarily serving the growing power and energy sectors. Primoris provides a wide range of construction, fabrication, maintenance and replacement services, as well as engineering services to major public utilities, petrochemical companies, energy companies, municipalities and other customers. Primoris is also a leading water and wastewater contractor in the state of Florida, and a specialist in designing and constructing complex commercial and industrial concrete structures in California. For additional information on Primoris, please visit www.primoriscorp.com.
The Primoris Services Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5527
Forward-Looking Statements
This press release contains certain forward-looking statements, including with regard to the Company's future performance. Words such as "estimated," "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements. Forward-looking statements inherently involve risks and uncertainties, including without limitation, those described in this press release and those detailed in the "Risk Factors" section and other portions of the Company's Registration Statement on Form S-4, as amended (File No. 333-150343), and other filings with the SEC, including the Company's Form 10-Q which was filed on November 14, 2008. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
CONTACT: Primoris Services Corporation
Peter J. Moerbeek, Executive Vice President,
Chief Financial Officer
(949) 454-7121
pmoerbeek@primoriscorp.com
The Equity Group Inc.
Devin Sullivan, Senior Vice President
(212) 836-9608
dsullivan@equityny.com
Gerrard Lobo, Senior Account Executive
(212) 836-9610
globo@equityny.com
Copyright ? 2009 GlobeNewswire, Inc.
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