Business Services Industry
ENGlobal and EPIC Group Announce the Formation of EPIC ENGlobal, LLC
Business Wire, Feb 7, 2005
HOUSTON -- ENGlobal Systems, Inc. ("ESI"), a subsidiary of ENGlobal Corporation (AMEX:ENG), and EPIC Technical Services, Inc. ("EPIC"), a subsidiary of EPIC Group Inc., announced today that they have formed a new company, EPIC ENGlobal, LLC, which will offer turnkey integrated engineering, automation and construction services. EPIC ENGlobal plans to be a single source provider of construction and engineering services in both domestic and international markets. Proposed services include preliminary and detailed engineering, process control, power systems, instrumentation, system integration, control panel and component fabrication, and construction and maintenance.
EPIC ENGlobal, jointly-owned by EPIC and ESI, expects to focus on both the upstream and downstream energy sectors, as well as the chemical, petrochemical, food and beverage, power, and pharmaceutical industries. EPIC ENGlobal intends to provide ESI with an immediate presence in the upstream engineering, construction and fabrication marketplace. Equally, EPIC Technical Services anticipates that it will be able to use ESI's engineering, analytical, distributive control, and systems integration and packaging capabilities. Each company brings complementary expertise with the ultimate goal of attaining a broader reach across the target markets.
Rick Summers, President of EPIC and EPIC ENGlobal's Chief Executive Officer, said, "We are extremely pleased to have the opportunity to be associated with ENGlobal, a leader in engineering services. We have worked closely with both ENGlobal Engineering and ENGlobal Systems' management over the past year to properly integrate our services. We believe EPIC ENGlobal will be an outstanding opportunity to expand our successes in meeting and exceeding clients' project needs -- seamlessly -- throughout the world. We have great confidence in EPIC ENGlobal's vision and its full-service mission."
"EPIC ENGlobal offers a win-win solution for both companies," said Michael L. Burrow, P.E., Chairman and Chief Executive Officer of ENGlobal Corporation. "We are excited to work with Rick and the rest of the EPIC team in our efforts to further ENGlobal Systems' entrance into the upstream market."
About EPIC Group
Headquartered in Baton Rouge, Louisiana, the EPIC Group provides electrical, process, instrumentation and controls systems to the global community. The three divisions of The Epic Group, EPIC Process Controls, Inc., EPIC Process Controls, Inc., International, and EPIC Technical Services, Inc., offer quality products, comprehensive and innovative management and technical skills, and innovative and economical construction practices and technical services. The EPIC Group has a history of successful completions of large and comprehensive projects. Combined with its business philosophies, EPIC has developed working relationships with clients that magnify its abilities in the electrical and instrumentation sectors. More information is available at www.epicgrp.com.
About ENGlobal Corporation
ENGlobal Corporation provides engineering services and systems principally to the petroleum refining, petrochemical, pipeline, production, and process industries throughout the United States and internationally. ENGlobal's multi-disciplinary engineering services group develops projects from the initial planning stage through detailed design, procurement, and construction management. The systems group develops, manufactures, installs, and services control and instrumentation systems utilized in various energy and process-related industries, and provides services and products that support the advanced automation and environmental technology fields. The Company, with its subsidiaries, now employs over 1,300 employees and occupies over 275,000 square feet of office and manufacturing space. In 2004, the Company was named the fastest growing engineering firm in the United States by ZweigWhite. Further information about the Company and its subsidiaries is available at www.ENGlobal.com.
Safe Harbor for Forward-Looking Statements
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws and are subject to risks and uncertainties including, but not limited to, the Company's ability to achieve its business strategy while effectively managing costs and expenses. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in ENGlobal's filings with the Securities and Exchange Commission. Reference is hereby made to cautionary statements set forth in the Company's Form 10-K for the year ended December 31, 2003, Form 10-Q's for the quarters ended September 30, 2004, June 30, 2004, and March 31, 2004, current Forms 8-K, and other SEC filings. Among other matters, there can be no assurance the Company will provide significant services as a result of the formation of the new entity or that the provision of those services will be profitable. The information contained in this press release is also subject to the risk factors identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2003.
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