LAKE FOREST, Calif., April 22, 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 a contract from a major California utility to replace certain existing copper natural gas services that have been in place for over 50 years with new high-density polyethylene ("HDPE") services. The agreement is expected to generate aggregate revenues to Primoris of at least $25 million for the period March - December 2009.
This contract is one of several projects within an existing alliance agreement between ARB and the utility. The alliance agreement was established in 2007 under which ARB provides construction services for gas and electric distribution, and gas transmission projects. ARB has been informed that the client anticipates three or more additional years under the current program to replace existing copper natural gas infrastructure in this region.
Brian Pratt, CEO of Primoris, commented, "We are grateful for the confidence that this customer has shown in our abilities, and look forward to continuing our working relationship. ARB is committed to helping its customers improve their energy delivery infrastructures, and these new HDPE services will provide a durable, cost-effective replacement of this client's existing copper-based network. Our track record of execution on projects such as this has enabled us to expand our current base of customers and maintain long-standing relationships through repeat business."
ARB constructs and maintains natural-gas pipeline distribution systems. From main to meter, this work includes new installation, maintenance, replacement, rehabilitation, and regulator or meter assembly. Typical methods of installation include open trench, cut and bore, insertion, and horizontal directional drill. ARB's construction crews have extensive experience working in all types of environments, including highly congested urban, suburban, residential, and rural cross-country.
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.
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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 Registration Statement, the Amendment and other filings with the SEC, including the Company's Form 10-K which was filed on March 24, 2009. 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.