HOUSTON, March 20, 2008 (PRIME NEWSWIRE) -- Orion Marine Group, Inc. (Nasdaq:OMGI) today announced it has filed with the Securities and Exchange Commission a post-effective amendment to its Registration Statement on Form S-1 (File No. 333-145588) to terminate the registration statement and deregister all of the registered shares that remain unsold under the Registration Statement.
As explained below in more detail, non-affiliated shareholders of the Company may now freely resell their privately placed shares under Rule 144, as amended, without the need for registration. Thus, the Company's decision to deregister and terminate its Registration Statement should not impact selling shareholders' ability re resell their shares
The Registration Statement covered the sale from time to time of privately issued restricted shares of Company's common stock owned by certain named selling shareholders. These sales no longer need to be registered due to recent changes by the Commission in the primary rule governing resales of restricted securities, Rule 144.
The Commission's recent amendments to Rule 144 allow non-affiliated shareholders of the Company's to freely resell any shares initially issued in the Company's private placement of May 2007 without regard to volume or manner of sale limitations, provided that the Company continues to comply with its filing obligations under Commission rules. As a result, the Company has no further obligation under the registration rights agreement between the Company and such shareholders to maintain the Registration Statement.
The Company expects that the Commission will approve the post-effective amendment soon. The Company has informed its transfer agent that any further sales of its restricted shares will be effected pursuant to and in accordance with Rule 144, as amended.
About Orion Marine Group
Orion Marine Group, Inc. provides a broad range of marine construction and specialty services on, over and under the water along the Gulf Coast, the Atlantic Seaboard and the Caribbean Basin and acts as a single-source turnkey solution for its customers' marine contracting needs. Its heavy civil marine construction services include marine transportation facility construction, dredging, repair and maintenance, bridge building, marine pipeline construction, as well as specialty services. Its specialty services include salvage, demolition, diving, surveying, towing and underwater inspection, excavation and repair. The Company is headquartered in Houston, Texas and has a 75-year legacy of successful operations.
The Orion Marine Group, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4539