MARLTON, N.J. and ZARAGOZA, Spain, July 24, 2009 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that a subsidiary company, Gerens Hill International S.A., was awarded a contract to provide project management services for the Zaragoza Tram, a tram line in Zaragoza, Spain. The four-year contract has an estimated value to Gerens Hill of approximately EUR 1.9 million ($2.7 million).
The tram line will be 12.8 kilometers (8.0 miles) long with 25 stops and have a central stretch in the heart of the City of Zaragoza. Two parking garages (one on each end of the tram line) and a main central terminal building will also be built. Construction cost of the project is expected to be approximately EUR 190 million ($265 million).
Gerens Hill's services during construction of the project include providing risk assessment, budget control, change management and project monitoring services.
"The Zaragoza Tram will help alleviate traffic in a very congested corridor in the city and greatly improve commuting conditions," said Jose Manuel Albaladejo Gonzalez, Managing Director of Gerens Hill. "We are excited to be participating in such an important assignment," Albaladejo added.
Hill International, with 2,300 employees in 80 offices worldwide, provides program management, project management, construction management and construction claims and consulting services. Engineering News-Record magazine recently ranked Hill as the 8th largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.
Certain statements contained in this press release may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information contained in this press release, the matters set forth herein including, but not limited to, any projections of earnings or other financial items; any statements concerning our plans, strategies and objectives for future operations; and any statements regarding future economic conditions or performance, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates and assumptions reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include: modifications and termination of client contracts; control and operational issues pertaining to business activities that we conduct on our own behalf or pursuant to joint ventures with other parties; difficulties we may incur in implementing our acquisition strategy; the need to retain and recruit key technical and management personnel; and unexpected adjustments and cancellations related to our backlog. Additional factors that could cause actual results to differ materially from our forward-looking statements are set forth in the reports we have filed with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statement.
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