MARLTON, N.J. and BAKU, Azerbaijan, Jan. 12, 2009 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that it has received a contract from Azinko Development MMC to provide project management services for the $350 million Flame Towers development in Baku, Azerbaijan. The 30-month contract has an expected value to Hill of approximately $5.0 million.
The Flame Towers development will feature three high-rise buildings supporting hotel, residential and office facilities ranging in height from 34 to 39 stories. The towers will be linked by centrally located retail and leisure facilities. The development is located on a prime site in the city of Baku with views of the Caspian Sea. The total built-up area of the development is expected to be approximately 235,000 square meters (2.53 million square feet). The project is expected to be completed by June 2011.
"This is Hill's first major assignment in the Republic of Azerbaijan," said Raouf S. Ghali, President of Hill's Project Management Group (International). "We are honored and excited to participate in the construction of this ambitious development, especially with its innovative design which we are sure will become a significant landmark in Baku," Ghali 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 11th 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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