LAKE FOREST, Calif., Aug. 24, 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 the formation of Primoris Renewables, a wholly-owned subsidiary that will focus on exploiting the growing, worldwide opportunities in developing, funding, acquiring and operating renewable energy projects.
Brian Pratt, Chairman, President and Chief Executive Officer of Primoris, commented, "Primoris has been actively engaged in the renewable energy industry for several years. We believe that the creation of Primoris Renewables is a logical extension of our business that reinforces our commitment to, and will more effectively focus our resources towards, this growing and important industry. We intend to utilize our 60-year history of engineering and construction experience in the power and energy industries, as well as a strong balance sheet, to pursue renewable energy projects that make sense from an environmental perspective and generate value for all parties. A potential benefit of this endeavor could be realized in the form of associated build-out opportunities for our core businesses of engineering and construction."
Mr. Pratt continued by announcing that Primoris Renewables has signed a Memorandum of Understanding that is expected to lead to a Joint Development Agreement with The Gas Company LLC, ("TGC"), which provides gas energy to consumers, businesses and government throughout the state of Hawaii. Under the agreement, the parties will work together to develop processes, business strategies and potential projects that can assist TGC in, among other things, supplementing and enhancing the renewable components in its existing supply, reducing its overall carbon footprint, and improving the operating efficiencies of its existing operations.
Mr. Pratt concluded, "The collective knowledge we have acquired over the years allows us to meaningfully collaborate with our customers to explore, design and execute tailored energy solutions. Hawaii has no geologic sources of natural gas, making it necessary for TGC to manufacture and distribute synthetic natural gas ("SNG") from byproducts of imported petroleum. We believe that we can assist TGC in improving the efficiencies of its already environmentally-friendly manufacturing and distribution processes. An even more exciting prospect for us, however, is collaborating with TGC to explore the use of renewable byproducts, such as agricultural feedstock, in the manufacture of SNG. We look forward to helping TGC and the State achieve their shared goals of improved energy efficiency and a reduced dependence on fossil fuels, while continuing to satisfy the growing energy requirements of Hawaii's residents."
About The Gas Company
The Gas Company (www.hawaiigas.com) is a wholly owned subsidiary of Macquarie Infrastructure Company (NYSE:MIC). MIC owns, operates, and invests in a diversified group of infrastructure businesses that provide basic services to customers across the United States. For more information, visit www.macquarie.com/mic
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 our Annual Report on Form 10-K for the year ended December 31, 2008 and other filings with the Securities and Exchange Commission, including the Company's Form 10-Q filed on August 11, 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.