ENGlobal Announces Claims Settlements.HOUSTON -- ENGlobal (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ENG ENG electronystagmography. ENG abbr. electronystagmography ENG enzootic nasal granuloma. ), a leading provider of engineering and professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. , today announced that the Company has successfully reached settlements with two clients relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc cost overruns reported in 2006 on two fixed-price EPC (1) (Entertainment PC) See HTPC. (2) (Electronic Product Code) A standard code for RFID tags administered by EPCglobal Inc. (www.epcglobalinc.org). projects. Previously, ENGlobal filed claims with the two clients in an attempt to recover a portion of the losses. ENGlobal recently received the final settlement on both claims. Together the settlements total approximately $2.0 million in excess of what was previously reserved. The majority of the impact on earnings from these settlements will be reflected in the Company's fourth quarter 2007 financial results. ENGlobal expects to report its 2007 earnings on March 13, 2008. About ENGlobal ENGlobal provides engineering, automation, construction, land and regulatory services principally to the energy sector throughout the United States and internationally. The Company now employs approximately 2,500 employees in 20 offices and occupies over 450,000 square feet of office and fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. space. ENGlobal has been named one of the fastest growing engineering firms in the United States and Canada by ZweigWhite in each of the last five years. Further information about the Company and its businesses is available at www.ENGlobal.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for Forward-Looking Statements Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws and are subject to risks and uncertainties including, but not limited to: (1) the Company's ability to achieve its business strategy while effectively managing costs and expenses; (2) the Company's ability to successfully and profitably integrate acquisitions; (3) the Company's ability to accurately estimate the overall risks, revenue, or costs on a contract; and (4) the continued strong performance of the energy sector. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in ENGlobal's filings with the Securities and Exchange Commission. In addition, reference is hereby made to cautionary statements set forth in the Company's most recent reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and 10-Q, and other SEC filings. Also, the information contained in this press release is subject to the risk factors identified in the Company's most recent Form 10-K. Click here to join our email list: http://www.b2i.us/irpass.asp?BzID=702&to=ea&s=0. |
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