ENGlobal Awarded Cogeneration Expansion Contract; Project Man-hours Expected to Exceed Three-Hundred Thousand.Energy Editors/Business Editors HOUSTON--(BUSINESS WIRE)--June 30, 2003 ENGlobal Corporation (AMEX AMEX See: American Stock Exchange :ENG ENG electronystagmography. ENG abbr. electronystagmography ENG enzootic nasal granuloma. ) announced today that its subsidiary, ENGlobal Engineering Inc., has been awarded a multi-year contract to supply all refinery upgrade work on a 465 megawatt Cogeneration power project for one of its long-time clients, a major energy supplier. ENGlobal will have full responsibility for the detailed engineering, procurement and construction Under the new contract, ENGlobal will immediately begin the detailed engineering phase that follows the front-end loading (FEL FEL - Function Equation Language. Programs are sets of definitions. Sequences are lists stored in consecutive memory. "FEL Programmer's Guide", R. M. Keller, AMPS TR 7, U Utah, March 1982. ) phase of the project, which was recently concluded under a separate contract. The Company expects project man-hours to be approximately 300 thousand through completion, representing revenues of approximately $17 million. Management of the project will be provided through ENGlobal's Beaumont engineering office and staffing levels are expected to peak at over 100 people with startup targeted for mid-2005. A large portion of the workforce will come directly from the Beaumont and surrounding area. "We, at ENGlobal, are pleased to continue our work on this important project," stated Michael L. Burrow, P.E., chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ENGlobal. "Our staff takes pride in routinely executing jobs under budget and ahead of schedule. We are honored to be rewarded for these efforts and eager to deliver on our uncompromising commitment of quality and safety." About ENGlobal Corporation "ENGlobal" ENGlobal Corporation, a product of the merger between Industrial Data Systems Corporation and Petrocon Engineering Inc., provides engineering services and engineered systems principally to the petroleum refining, petrochemical, and pipeline and process industries throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and across the globe. ENGlobal's multi-discipline engineering and design staff develops projects from the initial planning stage through detailed design, procurement, and construction management. The Systems Group specializes in control and instrumentation systems utilized in various energy and processing related industries while its Technologies Division provides services and products that support the advanced automation and environmental technology fields. The Constant Power Division fabricates industrial grade uninterruptible electrical power systems and battery chargers. Further information about the Company and its subsidiaries 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, the Company's ability to achieve its business strategy while effectively managing costs and expenses. 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. Reference is hereby made to cautionary statements set forth in the Company's 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. for the year ended Dec. 31, 2002, Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 2003, current Forms 8-K, and other SEC filings. |
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