ENGlobal Corporation Moves Forward with Strategic Restructuring; Operating Subsidiaries to Change Names Effective January 25th.Business Editors HOUSTON--(BUSINESS WIRE)--Jan. 22, 2003 ENGlobal Corporation (AMEX AMEX See: American Stock Exchange :ENG ENG electronystagmography. ENG abbr. electronystagmography ENG enzootic nasal granuloma. ), a leading provider of engineering services and engineered systems, today announced that its Board of Directors recently approved a plan to unify the Company under the ENGlobal name. With these steps, the Company intends to strategically present a larger, less diluted image, increase its name recognition, and simplify its corporate structure. "We believe that the restructuring steps that the Company is currently taking will streamline our operations and solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our new identity...ENGlobal," said William A. Coskey, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and president of ENGlobal Corporation. "It is important that our valued clients recognize that all entities will maintain their current corporate existence while changing the name under which they currently operate." In summary, the plan calls for the following operating entity names to be effective as of Jan. 25, 2003:
ENGINEERING SERVICES SEGMENT:
-----------------------------
ENGlobal Engineering Inc.
Formerly: Petrocon Engineering Inc.
RPM Engineering Inc. (a)
IDS Engineering Inc. (a)
ENGlobal Construction Resources Inc.
Formerly: Petrocon Construction Resources Inc.
ENGINEERED SYSTEMS SEGMENT:
---------------------------
ENGlobal Systems Inc.
Formerly: Petrocon Systems Inc.
ENGlobal Technologies Inc.
Formerly: Petrocon Technologies Inc.
ENGlobal Constant Power Inc.
Formerly: Constant Power Manufacturing Inc.
(a) will operate under assumed name
Together with the renaming of the above-mentioned subsidiaries, the restructuring has the additional benefit of streamlining ENGlobal's operational structure by reducing to five, the direct reports to the Company's chief operating officer. Officers of the subsidiaries are as follows:
Engineering Services:
ENGlobal Engineering Inc.
- Beaumont and Lake Charles David W. Smith, President
- Houston and Tulsa Al Nelson, VP - Operations (b)
- Baton Rouge Willie "Bill" E. Rigsby, President
ENGlobal Construction Resources Inc. Jimmie N. Carpenter, President
Engineered Systems: Also reporting to Mr. Coskey, as CEO of the
following entities, is Olan B. Weeks (b):
ENGlobal Systems Inc. James E. Dorsey, President
ENGlobal Technologies Inc. Myron Glidewell, President (b)
ENGlobal Constant Power Inc. Frank Ivester, President (b)
(b) newly-appointed
Additionally, three non-operating subsidiaries were dissolved at Dec. 31, 2002. As announced in November 2002, the Company has signed a definitive agreement to sell its manufacturing subsidiary, Thermal Corporation, to Pivot Group, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control pending additional due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and completion of financing arrangements. Closing of the transaction has taken longer than expected and in the interim, the Company believes that Thermal Corporation would benefit from the guidance of dedicated management, therefore has contracted these services with the buyer, on a short-term basis. Mr. Robert Latham Robert Latham could refer to:
About ENGlobal Corporation "ENGlobal" ENGlobal Corporation (formerly known as Industrial Data Systems Corporation) is a leading provider of engineering services and engineered systems principally to the 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 internationally. ENGlobal's multi-disciplined staff develops projects from the initial planning stage through the detailed design, procurement, and construction management stages. Engineered systems are related to automation, control and uninterruptible power. ENGlobal is the parent of eight wholly-owned operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , which effective Jan. 25, 2003, include: ENGlobal Engineering Inc., IDS Engineering Inc. dba ENGlobal Engineering Inc., RPM Engineering Inc. dba ENGlobal Engineering Inc., ENGlobal Construction Resources Inc., ENGlobal Systems Inc., ENGlobal Constant Power Inc., ENGlobal Technologies Inc., and Thermal Corporation. ENGlobal Corporation is also the parent of ENGlobal Corporate Services Activities that combine or consolidate certain enterprise-wide needed support services, provided based on specialized knowledge, best practices, and technology to serve internal (and sometimes external) customers and business partners. Inc. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 ENG'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, 2001, Form 10-Q Form 10-Q See 10-Q. for the quarters ended March 31, June 30, and Sept. 30, 2002, current Forms 8-K, and other SEC filings. |
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