ENGlobal Corporation Retains Sanders Morris Harris as Investment Banker.HOUSTON -- ENGlobal Corporation (AMEX AMEX See: American Stock Exchange :ENG ENG electronystagmography. ENG abbr. electronystagmography ENG enzootic nasal granuloma. ), a leading provider of engineering services, today announced that it has retained Sanders Morris Harris as the exclusive financial advisor to the Company to identify strategic acquisition opportunities and assist the Company in evaluating and negotiating the terms of potential strategic transactions. Sanders Morris Harris is a full-service investment bank focused on providing corporate finance and merger and acquisition services to private and public middle-market companies. In connection with its engagement, Sanders Morris Harris will assist the Company in formulating, evaluating and implementing possible alternatives for enhancing shareholder value. "Sanders Morris Harris is pleased to be associated with ENGlobal Corporation as ENGlobal positions itself for continued growth as a leader in providing engineering services to the energy industry," said Michael S. Chadwick, Senior Vice President and Managing Director in the Investment Banking Group. Mr. Chadwick continued, "It is significant that ZweigWhite recently ranked ENGlobal as the number one Hot Firm on its list of the fastest-growing architecture/engineering/construction companies in 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. ." William A. Coskey, P.E., President of ENGlobal Corporation, said, "We have engaged Sanders Morris Harris to assist us because of their knowledge and experience in our industry. ENGlobal will focus primarily on strategic alternatives by identifying suitable acquisition opportunities, including those capitalizing on technical outsourcing, government compliance, technological obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. and energy-related projects. We are encouraged by activity in our current business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets and, with the assistance of Sanders Morris Harris' broad network of resources, we look forward to implementing our near-term and long-term initiatives to strengthen our business." The Company emphasized that there is no assurance the strategic review will lead to any transaction and that it is committed to its continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the while strategic opportunities are identified and reviewed. About Sanders Morris Harris Sanders Morris Harris is the full-service investment banking subsidiary of Sanders Morris Harris Group Inc. (Nasdaq:SMHG), a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services holding company based in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the . Sanders Morris Harris provides a full range of investment banking services and establishes relationships with both public and private companies that have compelling growth opportunities in their respective industries. Sanders Morris Harris' services include underwriting private placements and public offerings of equity and debt securities, as well as providing financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal in connection with mergers and acquisitions, restructurings and recapitalizations. Sanders Morris Harris regularly underwrites public equity securities with significant post offering support through research and institutional sales and trading. Additional information is available at www.smhgroup.com. About ENGlobal Corporation ENGlobal Corporation provides engineering services and systems principally to the petroleum refining, petrochemical, pipeline, production and process industries throughout the United States and internationally. ENGlobal's multi-disciplinary engineering services group develops projects from the initial planning stage through detailed design, procurement, and construction management. The systems group develops, manufactures, installs and services control and instrumentation systems utilized in various energy and process-related industries, and provides services and products that support the advanced automation and environmental technology fields. The Company, with its subsidiaries, now employs over 1,000 employees and occupies over 250,000 square feet of office and manufacturing space. 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 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, 2003, Form 10-Q's for the quarters ended Sept. 30, 2003, March 31, 2004 and June 30, 2004, current Forms 8-K and other SEC filings. Among other matters, there can be no assurance that the engagement of Sanders Morris Harris will lead to any transaction, that any proposed transaction resulting from such relationship will be finalized See finalization. , or that, if finalized, any such transaction will be profitable to the Company. In addition, the information contained in this press release is also subject to the risk factors identified in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2003. |
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