ENGlobal Sets June 5th for Annual Meeting.Business Editors HOUSTON--(BUSINESS WIRE)--April 30, 2003 ENGlobal Corporation (Amex:ENG ENG electronystagmography. ENG abbr. electronystagmography ENG enzootic nasal granuloma. ) today announced that its Annual Meeting of Stockholders is scheduled for Thursday, June 5th at 2:00 p.m. Central time, at its corporate headquarters in Houston. More detailed information regarding the Annual Meeting can be found in the Proxy Statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. , which will be filed today with the Securities and Exchange Commission. The record date for determining stockholders of record entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to notice of and to vote at the Annual Meeting has been fixed as of the close of business on April 8, 2003. The Company will begin mailing its Annual Report together with its Proxy Statement today to stockholders of record. The Annual Meeting of Stockholders is being held for the purposes of considering and voting on the election of directors and to approve an amendment to the Company's 1998 Incentive Plan increasing the number of options which may be issued under the Plan from 1,400,000 to 2,200,000. The increase is being requested in an effort to restore the number of options available for issue under the Plan to the number previously approved by stockholders prior to grant of replacement options in connection with the Petrocon merger, as explained further in the Proxy. Mike Burrow, 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. and chairman, stated, "I understand that the issuance of options is a hot button amongst shareholders and I'd like to further explain the rationale behind the request to increase the Company's Incentive Plan. The issuance of the replacement options granted to existing Petrocon optionholders at the merger closing was non-dilutive to the Company's stockholders, as a result of an escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. account established by certain Petrocon shareholders. These non-dilutive options, nonetheless, have consumed the majority of options available for issuance under the Plan. The Company is, therefore, handcuffed by the replacement options until such time they are exercised or expire." Mr. Burrow added, "By increasing the maximum number of options available for issue, the Company would again be able to utilize options as a means for incentive to attract, motivate and retain executives who are critical to the success of the Company. As the existing replacement options are exercised or terminated in the future, the Company intends to subsequently reduce the number of options that may be issued under the Plan back to no fewer then the 1,200,000 originally authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: under the Plan." About ENGlobal Corporation "ENGlobal" ENGlobal Corporation (formerly known as Industrial Data Systems Corporation) 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 internationally. ENGlobal's multi-discipline engineering and design staff develops projects from the initial planning stage through detailed design, procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. and construction management. The Engineered Systems Group develops, manufactures, installs and services 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 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, 2002, 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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