Exhibit 99.1
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NEWS RELEASE
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FOR IMMEDIATE RELEASE
[GRAPHIC OMITTED][GRAPHIC OMITTED] CONTACT: Natalie S. Hairston
(281) 878-1000
ir@ENGlobal.com
ENGLOBAL COMPLETES ACQUISITION OF PCI;
Rebranded as ENGlobal Power Group
HOUSTON, TX, August 17, 2009 - ENGlobal (NASDAQ: ENG), a leading provider of
engineering and related project services, today announced that it has completed
its asset acquisition of PCI Management and Consulting Company ("PCI"), a small,
privately-held engineering firm based near Chicago, Illinois. As previously
reported on August 7, 2009, the Company signed a definitive agreement to acquire
PCI, which provides engineering, consulting, and project management services,
specializing in projects relating to the generation, transmission and
distribution of energy. As part of an expedited integration plan, the Company's
newest operation will immediately be branded as "ENGlobal Power Group."
William A. Coskey, P.E., Chairman and CEO of ENGlobal Corporation, said, "Our
expectations are two-fold - initially, we intend to take full advantage of the
many opportunities for cross-selling of services, with the ultimate goal being
to expand the breadth of services being performed in our new Schaumburg,
Illinois location. We are pleased to welcome PCI's management and employees to
the ENGlobal family and look forward to the future success of ENGlobal Power
Group."
About PCI
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PCI Management and Consulting Company ("PCI") provides a full range of services
to clients that produce and utilize energy and has extensive experience with a
wide variety of energy technologies and fuel types. The Company develops a
specific implementation plan for each client and project, taking into
consideration the optimal engineering/design together with the appropriate
technology and financing alternatives. More information about PCI, including
project profiles, is available at www.pcienergy.com.
About ENGlobal
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ENGlobal provides engineering, construction, automation, land and regulatory
services principally to the energy sector throughout the United States and
internationally. The Company has over 2,200 employees in 19 offices and occupies
about 500,000 square feet of office and fabrication 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 six years. Further information about
the Company and its businesses is available at www.ENGlobal.com.
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654 N. Sam Houston Parkway E. o Suite 400 o Houston, Texas 77060
www.ENGlobal.com
ENGlobal Press Release
August 17, 2009
Page 2
Safe Harbor for Forward-Looking Statements
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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) our ability to
respond appropriately to the current worldwide economic situation and the
resulting decrease in demand for our services and competitive pricing pressure;
(2) our ability to achieve our business strategy while effectively managing
costs and expenses; (3) our ability to successfully integrate PCI's operations
into ENGlobal's operations; (4) our ability to collect accounts receivable in a
timely manner; (5) our ability to accurately estimate costs and fees on
fixed-price contracts; (6) the effect of changes in laws and regulations with
which the Company must comply and the associated costs of compliance with such
laws and regulations, either currently or in the future, as applicable; (7) the
effect of changes in the price of oil; (8) the effect of changes in accounting
policies and practices as may be adopted by regulatory agencies, as well as by
the FASB; (9) the effect on our competitive position within our market area in
view of, among other things, increasing consolidation currently taking place
among our competitors; and (10) our ability to increase or replace our line of
credit. 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 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.
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