EXHIBIT 99.2
THE KEITH COMPANIES | TKC
NEWS RELEASE FOR MARCH 1, 2002 AT 7:30 AM EST
Contact:
The Keith Companies, Inc. Allen & Caron, Inc
Aram Keith Lynn Johnson (investors), or
CEO & Chairman of the Board LYNN@ALLENCARON.COM
2955 Red Hill Ave. Matt Clawson
Costa Mesa, CA 92626 MATT@ALLENCARON.COM
(714) 668-7001 (949) 474-4300
(714) 668-7026 Fax
WWW.KEITHCO.COM
Contact: Aram Keith, CEO
THE KEITH COMPANIES ACQUIRES MICHIGAN BASED
PUBLIC WORKS/INFRASTRUCTURE FIRM ALNM GROUP, INC.
COSTA MESA, CA (March 1, 2002) . . . The Keith Companies, Inc. (Nasdaq:TKCI), an
engineering and consulting services company, today announced that as part of its
continuing acquisition strategy to expand the Company's areas of coverage and
services, it has acquired Ann Arbor, Michigan based ALNM Group, Inc. and its
wholly-owned subsidiaries including Ayres, Lewis, Norris, and May, Inc.,
collectively "ALNM." The Company previously announced the signing of the
purchase agreement for ALNM on February 11, 2002. ALNM operates out of five
locations across Michigan, including Detroit, Canton, Fenton, Muskegon, and its
Ann Arbor headquarters. ALNM is a diversified full service consulting
engineering firm specializing in government services, with expertise in
environmental, civil, mechanical and electrical engineering as well as planning
and surveying.
The stock purchase agreement included purchasing ALNM for an undisclosed
amount of cash and stock. This acquisition, which closed on February 28, 2002,
is the third strategic acquisition completed by The Keith Companies since the
completion of its secondary stock offering in May 2001 and brings its total
acquisitions since its initial public offering in July 1999 to six.
ALNM has a strong history and reputation, providing engineering services
in Michigan under the Ayres, Lewis, Norris, and May name for over 70 years. The
firm also operates in the state of Ohio. ALNM's primary clients include public
utilities, municipalities, hospitals, and other institutions.
"ALNM provides a great opportunity for us," stated Aram H. Keith, The
Keith Companies' Chairman and CEO. "We now have a significant presence in the
Midwest. The acquisition and combining of our two firms provides us with a
springboard from which to continue our growth and diversification plan into the
Midwest. It also allows us to promote special expertise of ALNM including water
system security and building mechanical and electrical systems design in our
other offices. ALNM also increases the percentage of our work in the public
works/infrastructure segment significantly."
ALNM will continue to operate from its main offices and the senior
management and prior owners of ALNM will remain active in the leadership and
day-to-day operations. ALNM adds a total of approximately 116 employees and
professionals bringing the employee total to approximately 850 for the company.
ABOUT THE KEITH COMPANIES
The Keith Companies, Inc. is a fully integrated, multi-disciplined
engineering and consulting services company with offices located throughout the
Western and Midwestern United States. The Keith Companies' professionals provide
a wide spectrum of skilled resources including land planning, engineering,
surveying, mapping, environmental, and water and cultural resources, that are
needed to effectively plan, engineer, and design state-of-the-art private and
public facilities. Additionally, the Company provides mechanical, electrical,
chemical, power/energy engineering, and other industrial engineering services to
design and improve the efficiency and reliability of automated and manufacturing
processes, production lines, and fire protection systems. The Keith Companies
benefits from a diverse public and private client base varying from residential
and commercial real estate projects to institutional, manufacturing, and
processing facilities. For more information visit the Company's web-site at
WWW.KEITHCO.COM.
Certain statements in this news release may include forward-looking
statements that express our expectation, prediction, belief, or projection.
These statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance and achievement of The
Keith Companies to be materially and adversely different from any future
results, performance, or achievement expressed or implied by these
forward-looking statements. Factors that may cause actual results to differ from
the forward-looking statements contained in this release and that may affect the
company's prospects in general include, but are not limited to: changes in the
rate of economic growth in the United States, especially in the West and Midwest
and in other major international economies, increasing competition by foreign
and domestic companies, a downturn in the real estate market, our failure to
accurately estimate costs on fixed price contracts or contracts with
not-to-exceed provisions, the uncertain timing of awards and contracts, our
ability to sustain our growth and profitability, our ability to implement our
acquisition strategy and to integrate ALNM and other acquired companies timely
and cost-effectively, the ability to maintain ALNM and other acquired companies
profit margins and/or client bases, outcomes of pending and future litigation,
the ongoing financing of public works and infrastructure enhancements and
refurbishment, our ability to attract and retain employees, the short- and
long-term impact of terrorist activities and resulting political and military
policies, and other factors as are described in the company's filings with the
Securities and Exchange Commission.