EX-99.1
3
a10-13358_2ex99d1.htm
EX-99.1
Exhibit 99.1
Primoris Services Corporation Announces Strategic Investment
in WesPac Energy LLC
LAKE
FOREST, Calif., Jul 1, 2010 - Primoris Services Corporation (Nasdaq:PRIM)
(Nasdaq:PRIMW) ("Primoris" or "Company") today announced that it has completed
a strategic investment in WesPac Energy LLC ("WesPac"), a general energy
infrastructure developer, which the company believes will broaden its exposure
to a variety of pipeline, terminal, and energy-related infrastructure
opportunities across North America. Primoris's investment totaled approximately
$18 million in cash in exchange for a 50% ownership interest in WesPac.
Founded
in 1998 and based in Irvine, California, WesPac has extensive experience in
developing pipeline and terminal projects in the United States, Canada and
Mexico. WesPac creates long-term economic solutions for its customers and
partners by expanding or enhancing existing infrastructure, and supporting
supply-chain management, most notably in the areas of pipeline transportation
and storage inefficiencies. WesPac's project portfolio includes:
· pipelines for
petroleum products, crude oil, condensate, CO2, LPG, and other energy-related
transportation products;
· petroleum
products terminals (primarily storage and distribution) for transportation-type
fuels, which normally include related infrastructure to receive or deliver
products by truck, pipeline, rail, or ship. WesPac has extensive experience in
converting regional airport fuel supply systems from truck supply programs to
more efficient and environmentally-friendly pipeline based systems; and
· energy related
facilities development, including origination, site selection, permitting,
rights of way acquisition, conceptual engineering, and project management.
Brian
Pratt, Chairman, President and Chief Executive Officer of Primoris, commented, "We
believe this will be a synergistic relationship and a long-term strategic
investment for Primoris. WesPac now has the ability to lever our 60 years of
experience in the construction of liquid transportation infrastructure, our
expanded national footprint, and our financial strength to capture and help
finance new opportunities. Primoris will be in a position to benefit from a new
stream of project opportunities and the ability to work with a group of
best-in-class professionals with whom our various subsidiaries have
successfully collaborated for decades. WesPac is currently in the advanced
stages of pre-funding and pre-construction activities for several projects that
could present opportunities for Primoris and its subsidiaries as soon as 2011".
Dave
Smith, President of WesPac, stated, "Our track record of successfully
developing, financing and constructing transportation and terminal related
projects, combined with the energy infrastructure experience of Primoris, will
strengthen our market presence by deepening the resources at our disposal and
aligning WesPac with a proven and trusted name. We believe that this agreement
with Primoris will elevate our industry profile and provide us with the ability
to expand our development activities. We look forward to a long and mutually
beneficial relationship".
About
Primoris
Primoris,
through various subsidiaries, is one of the largest specialty contractors and
infrastructure companies in the United States. Serving diverse end markets,
Primoris provides a wide range of construction, fabrication, maintenance and
replacement services, as well as engineering services to major public
utilities, petrochemical companies, energy companies, municipalities and other
customers. With the recent acquisition of James Construction Group, Primoris
has a significant presence in the Gulf States region where it provides heavy
civil construction services. Primoris is also a leading water and wastewater
contractor in the state of Florida, and a specialist in designing and
constructing complex commercial and industrial concrete structures in
California. For additional information on Primoris, please visit www.prim.com.
Forward-Looking
Statements
This
press release contains certain forward-looking statements, including with
regard to the Company's future performance. Words such as "estimated", "believes,"
"expects", "projects", "may", and "future" or similar expressions are intended
to identify forward-looking statements. Forward-looking statements inherently
involve risks and uncertainties, including without limitation, those described
in this press release and those detailed in the "Risk Factors" section and
other portions of our Annual Report on Form 10-K for the year ended December 31,
2009 and other filings with the Securities and Exchange Commission, including
the Company's Form 10-Q filed on May 10, 2010. Primoris does not
undertake any obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
CONTACT:
Primoris Services Corporation
Peter J. Moerbeek,
Executive Vice President, Chief Financial Officer
949) 454-7121
pmoerbeek@prim.com
The Equity Group Inc.
Devin Sullivan,
Senior Vice President
212) 836-9608
dsullivan@equityny.com
Gerrard Lobo,
Senior Account Executive
212) 836-9610
globo@equityny.com

EX - 99 . 1 3 a10 - 13358 _ 2ex99d1 . htm EX - 99 . 1 Exhibit 99 . 1 Primoris Services Corporation Announces Strategic Investment in WesPac Energy LLC LAKE FOREST , Calif . , Jul 1 , 2010 - Primoris Services Corporation ( Nasdaq : PRIM ) ( Nasdaq : PRIMW ) ( " Primoris " or " Company " ) today announced that it has completed a strategic investment in WesPac Energy LLC ( " WesPac " ) , a general energy infrastructure developer , which the company believes will broaden its exposure to a variety of pipeline , terminal , and energy - related infrastructure opportunities across North America . Primoris 's investment totaled approximately $ 18 million in cash in exchange for a 50 % ownership interest in WesPac . Founded in 1998 and based in Irvine , California , WesPac has extensive experience in developing pipeline and terminal projects in the United States , Canada and Mexico . WesPac creates long - term economic solutions for its customers and partners by expanding or enhancing existing infrastructure , and supporting supply - chain management , most notably in the areas of pipeline transportation and storage inefficiencies . WesPac 's project portfolio includes : · pipelines for petroleum products , crude oil , condensate , CO2 , LPG , and other energy - related transportation products ; · petroleum products terminals ( primarily storage and distribution ) for transportation - type fuels , which normally include related infrastructure to receive or deliver products by truck , pipeline , rail , or ship . WesPac has extensive experience in converting regional airport fuel supply systems from truck supply programs to more efficient and environmentally - friendly pipeline based systems ; and · energy related facilities development , including origination , site selection , permitting , rights of way acquisition , conceptual engineering , and project management . Brian Pratt , Chairman , President and Chief Executive Officer of Primoris , commented , " We believe this will be a synergistic relationship and a long - term strategic investment for Primoris . WesPac now has the ability to lever our 60 years of experience in the construction of liquid transportation infrastructure , our expanded national footprint , and our financial strength to capture and help finance new opportunities . Primoris will be in a position to benefit from a new stream of project opportunities and the ability to work with a group of best - in - class professionals with whom our various subsidiaries have successfully collaborated for decades . WesPac is currently in the advanced stages of pre - funding and pre - construction activities for several projects that could present opportunities for Primoris and its subsidiaries as soon as 2011 " . Dave Smith , President of WesPac , stated , " Our track record of successfully developing , financing and constructing transportation and terminal related projects , combined with the energy infrastructure experience of Primoris , will strengthen our market presence by deepening the resources at our disposal and aligning WesPac with a proven and trusted name . We believe that this agreement with Primoris will elevate our industry profile and provide us with the ability to expand our development activities . We look forward to a long and mutually beneficial relationship " . About Primoris Primoris , through various subsidiaries , is one of the largest specialty contractors and infrastructure companies in the United States . Serving diverse end markets , Primoris provides a wide range of construction , fabrication , maintenance and replacement services , as well as engineering services to major public utilities , petrochemical companies , energy companies , municipalities and other customers . With the recent acquisition of James Construction Group , Primoris has a significant presence in the Gulf States region where it provides heavy civil construction services . Primoris is also a leading water and wastewater contractor in the state of Florida , and a specialist in designing and constructing complex commercial and industrial concrete structures in California . For additional information on Primoris , please visit www.prim.com . Forward - Looking Statements This press release contains certain forward - looking statements , including with regard to the Company 's future performance . Words such as " estimated " , " believes , " " expects " , " projects " , " may " , and " future " or similar expressions are intended to identify forward - looking statements . Forward - looking statements inherently involve risks and uncertainties , including without limitation , those described in this press release and those detailed in the " Risk Factors " section and other portions of our Annual Report on Form 10 - K for the year ended December 31 , 2009 and other filings with the Securities and Exchange Commission , including the Company 's Form 10 - Q filed on May 10 , 2010 . Primoris does not undertake any obligation to publicly update or revise any forward - looking statements , whether as a result of new information , future events or otherwise , except as may be required under applicable securities laws . CONTACT : Primoris Services Corporation Peter J . Moerbeek , Executive Vice President , Chief Financial Officer 949 ) 454 - 7121 pmoerbeek@prim.com The Equity Group Inc . Devin Sullivan , Senior Vice President 212 ) 836 - 9608 dsullivan@equityny.com Gerrard Lobo , Senior Account Executive 212 ) 836 - 9610 globo@equityny.com
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