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Feb 20, 2019

Primoris Services Corporation Announces Industrial Award Valued at $15 Million

DALLAS, Feb. 20, 2019 (GLOBE NEWSWIRE) -- Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced a renewal of a Master Service Agreement (“MSA”) with a three year anticipated value of approximately $15 million. The contract was secured by Primoris Mechanical Contractors, part of the Power, Industrial, and Engineering segment.

  • The award is a three-year MSA with a municipality in southern Florida to provide design-build services. While the agreement does not obligate the customer to award Primoris a specific dollar amount, our discussions with the customer and our history with this customer form the basis for our anticipated value.
  • The agreement covers projects related to the construction of water treatment facilities, wastewater treatment facilities, and reclaimed water treatment facilities. Projects may include new construction, rehabilitation of existing facilities, improvements for energy efficiency and sustainability, or other related design-build services.

ABOUT PRIMORIS
Founded in 1960, Primoris, through various subsidiaries, has grown to become one of the largest publicly traded specialty construction and infrastructure companies in the United States. Serving diverse end-markets, Primoris provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation, and other customers. Growing both organically and through acquisitions, the Company’s national footprint now extends nearly nationwide and into Canada. For additional information, please visit.

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 known and unknown risks, uncertainties, and other factors, 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 period ended December 31, 2017, and other filings with the Securities and Exchange Commission. Given these uncertainties, you should not place undue reliance on forward-looking statements. 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.

Company Contact
Kate Tholking
Vice President, Investor Relations
(214) 740-5615
ktholking@prim.com

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Source: Primoris Services Corporation