Rhapsody Acquisition Corporation Announces Shareholder Approval for Merger with Primoris Corporation
LAKE FOREST, CA AND NEW YORK, NY- July 31, 2008 - Rhapsody Acquisition Corp. (OTCBB: RPSD, RPSDU and RPSW) ("Rhapsody"), a public company formed to effect a merger, capital stock exchange, asset merger or other similar business combination with an operating business, announced that its stockholders have approved the merger with privately held Primoris Corporation ("Primoris"). The vote to approve the merger took place today at Rhapsody's special meeting of stockholders. The closing of the merger will be effective later today.
The Company's common stock, warrants and units will cease trading on the Over-The-Counter Bulletin Board and begin trading on the Nasdaq Global Market under the symbols PRIM, PRIMW and PRIMU, respectively, on or about Monday, August 4th, 2008.
In addition to approving the merger, the Rhapsody stockholders also approved the 2008 Long-Term Equity Incentive Plan, certain amendments to Rhapsody's certificate of incorporation and the election of seven directors.
Brian Pratt, Primoris's Chairman, President, and CEO said, "We appreciate the support of the shareholders of Rhapsody, and look forward to Primoris's future as a publicly-traded company. We are focused on building long-term shareholder value. Using both the elevated profile we expect from our Nasdaq listing and our new public currency, we intend to continue to capitalize on the compelling organic and acquisition-related growth opportunities in our primary markets."
Eric S. Rosenfeld, Chairman and CEO of Rhapsody, and director of Primoris (after the merger is consummated), commented, "We are very pleased that we are able to effectuate a merger with such a high quality organization. We believe that Primoris has numerous sustainable competitive advantages, and is well positioned to capitalize on a variety of compelling growth opportunities in North America. As a significant stockholder and a member of Primoris's Board of Directors, I look forward to working closely with Brian Pratt and the Primoris senior management team in support of the Company's strategic growth objectives."
About Primoris Corporation
Headquartered in Lake Forest, California, Primoris is a holding company of various subsidiaries which cumulatively form one of the largest specialty contractors and engineering companies in the Western United States, primarily serving the growing power and energy sectors. 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. 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.
This press release contains certain forward-looking statements, including with regard to future performance of Primoris following the consummation of the merger with Rhapsody. Words such as "estimated," "believes," "expects," "projects," 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 the Registration Statement, the Amendment and other filings with the SEC. Neither Rhapsody nor Primoris undertakes 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.