Welcome to ENGlobal.com

Delivering Innovation

_

ENGlobal Awarded Two Fuel Systems Upgrade Projects Totaling $6 Million-Plus

Houston, Dec. 20, 2019 (GLOBE NEWSWIRE) — ENGlobal (NASDAQ: ENG), a leading provider of engineered modular solutions, today announced that its wholly-owned subsidiary, ENGlobal Government Services, Inc. (EGS), has won two task orders from the Defense Logistics Agency (DLA). These assignments, which are expected to produce more than $6 million in revenue, arise from ENGlobal’s position as one of three prime contractors under the DLA’s $124 million, five-year Automated Fuel Handling Equipment (AFHE) multiple-award contract.
EGS’ work on these task orders, which will be carried out over the next year, will include technology upgrades and refreshes of existing AFHE systems at two U.S. military bases. Today’s announcement follows one made by ENGlobal on November 25, 2019 detailing the company’s receipt of an $11.5 million contract from the DLA for the maintenance of the military’s Automated Fuel Handling Equipment worldwide.
Including today’s award, ENGlobal’s total backlog, which represents an estimate of booked projects that the company has not completed, is approximately double the $29.2 million backlog the company started calendar 2019 with.
“We are honored to have won the first two task orders to be awarded by the DLA under its $124 million multiple award contract, which we received last June,” said EGS Senior VP John Kratzert. “Our Company is very proud to further its 15-year history of providing critical fueling solutions to the U.S. Military, leveraging the experience and expertise in our Denver and Tulsa offices.”
William A. Coskey, P.E., ENGlobal’s Chairman and CEO stated, “We have been refocusing the Company on projects with larger scopes of work and while this has taken some time and is still incomplete, we are beginning to see the result in our backlog. Going into next year, the significantly increased backlog combined with increased profit margins in certain of our operations should result in an increased run rate of revenue and should allow our Company to begin producing profitable results.”
About ENGlobal
ENGlobal (Nasdaq: ENG) is a provider of engineering and automation services primarily to the energy sector throughout the United States and internationally. ENGlobal operates through two business segments: Automation and Engineering. ENGlobal’s Automation segment provides services related to the design, fabrication and implementation of distributed control, instrumentation and process analytical systems. The Engineering segment provides consulting services for the development, management and execution of projects requiring professional engineering, construction management, and related support services. Within ENGlobal’s Engineering segment, ENGlobal Government Services, Inc. provides engineering, design, installation, operations, and maintenance of various government, public sector, and international facilities, specializing in turnkey automation and instrumentation systems for the U.S. Defense industry worldwide. Further information about the Company and its businesses is available at www.ENGlobal.com.
Safe Harbor for Forward-Looking Statements
The statements above regarding the Company’s expectations, its operations and certain other 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 For a discussion of risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ENGlobal’s filings with the Securities and Exchange Commission, including the Company’s most recent reports on Form 10-K and 10-Q, and other SEC filings.
Click here to join our email list: http://www.b2i.us/irpass.asp?BzID=702&to=ea&s=0.
CONTACT:Mark A. HessPhone: (281) 878-1000E-mail: ir@ENGlobal.com
Market Makers – Investor RelationsJimmy Caplan512-329-9505Email: jimmycaplan@me.com
Market Makers – Media RelationsRick Eisenberg212-496-6828Email: eiscom@msn.com

Categories

_ Latest News

Kevin M. Palma

Director

Mr. Palma has served as a Director of the Company since June 2016, and is a member of the Audit and Compensation Committees.

Mr. Palma served as the Chief Financial Officer of B-29 Investments, LP, an energy private equity firm, from 2006 until he was promoted to Chief Operating Officer in December 2018, and also served as the Chief Financial Officer of B-29 Family Holdings, LLC, a family office, since its inception in 2014 until December 2018. In his role within the private equity space, Mr. Palma focuses on investment strategy, investment execution, and portfolio company management for both privately-held and publicly-traded companies.

Mr. Palma currently serves on several private company boards, including Silver Creek Oil and Gas, LLC, Caliber Completion Services, LLC, and Klear Bit Technologies, LLC. His past experiences on private company boards include Crest Pumping Technologies, LLC and TEC Holdings, LLC (which was recently rebranded as AXIS Energy Services, LLC).

Kevin M. Palma

Prior to his roles at B-29, Mr. Palma was a member of the energy investment banking team at Raymond James & Associates, focusing on capital market raises and merger and acquisition activity.

Mr. Palma is licensed as a Certified Public Accountant in the State of Texas, and holds a Master of Business Administration from the Harvard Business School in addition to a Bachelor of Business Administration and a Master of Public Administration from the University of Texas.

Committee Membership: Audit Committee, Compensation Committee

Kevin M. Palma

Director

Kevin M. Palma

Mr. Palma has served as a Director of the Company since June 2016, and is a member of the Audit and Compensation Committees.

Mr. Palma served as the Chief Financial Officer of B-29 Investments, LP, an energy private equity firm, from 2006 until he was promoted to Chief Operating Officer in December 2018, and also served as the Chief Financial Officer of B-29 Family Holdings, LLC, a family office, since its inception in 2014 until December 2018. In his role within the private equity space, Mr. Palma focuses on investment strategy, investment execution, and portfolio company management for both privately-held and publicly-traded companies.

Mr. Palma currently serves on several private company boards, including Silver Creek Oil and Gas, LLC, Caliber Completion Services, LLC, and Klear Bit Technologies, LLC. His past experiences on private company boards include Crest Pumping Technologies, LLC and TEC Holdings, LLC (which was recently rebranded as AXIS Energy Services, LLC).

Prior to his roles at B-29, Mr. Palma was a member of the energy investment banking team at Raymond James & Associates, focusing on capital market raises and merger and acquisition activity.

Mr. Palma is licensed as a Certified Public Accountant in the State of Texas, and holds a Master of Business Administration from the Harvard Business School in addition to a Bachelor of Business Administration and a Master of Public Administration from the University of Texas.

Committee Membership: Audit Committee, Compensation Committee