ROLLING MEADOWS, Ill., April 11, 2011 (GLOBE NEWSWIRE) -- MYR Group Inc. (MYR) (Nasdaq:MYRG), a leading specialty contractor serving the electrical infrastructure market in the United States, announced it has executed a contract with Cross Texas Transmission, an affiliate of LS Power, to construct approximately 235 miles of 345-kilovolt (kV) transmission line in the State of Texas. The contract is valued in excess of $160 million. The project is part of the Competitive Renewable Energy Zone (CREZ) initiative, which is being developed to integrate additional renewable energy and increase system reliability throughout the Electric Reliability Council of Texas (ERCOT).
Under the contract, MYR Transmission Services, Inc. ("MYRT"), an MYR subsidiary, will provide construction management, material procurement and construction services including right-of-way clearing, environmental controls, foundation installation, structure installation and conductor stringing. Construction planning has begun, and construction is expected to begin in the fall of 2011 with an expected completion date of spring of 2013.
"We are proud to be playing a significant role on this important project and look forward to working with Cross Texas Transmission in building its part of the transmission system for the Texas Competitive Renewable Energy Zones," said William A. Koertner, Chairman and Chief Executive Officer of MYR. He added, "This project will help move electricity generated by renewable energy resources in the Panhandle of Texas to millions of customers throughout the state and, at the same time, provide transmission infrastructure to serve the long-term needs of Texas."
About MYR Group Inc.
MYR is a holding company of specialty construction service providers. Through subsidiaries dating back to 1891, MYR is one of the largest national contractors servicing the transmission and distribution sector of the United States electric utility industry. Transmission and Distribution customers include electric utilities, private developers, cooperatives and municipalities. MYR also provides Commercial and Industrial electrical contracting services to facility owners and general contractors in the Western United States. MYR's comprehensive services include turnkey construction and maintenance services for the nation's electrical infrastructure.
Forward-Looking Statement
This press release (and any oral statements regarding the subject matter of this press release) contains forward-looking statements intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to: the expected cost of the work under this contract, which includes services beyond the services expected to be performed by MYR; the scope, services, term and results of the project to be performed, and the expected time frames for contract award and project completion, as well as statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. Although MYR's management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements can be affected by inaccurate assumptions and by a variety of risks and uncertainties that are difficult to predict or beyond our control, including, among others, the final terms and conditions of the contract relating to the project; successful performance and completion of the contract and project, including achievement of expected efficiencies; failure to realize the anticipated value of the contract; total costs of the project, which includes permitting, engineering, right-of-way acquisition, materials and construction, may be more or less than estimated; the potential for incurrence of damages for schedule delays or performance shortfalls, including as a result of warranty claims following completion; the failure of MYRT's subcontractors and material suppliers to perform their obligations, including warranty obligations, under their subcontracts; adverse changes in economic conditions and trends in relevant markets; future growth in the electric utility industry; delays or changes in scope of project; the inability of our customer to pay for services; cancellation and termination provisions present in the contract; and other factors affecting the business of the respective parties generally, including risks detailed in MYR's Annual Report on Form 10-K for the year ended December 31, 2010, MYR's subsequent Quarterly Reports on Form 10-Q and any other documents of MYR filed with the Securities and Exchange Commission (SEC). Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements. For a discussion of these risks, uncertainties and assumptions, investors are urged to refer to MYR's documents filed with the SEC that are available through MYR's web site at www.myrgroup.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at . You are cautioned not to place undue reliance on these forward-looking statements, which are current only as of the date of this press release. MYR does not undertake and expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. MYR further expressly disclaims any written or oral statements made regarding the subject matter of this press release by any third party.
CONTACT: MYR Group Inc. Contact: Marco A. Martinez, Chief Financial Officer 847-290-1891 investorinfo@myrgroup.com Investor Contact: Philip Kranz, Dresner Corporate Services 312-780-7240 pkranz@dresnerco.com