ROLLING MEADOWS, Ill., March 14, 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 entered into a contract with Dominion to rebuild approximately 96 miles of 500 kilovolt (kV) transmission line in Virginia and West Virginia. The project is part of Dominion's plans to address aging infrastructure of its original 500kV transmission loop built in the mid 1960s.
Under the contract, The L. E. Myers Co. ("L.E. Myers"), an MYR subsidiary, will provide construction services for the new line including foundation installation, structure installation, conductor stringing and demolition of the existing line. The project is expected to begin in early May of this year and the in-service date is scheduled for May 15, 2015.
L.E. Myers has performed electrical construction services for Dominion for more than 30 years including a variety of transmission projects throughout North Carolina and Virginia, and is currently providing construction services for the 65-mile Meadowbrook to Loudoun and 60-mile Carson Substation to Suffolk Substation 500kV lines. The expected in-service date for both of these lines is June 2011.
"MYR Group is proud of our participation in this exciting undertaking," said William A. Koertner, chairman and chief executive officer of MYR. "Not only will we continue playing a part in Dominion's commitment to improve the electrical infrastructure for Virginia and the surrounding region, we also will contribute to job retention, job creation and ongoing stimulation of the region's economy."
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, cooperatives and municipalities. The Company 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.
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 value of the contract with Dominion, the scope, term and results of the services to be performed by MYR pursuant to the contract, the expected revenues associated with such services, and any work expected to be performed by third parties, 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, successful performance and completion of the project; failure to realize the anticipated value of the contract; the potential for incurrence of damages for schedule delays or performance shortfalls, including as a result of warranty claims following completion; the failure of MYR's subcontractors to perform their obligations, including warranty obligations, under their subcontracts; adverse changes in economic conditions and trends in relevant markets; delays or changes in scope of the 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 Quarterly Reports on Form 10-Q for each quarter ended in fiscal year 2011 and any other documents of MYR's 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. You are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. MYR does not undertake and expressly disclaims 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. 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 the company's web site at www.myrgroup.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov.
CONTACT: MYR Group Inc. Contact: Marco A. Martinez, Chief Financial Officer 847-290-1891 email@example.com Investor Contact: Philip Kranz Dresner Corporate Services 312-780-7240 firstname.lastname@example.org
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