Argan, Inc.’s Wholly Owned Subsidiary Gemma Power Systems Receives Full Notice to Proceed on Natural Gas-Fired Combined Cyc...
October 05 2015 - 9:51AM
Business Wire
Argan, Inc. (NYSE AMEX: AGX) announced that its wholly
owned subsidiary, Gemma Power Systems (GPS), has received from NTE
Ohio, LLC, an affiliate of NTE Energy, a full notice to proceed
with engineering, procurement and construction activities for the
Middletown Energy Center located in Butler County, Ohio.
The Middletown Energy Center will be a state-of-the-art 475 MW
natural gas-fired electricity generating facility that will operate
in a combined-cycle configuration. The project is estimated to be
completed by GPS in the Spring of 2018.
Rainer Bosselmann, Chairman and Chief Executive Officer of
Argan, stated, “We are very excited and ready to commence the
substantial work on this new modern gas-fired power project.”
About Argan, Inc.
Argan’s primary business is designing and building simple and
combined cycle natural gas-fired power plants through its Gemma
Power Systems subsidiary and alternative energy plants including
those powered by renewable energy sources, such as wind and solar,
and biodiesel and ethanol production facilities. Argan also
owns Atlantic Projects Company Limited and Southern Maryland Cable,
Inc.
Certain 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
including but not limited to: (1) the continued strong
performance of our power industry services business; (2) the
Company’s ability to successfully and profitably integrate
acquisitions; and 3) our ability to achieve the Company’s
business strategy while we effectively manage costs and expenses.
Actual results and the timing of certain events could differ
materially from those projected in or contemplated by the
forward-looking statements due to a number of factors detailed from
time to time in Argan’s filings with the Securities and Exchange
Commission. In addition, reference is hereby made to cautionary
statements with respect to risk factors set forth in the Company’s
most recent reports on Form 10-K and 10-Q, and other SEC
filings.
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version on businesswire.com: http://www.businesswire.com/news/home/20151005006004/en/
Argan, Inc.Company Contact:Rainer Bosselmann,
301-315-0027orInvestor Relations Contact:Cindy Flanders,
301-315-0027
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