Perini Announces Agreement with Deutsche Bank
January 18 2008 - 5:36PM
Business Wire
Perini Building Company, Inc, a wholly owned subsidiary of Perini
Corporation (NYSE:PCR) announces that it has in place an interim
commitment with Deutsche Bank wherein Deutsche Bank will continue
to pay Perini for performing the construction work on the
Cosmopolitan Resort and Casino project in Las Vegas, Nevada on a
monthly basis while the issues of loan default with the developer
are being resolved. As a result, the Company�s work at the
Cosmopolitan will continue unaffected by the default notice. About
Perini Corporation Perini Corporation is a leading construction
services company offering diversified general contracting,
construction management and design/build services to private
clients and public agencies throughout the world. We have provided
construction services since 1894 and have established a strong
reputation within our markets by executing large complex projects
on time and within budget while adhering to strict quality control
measures. We offer general contracting, preconstruction planning
and comprehensive project management services, including the
planning and scheduling of the manpower, equipment, materials and
subcontractors required for a project. We also offer self-performed
construction services including sitework, concrete forming and
placement and steel erection. We are known for our hospitality and
gaming industry projects, sports and entertainment, educational,
transportation, healthcare, biotech, pharmaceutical and high-tech
facilities, as well as large and complex civil construction
projects and construction management services to U.S. military and
government agencies. The statements contained in this Release that
are not purely historical are forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, including without
limitation, statements regarding the Company�s expectations, hopes,
beliefs, intentions or strategies regarding the future. These
forward-looking statements are based on the Company�s current
expectations and beliefs concerning future developments and their
potential effects on the Company. There can be no assurance that
future developments affecting the Company will be those anticipated
by the Company. These forward-looking statements involve a number
of risks, uncertainties (some of which are beyond the control of
the Company) or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to, the Company's
ability to successfully and timely complete construction projects;
the Company�s ability to convert backlog into revenue; the
potential delay, suspension, termination, or reduction in scope of
a construction project; the continuing validity of the underlying
assumptions and estimates of total forecasted project revenues,
costs and profits and project schedules; the outcomes of pending or
future litigation, arbitration or other dispute resolution
proceedings; the availability of borrowed funds on terms acceptable
to the Company; the ability to retain certain members of
management; the ability to obtain surety bonds to secure its
performance under certain construction contracts; possible labor
disputes or work stoppages within the construction industry;
changes in federal and state appropriations for infrastructure
projects; possible changes or developments in worldwide or domestic
political, social, economic, business, industry, market and
regulatory conditions or circumstances; and actions taken or not
taken by third parties, including the Company�s customers,
suppliers, business partners, and competitors and legislative,
regulatory, judicial and other governmental authorities and
officials. The Company undertakes no 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.
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