Pernix Group, Inc. Announces New Power Plant Contract in Fiji
March 18 2014 - 9:00AM
Pernix Group, Inc. (OTCQB:PRXG) announced today that the Company's
wholly owned subsidiary, Pernix (Fiji) Ltd., has been awarded a
US$29 million contract by the Fiji Electricity Authority (FEA) to
build a new 36 MW Power Plant adjacent to the Kinoya Power Station
in Suva, Republic of Fiji. The contract scope includes the design,
construction, installation and commissioning of a power house
consisting of four (4) Heavy Fuel Oil power generating sets with
associated auxiliaries. The engines are manufactured by Wartsila
and are type W20V32 diesel engines.
Pernix Group has a long and successful tenure in the Fijian
power industry, including having managed the expansion, upgrade and
ongoing operations of the two largest power plants in Fiji over the
past decade. Pernix currently operates and maintains those power
plants under long-term contracts with FEA running through 2023,
with over 72 MW of base load generation capacity. The new power
plant is anticipated to be completed in 2015 and will supplement
the current available capacity at the Kinoya Power Station.
Nidal Z. Zayed, CEO of Pernix Group, stated that, "We are
extremely pleased to broaden our relationship with FEA, and we
appreciate their continued trust in Pernix. This project is
critical to the security of power generation in Fiji, and we will
deliver an outstanding product. We will approach this assignment
with our traditional focus on quality, safety and timely delivery
that has characterized our success in Fiji and throughout the
Pacific region for the past 17 years. Pernix remains fully
committed to meeting the power generation needs of the Fijian
people, and we look forward to our continuing and expanding role in
the country and the neighboring region for many years to come."
About Pernix Group, Inc.
Pernix Group, Inc. is a global company with its headquarters in
Lombard, Illinois. The Company is engaged in two primary operating
business segments: construction services as a Design-Build General
Contractor in the Federal and Government market; and building,
managing and investing in Power Generation Projects as an
Independent Power Producer. Pernix has full-scale construction and
management capabilities, with operations in Africa, the Middle
East, and the South Pacific. Pernix Group, Inc. common stock is
traded on the over-the-counter bulletin board (OTCQB) under the
symbol PRXG. Additional information is available at
www.pernixgroup.com
Forward-Looking Statement
Certain of the statements made in this press release are
forward-looking statements within the meaning of the Securities
Litigation Reform Act of 1995. Such statements involve certain
risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Potential
risks and other factors that could cause or contribute to actual
results differing materially from such forward-looking statements
are discussed in greater detail in the Company's filings with the
U.S. Securities and Exchange Commission.
CONTACT: Gregg Pollack
Chief Financial Officer & Vice President - Administration
Pernix Group, Inc.
Tel: (630) 620-4787
gpollack@pernixgroup.com
Carol Groeber
Corporate Controller and Principal Accounting Officer
Pernix Group, Inc.
Tel: (630) 620-4787
cgroeber@pernixgroup.com
Casey Stegman
Director of Investor Relations
Stonegate Securities
Tel: (214) 987-4121
casey@stonegateinc.com
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