LOMBARD, Ill., Jan. 21, 2016 (GLOBE NEWSWIRE) -- Pernix Group, Inc.’s (OTCQB:PRXG) subsidiary, Pernix (Fiji) Limited, announced the award of a thirteen (13) year Fiji Electric Authority (FEA) operations and maintenance (O&M) contract at the recently completed 36-megawatt Kinoya expansion plant in Suva, Fiji. Construction of the plant was completed by Pernix (Fiji) Limited in November 2015. Additionally, the Pernix subsidiary was awarded a five (5) year extension, on its twenty (20) year FEA O&M contract for the existing Kinoya and Vuda Power Stations. Pernix Group has a long and successful tenure in the Fijian power industry and Kinoya and Vuda are the largest diesel-based power plants in Fiji. The new agreement and the existing contract extension are expected to generate approximately $42 million dollars in gross revenue through 2028.
“It is with great pleasure that we’ve extended our long-term contract with FEA. This is yet another demonstration of our expertise in the Power market and in the Pacific Rim,” said Nidal Z. Zayed, Pernix’s CEO & President.
Pernix currently operates on Fiji, Vanuatu, Guam and Papua New Guinea within the Pacific Rim and has been working in the region for nearly twenty years.
About Pernix Group, Inc.
Pernix Group, Inc. is a construction company recognized by Engineering News-Record for being one of the Top 50 American Contractors Working Abroad for the last four years in a row. Headquartered in Lombard, Illinois, Pernix has operations in the United States, Africa, Asia, the Middle East, and the Pacific Rim. Pernix has full-scale construction and management capabilities, in three primary markets: Federal Government, Commercial & Industrial, and Power. Recently, Pernix Group expanded its domestic Commercial & Industrial operations by acquiring KBR Building Group, now known as BE&K Building Group. Pernix also expanded its Pacific operations this year by acquiring assets of DCK Pacific Guam, now operating as Pernix Guam LLC.
Pernix Group, Inc. common stock is traded on the over-the-counter quotation 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.