LOMBARD, Ill., Feb. 5, 2013 (GLOBE NEWSWIRE) -- Pernix Group, Inc. (OTCBB:PRXG) announced today that Michael Frye recently joined the management team of Pernix Group as the company's Vice President - Power.
Mr. Frye brings over 30 years of progressive industry experience in the energy and independent power business, having led successful development of more than 2,350 MW of power generation both in the U.S. and internationally. He has broad ranging experience structuring complex power projects, including EPC contract negotiations, fuels supply, asset management, project and plant acquisitions, operations, owner's construction oversight, program management, and project finance. During his distinguished career, he has worked with power utilities, equipment manufacturers, independent power producers and consulting firms. Mr. Frye received a BS in Mechanical Engineering from Virginia Tech and an MBA in Business Administration from Harvard University.
In his new capacity, Mr. Frye will be responsible for growing and managing Pernix's power business, including O&M contract execution and construction of new power generating facilities and related infrastructure in the U.S. and overseas. His role will include long-range/strategic planning, new project sourcing and evaluation, project pre-qualification and bidding, project finance and execution of awarded mandates. Additionally, he will oversee the company's existing power operations in the Pacific region.
"I'm excited to join this world-class company and contribute my extensive experience and expertise in the global power industry to expand Pernix's power segment," commented Mr. Frye. "I believe that there are significant opportunities to leverage the company's reputation and existing resources to identify and win attractive mandates. I know that this will be a highly successful and mutually beneficial relationship for many years to come."
"Global power has been, and will remain, a top strategic priority for Pernix," added Nidal Zayed, President and CEO of Pernix Group, Inc. "We continue to make significant investments in our operations and people in order to better meet client demand and take advantage of growth opportunities in this market. Adding Michael Frye to our team further evidences our commitment to build the executive-level expertise and resources necessary to support the recent growth in our business and to implement new initiatives to grow our company and ultimately create value for our shareholders. Michael's leadership of our Power Segment significantly enhances our ability to compete for, deliver and manage complex power projects in the U.S. and overseas. We welcome Michael and look forward to his contributions to our continuing success."
About Pernix Group, Inc.
Pernix Group, Inc. is a global company with its headquarters in Lombard, Illinois. The company is engaged in two primary 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 (OTCBB) 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.