Argan, Inc.'s Wholly Owned Subsidiary Gemma Power Systems Receives Full Notice to Proceed on Natural Gas-Fired Combined Cycle Power Plant Project
Argan, Inc. (NYSE: AGX) today announced that its wholly
owned subsidiary, Gemma Power Systems has received from Moxie Freedom
LLC a full notice to proceed with engineering, procurement and
construction activities for a 1,000 MW combined cycle power plant to be
located in Luzerne County, Pennsylvania. Construction on the facility
will begin this year with completion scheduled in 2018.
Rainer Bosselmann, Chairman and CEO of Argan, Inc., stated, “We’re
excited to continue our relationship with Moxie Freedom and we look
forward to constructing another large scale, state of the art power
facility in Pennsylvania.”
About Argan, Inc.
Argan’s primary business is designing and building energy plants through
its Gemma Power Systems subsidiary. These energy plants include simple
and combined cycle natural gas-fired power plants as well as alternative
energy facilities including biodiesel, ethanol, and those powered by
renewable energy sources such as wind and solar. 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 Company’s ability to achieve its business strategy
while effectively managing costs and expenses; (2) the Company’s ability
to successfully and profitably integrate acquisitions; and (3) the
continued strong performance of our power industry services business.
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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Copyright Business Wire 2015
Source: Business Wire
(November 10, 2015 - 4:38 PM EST)
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