Primoris Services Corporation Initiates Rule 10b5-1 Trading Plan to Repurchase Common Stock Purchase Warrants
16 Setembro 2010 - 10:30AM
Common Stock Purchase Warrants Will Expire on
October 2, 2010
Final Trading Day for Publicly Traded Warrants
and Units is September 28, 2010
Primoris Services Corporation (Nasdaq:PRIM)
(Nasdaq:PRIMW) (Nasdaq:PRIMU) ("Primoris" or "Company") today
announced that its Board of Directors approved the adoption of a
plan under Rule 10b5-1 of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), with CJS Securities, Inc. to
facilitate the repurchase of the Company's common stock purchase
warrants. Primoris has committed $2 million toward the 10b5-1
plan, which will expire on or before October 2,
2010.
Primoris currently has approximately 3 million warrants
outstanding. Each warrant entitles the holder to purchase one
share of Primoris common stock at a price of $5.00 per share.
All warrants expire at 5:00 PM EDT on Saturday, October 2,
2010.
The Rule 10b5-1 plan is in compliance with all applicable laws,
including, but not limited to, Section 10(b) of the Securities
Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. Additional information concerning
this repurchase plan is available on Form 8-K, which Primoris filed
with the Securities and Exchange Commission on September 8,
2010. Information regarding the 10b5-1 plan may also be
obtained by contacting CJS Securities, Inc.
Primoris also announced that it has requested that NASDAQ
suspend trading in the warrants after the market closes on Tuesday,
September 28, 2010 in order to allow three trading days for
clearing any trades prior to the warrant expiration date.
Primoris has also requested that NASDAQ suspend trading in its
publicly traded units after the market closes on Tuesday, September
28, 2010. Approximately 23,000 units remain
outstanding. Each unit consists of one share of common stock
and one warrant. The warrant also expires at 5:00 PM EDT on
October 2, 2010. After October 2, 2010, unit holders may
obtain a common stock certificate by contacting Continental Stock
Transfer & Trust Company.
ABOUT PRIMORIS
Primoris, through various subsidiaries, is one of the largest
specialty contractors and infrastructure companies in the United
States. Serving diverse end markets, Primoris provides a wide
range of construction, fabrication, maintenance and replacement
services, as well as engineering services to major public
utilities, petrochemical companies, energy companies,
municipalities and other customers. With the recent
acquisition of James Construction Group, Primoris has a significant
presence in the Gulf States region where it provides heavy civil
construction services. Primoris is also a leading water and
wastewater contractor in the state of Florida, and a specialist in
designing and constructing complex commercial and industrial
concrete structures in California. For additional information
on Primoris, please visit www.prim.com.
The Primoris Services Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5527
CONTACT: Primoris Services Corporation
Peter J. Moerbeek, Executive Vice President,
Chief Financial Officer
(949) 454-7121
pmoerbeek@prim.com
The Equity Group Inc.
Devin Sullivan, Senior Vice President
(212) 836-9608
dsullivan@equityny.com
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