Williams Industrial Services Group Announces Joint Venture with Arc Energy Services, Inc.
Expands Williams’ portfolio of skills to include high demand welding capabilities
ATLANTA--(BUSINESS WIRE)-- Williams Industrial Services Group Inc. (“Williams” or the “Company”) (OTC:WLMS), a general and specialty construction and maintenance services company, today announced a joint venture with Arc Energy Services, Inc. (“Arc”), a private company specializing in welding and machining services. The joint venture was established to enhance the market potential for both companies by combining their strengths to participate in a wider scope of projects.
Tarun Ganeriwal, Senior Vice President, Business Development and Marketing of Williams, commented, “Welding represents a key value-added specialty services offering for our customers across multiple end markets. Arc is well respected for its specialty welding and machining capabilities. As a result, this joint venture permits us to expand Williams’ services portfolio with a high quality partner that shares our passion and reputation for quality, responsiveness and execution.”
Tracy Pagliara, President and CEO of Williams, commented, “We believe this is a major step forward in our growth strategy to expand our service offerings for existing customers and deliver our capabilities to a broader range of prospective customers and markets. By working together, Williams and Arc should have opportunities to participate in potential projects that independently would not otherwise be available.”
Arc and Williams intend to pursue a variety of projects in power generation and other markets. Their respective responsibilities and compensation for each project will be determined based on the skills and contributions of each party relative to the requirements of the project.
About Arc Energy Services, Inc.
Headquartered in Rock Hill, South Carolina, Arc was established in 2010 and has completed approximately 1,200 projects to date. Arc has available staff of approximately 1,500 and provides services to nuclear, fossil and combined-cycle industries. It provides services that include specialty welding, field machining, custom product design and fabrication, heat treating, staff augmentation and nondestructive examination. More information can be found at its website: www.arc24-7.com.
Williams Industrial Services Group (formerly known as Global Power Equipment Group) has been safely helping plant owners and operators enhance asset value for more than 50 years. The Company provides a broad range of general and specialty construction, maintenance and modification, and plant management support services to the nuclear, hydro and fossil power generation, pulp and paper, refining, petrochemical and other process and manufacturing industries. Williams’ mission is to be the preferred provider of construction, maintenance, and specialty services through commitment to superior safety performance, focus on innovation, and dedication to delivering unsurpassed value to its customers.
Additional information can be found at www.wisgrp.com.
Forward-looking Statement Disclaimer
This press release contains “forward-looking statements” within the meaning of the term set forth in the Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements or expectations regarding the Company’s ability to effectively capitalize on opportunities in the welding industry, expand its services portfolio, enhance its market potential, implement its growth strategy, expand its offerings to both existing and prospective customers and markets, and compete well in Williams’ and Arc’s markets, expectations relating to the Company’s performance, expected work in the energy and industrial markets, and other related matters. These statements reflect the Company’s current views of future events and financial performance and are subject to a number of risks and uncertainties, including its ability to comply with the terms of its debt instruments and access letters of credit, ability to implement strategic initiatives, business plans and liquidity plans, and ability to maintain effective internal control over financial reporting and disclosure controls and procedures. Actual results, performance or achievements may differ materially from those expressed or implied in the forward-looking statements. Additional risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, reduced demand for electricity, or increased regulation of power generation facilities, loss of any of the Company’s major customers, whether pursuant to the loss of pending or future bids for either new business or an extension of existing business, termination of customer or vendor relationships, cost increases and project cost overruns, unforeseen schedule delays, poor performance by its subcontractors, cancellation of projects, competition, including competitors being awarded business by current customers, damage to the Company’s reputation, warranty or product liability claims, increased exposure to environmental or other liabilities, failure to comply with various laws and regulations, failure to attract and retain highly-qualified personnel, loss of customer relationships with critical personnel, volatility of the Company’s stock price, deterioration or uncertainty of credit markets, changes in the economic and social and political conditions in the United States, including the banking environment or monetary policy, and any suspension of the Company’s continued reporting obligations under the Securities Exchange Act of 1934, as amended.
Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company’s filings with the SEC, including the section of the Annual Report on Form 10-K for its 2017 fiscal year titled “Risk Factors.” Any forward-looking statement speaks only as of the date of this press release. Except as may be required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and you are cautioned not to rely upon them unduly.
Deborah K. Pawlowski
Kei Advisors LLC
Source: Williams Industrial Services Group
Released December 11, 2018