BATON ROUGE, La.--(BUSINESS WIRE)--Jan. 26, 2004--
Shaw Infrastructure, Inc. Joint Venture to Build/Renovate
1,200 Military Family Homes at Little Rock Air Force Base
The Shaw Group Inc. (NYSE: SGR) today announced that Little Rock
Family Housing, LLC, a 50/50 joint venture between subsidiary Shaw
Infrastructure, Inc. and CEI Investment Corp., was recently selected
by the U.S. Air Force to build and renovate 1,200 homes at Little Rock
Air Force Base under the 1996 Military Housing Privatization
Initiative. The contract, which is expected to be finalized in
February, includes a $111 million residential development contract and
a fifty-year operations and maintenance agreement under which Little
Rock Family Housing will provide comprehensive resident care services
for military families living in Little Rock Air Force Base's
privatized residential community. The project is scheduled to begin in
March 2004 and is expected to generate revenues to Little Rock Family
Housing in excess of $1 billion during the fifty-year term.
"We are honored to be entrusted by the United States Air Force and
Little Rock Air Force Base to provide quality housing and an enhanced
quality of life for its dedicated military families," stated Diana
Severs Ferguson, President of Shaw Environmental and Infrastructure,
Inc. "We are pleased to once again be partnered with CEI on what is
now our third privatization contract in less than one year and believe
our community development experience and proven relationship with the
DOD give us a distinct competitive advantage on future privatization
projects."
Under the terms of the contract, Little Rock Family Housing will
serve as program manager for the project and receive operational
support from the parent corporations. The plans developed by Little
Rock Family Housing include building new homes, as well as upgrading
existing homes to provide flexible living spaces and amenities
consistent with those found in the private sector. The new development
will feature a Town Hall Center and Neighborhood Clubhouses, as well
as other outdoor recreation facilities.
Headquartered in Meriden, Conn., CEI Investment is a 50-year-old
family-owned business that has developed more than 35,000 homes across
the United States. The company has extensive expertise in the
development and management of master-planned communities, multi-family
communities, as well as communities committed to environmental
preservation.
The Shaw Group Inc. is a leading global provider of engineering,
procurement, construction, maintenance, fabrication, manufacturing,
consulting, remediation, and facilities management services for
government and private sector clients in the power, process,
environmental, infrastructure and homeland defense markets. The
Company is headquartered in Baton Rouge, Louisiana, and employs
approximately 14,800 people at its offices and operations in North
America, South America, Europe, the Middle East and the Asia-Pacific
region. For further information, please visit the Company's website at
www.shawgrp.com.
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for certain forward-looking statements. The statements
contained herein that are not historical facts (including without
limitation statements to the effect that the Company or its management
"believes," "expects," "anticipates," "plans," or other similar
expressions) and statements related to revenues, earnings, backlog, or
other financial information or results are forward-looking statements
based on the Company's current expectations and beliefs concerning
future developments and their potential effects on the Company. There
can be no assurance that future developments affecting the Company
will be those anticipated by the Company. These forward-looking
statements involve significant risks and uncertainties (some of which
are beyond our control) and assumptions and are subject to change
based upon various factors. Should one or more of such risks or
uncertainties materialize, or should any of our assumptions prove
incorrect, actual results may vary in material respects from those
projected in the forward-looking statements. 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. A description of some of the risks and uncertainties that
could cause actual results to differ materially from such
forward-looking statements can be found in the Company's reports and
registration statements filed with the Securities and Exchange
Commission, including its Form 10-K and Form 10-Q reports, and on the
Company's website under the heading "Forward Looking Statement". These
documents are also available from the Securities and Exchange
Commission or from the Investor Relations department of Shaw. For more
information on the company and announcements it makes from time to
time on a regional basis visit our website at www.shawgrp.com.
CONTACT: The Shaw Group Inc., Baton Rouge
Laurie LaChiusa, 225-932-2500
SOURCE: The Shaw Group Inc.
