BATON ROUGE, La., Mar 26, 2003 (BUSINESS WIRE) -- The Shaw Group Inc.
(NYSE:SGR) ("Shaw" or "the Company") today announced that its subsidiary, Shaw
Environmental & Infrastructure, Inc. (Shaw E & I), has acquired all of the stock
of Envirogen, Inc. (Nasdaq:ENVG) for an aggregate price of approximately $3.6
million dollars. The sale of Envirogen, Inc. was approved by its shareholders on
March 19, 2003.
Envirogen's core business is the application of biotechnology to remediate
contaminated sites and waste streams. Envirogen specializes in proprietary
methods of remediating and treating complex contaminants including ammonium
percholorate (solid propellant for rockets and missiles), MTBE (fuel additive
used to make gasoline burn cleaner) and 1,4-dioxane (explosives), many of which
are recognized by industry, regulators and the national press as significant
environmental challenges in the United States. Ammonium percholorate has been
the recent subject of national news including several reports in the Wall Street
Journal and New York Times.
"With the addition of Envirogen, Shaw will have a distinct technological and
competitive edge to address the complex remediation of ammonium percholorate,
MTBE, and other contaminates," said Tim Barfield, President of Shaw
Environmental & Infrastructure. "This acquisition will allow Shaw E & I to take
a leadership role in these key markets, by coupling our existing environmental
capabilities with a more cost effective approach than the traditional approaches
available in today's market."
The Shaw Group Inc. offers a broad range of services to clients in the
environmental and infrastructure, power and process industries worldwide. The
Company is a leading provider of consulting, engineering, construction,
remediation and facilities management services to the environmental,
infrastructure and homeland security markets. The Company is also a
vertically-integrated provider of comprehensive engineering, consulting,
procurement, pipe fabrication, construction and maintenance services to the
power and process industries. The Company is headquartered in Baton Rouge,
Louisiana with offices and operations in North America, South America, Europe,
the Middle East and the Asia-Pacific region and employs approximately 17,000
people. For more information please visit our website at www.shawgrp.com.
For more information, please contact Bob Belk, Executive Vice President and
Chief Financial Officer at 225/932-2500.
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 web-site
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 web site
CONTACT: The Shaw Group Inc., Baton Rouge
Bob Belk, 225/932-2500
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