HOUSTON, Aug. 16, 2022 /PRNewswire/ -- Orbital Infrastructure Group, Inc. (NASDAQ: OIG) ("Orbital") and Mangan, Inc. ("Mangan") today announced that they have entered into an asset purchase agreement (the "Agreement") under which Orbital will sell its Houston, Texas gas business, Orbital Gas Systems North America Inc. ("Orbital NA") to Mangan.
Effective immediately, Mangan will assume operations of Orbital's North American gas business. Under the terms of the agreement, OIG will maintain ownership and control of its proprietary VE Technology and related products.
"This transaction is the final step in Orbital Infrastructure Group's transformation into a diversified infrastructure services company as we move forward with an aggressive and disciplined strategy to tap into the increasing secular demand trends across the electric power, telecommunications, and renewable industries," said Jim O'Neil, Vice Chairman and CEO of Orbital. "I want to thank the employees of Orbital Gas Systems NA for their past service to OIG and congratulate Mangan for completing this compelling, strategic transaction."
Amin Solehjou, Mangan's CEO stated, "We are very excited about this strategic acquisition and the value it brings to our customers. Coupled with our strong North American presence in providing Specialty Engineering services to many of our customers in the Industrial Market, this acquisition adds meaningful turn-key capabilities towards solving our client's environmental compliance as well as on-line process measurement challenges."
About Orbital Infrastructure Group, Inc.
Orbital Infrastructure Group, Inc. (Nasdaq: OIG) is a diversified infrastructure services platform, providing engineering, design, construction, and maintenance services to customers in three operating segments; electric power, telecommunications, and renewables.
Beginning in April 2021, Orbital Infrastructure Group transformed its infrastructure strategy with the acquisitions of GTS and Front Line Power Construction, the company's telecommunications and electric power segment platforms, as well as three synergistic "tuck in" acquisitions (IMMCO, Inc, Full Moon Telecom, and Coax Fiber Solutions) and the divestiture of its legacy Orbital Gas Systems business. The Company is now positioned to profitably grow its infrastructure services platform for years to come, organically and through synergistic acquisitions to capitalize on strong multi-year end market drivers in the industries we serve.
Orbital Infrastructure Group is dedicated to maximizing shareholder value, by striving to exceed our customers' expectations, building a diverse workforce, and making a positive difference in the lives of our employees and the communities in which we operate, and contributing to reducing the carbon footprint through the services we provide.
For more information please visit: http://www.orbitalenergygroup.co
About Mangan, Inc.
Mangan Inc. is a nationally-recognized Specialty Engineering, Automation and Integration Company providing a full-range of services for the Refining, Oil & Gas, Pipeline, Renewable Energy, Chemicals and Life Sciences Industries.
These Services include Automation, Design, Engineering, Control System Integration, Specialty Power and Distribution, Safety Instrumented Systems, Software Solutions, SCADA, Safety Lifecycle Management, Commissioning, Compliance, SmartPlant Instrumentation, Process Analyzers/CEMS Solutions, Project and Construction Management expertise.
For more information please visit: www.manganinc.com
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the expected use of proceeds. These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential," "predict," "project," "should," "would" and similar expressions and the negatives of those terms. These statements relate to future events and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance, or achievements to be materially different from any results, performance or achievements expressed or implied by the forward-looking statements. Such factors include the risk factors set forth in the Company's filings with the SEC, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2020, its periodic reports on Form 10-Q, and its Current Reports on Form 8-K filed in 2020 and 2021, as well as the risks identified in the shelf registration statement and the prospectus supplement relating to the offering. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. Orbital undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Three Part Advisors
John Beisler or Steven Hooser
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SOURCE Orbital Infrastructure Group, Inc.
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