HOUSTON, April 29,
2022 /PRNewswire/ -- Orbital Energy Group, Inc.
(NASDAQ: OEG) ("Orbital") has reached an agreement in principle
with the Front Line Power Construction, LLC ("Front Line") Sellers
to pay $20,000,000 in exchange for an
extension of the remaining sums due under the recently announced
Amendment No. 2 until December 31,
2022.
"This amendment greatly enhances the company's ability to
execute on its infrastructure strategy and reduces capital
constraints to achieve our 2022 financial
expectations," said Jim O'Neil, Vice Chairman and CEO of
Orbital. "We thank the Front Line sellers for
accommodating our request to defer additional payment of the
seller's note. Their sophistication of both emerging challenges in
the capital markets and the increasing opportunity to provide
services in a very robust electric power infrastructure market,
along with their commitment to a successful outcome for both OEG
and Front Line are recognized and appreciated – This is yet another
confirmation and example of the commitment of Front Line's
leadership to the long term success of OEG."
About Orbital Energy Group
Orbital Energy Group, Inc. (Nasdaq: OEG) is a diversified
infrastructure services platform, providing engineering, design,
construction, and maintenance services to customers in the electric
power, telecommunications, and renewable industries.
Orbital Energy 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:
www.orbitalenergygroup.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,
2021, its periodic reports on Form 10-Q, and its Current
Reports on Form 8-K filed in 2022, 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.
Investor Relations:
Three Part Advisors
John Beisler or Steven Hooser
817-310-8776
investors@orbitalenergygroup.com
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SOURCE Orbital Energy Group, Inc.