Hurricane Ida Provides Significant Opportunity For Orbital Energy Group
Orbital Energy Group, Inc. (OEG) announced a response to Hurricane Ida, leveraging its subsidiaries to assist in restoring electric power and telecommunications infrastructure. CEO Jim O'Neil stated that the disaster presents opportunities for growth and establishing new customer relationships. The company anticipates a positive financial impact in Q3 2021 due to the increased demand for their services following the hurricane. OEG aims to maximize shareholder value while maintaining a commitment to integrity and community service.
- Anticipated positive financial impact in Q3 2021 due to infrastructure restoration efforts post-Hurricane Ida.
- Opportunity to build relationships with new and existing customers in the telecom and electric infrastructure sectors.
- None.
HOUSTON, Sept. 3, 2021 /PRNewswire/ -- Orbital Energy Group, Inc. ("OEG") (NASDAQ: OEG) today announced that in the aftermath of Hurricane Ida, its subsidiaries, Gibson Technical Services, Orbital Power Inc., and Eclipse Foundations are providing resources to assist electric power and telecommunication customers restore critical infrastructure damaged by the storm. This event may materially affect the Company's financial results for the current quarter.
As explained by OEG's Vice-Chairman and CEO, Jim O'Neil, "At this stage of our growth, this storm and the follow-on infrastructure work provides our telecom and electric infrastructure groups the opportunity to build relationships with both new and current customers and aid in restoring essential services to those impacted by this storm."
"We believe that this hurricane and the resulting work will likely produce a positive impact to our bottom line in the Third Quarter and possibly beyond," O'Neil concluded.
About Orbital
Orbital Energy Group, Inc. (Nasdaq: OEG) is creating a diversified energy services platform through the acquisition and development of innovative companies. Orbital Energy's group of businesses includes Orbital Power Services, Orbital Solar Services, Orbital Telecom Services and Orbital Gas Systems.
Orbital Power Services provides engineering, construction, maintenance and emergency response solutions to the power, utilities, and midstream markets.
Orbital Solar Services provides engineering, procurement, and construction ("EPC") expertise in the renewable energy industry and established relationships with solar developers and panel manufacturers in the utility scale solar market.
Orbital Telecom Services, operating as Gibson Technical Services, has nationwide locations equipped to effectively support multi-vendor OEM technology environments and outside plant construction operations on an as-needed basis with specialized services in broadband, wireless, outside plant and building technologies, including healthcare. Orbital Gas Systems is a 30-year leader in innovative gas solutions, serving the energy, power and processing markets through the design, installation and commissioning of industrial gas sampling, measurement, and delivery systems.
As a publicly traded company, Orbital Energy is dedicated to maximizing shareholder value. But most important, our commitment to conduct business with a high level of integrity, respect, and philanthropic dedication allows the organization to make a difference in the lives of their customers, employees, investors, and global community.
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, 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.
Investor Relations
KCSA Strategic Communications
David Hanover
T: 212-896-1220
orbital@kcsa.com
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SOURCE Orbital Energy Group, Inc.
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