LONDON, UK / ACCESSWIRE / June 28, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for ENGlobal Corp. (NASDAQ: ENG), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=ENG. ENGlobal Government Services, Inc., a wholly-owned subsidiary of ENGlobal Corp., announced on June 26, 2017, that it has entered into a Strategic Alliance Agreement with Coggins International Corporation, a market leading firm, in automation, training, IT and cyber security services. This agreement enhances a complete set of skills for both Companies in the areas of fuel supply chain automation, along with IT systems for global US defense applications. For immediate access to our complimentary reports, including today's coverage, register for free now at: http://protraderdaily.com/register/
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The combined expertise from ENGlobal, which excels in design, installation, and maintenance of Automated Fuel Handling Equipment, Automated Tank Gauges, and CyberSecurity, will complement Coggins' complete systems engineering and integration services for enterprise-based Supervisory Control and Data Acquisition Systems and Cyber security. Each Company holds in its own right a long and respected history in supporting the US Army with fuel supply chain related services. William A. Coskey, P.E., CEO of ENGlobal, stated that:
"We greatly look forward to working with our new alliance partner on our important mission in supporting the US Military fueling systems."
The Complementary Ventures
Both Coggins and ENGlobal, owing to their extensive history, will grow into a successful alliance, according to ENGLobal, where it views working opportunities through the new alliance partner to support the US military fueling systems. Coggins International expects the new alliance to broaden its Turnkey Automation and Technology Solutions capabilities for advanced solutions delivery. The existing synergies between the two organizations are highly advantageous for Defense SCADA and Automation applications, developed on a rich history of a long collaboration.
ENGlobal currently operates through two business segments: Engineering and Automation services primarily to the energy sector throughout the United States and internationally. While the Automation segment provides services related to design, fabrication, and implementation of distributed control, instrumentation, and process analytical systems. The Engineering segment delivers consulting services for the development, management, and execution of projects, which requires professional engineering, construction management, and related support services.
The ENGlobal Government Services, Inc., operates under the Company's Engineering segment, hence delivering engineering, design, installation, operations, and maintenance of various government, public sector, and international facilities, specializing in turnkey automation and instrumentation systems, specifically for the US Defense industry, across the world.
The Biomass Power Project
On March 02, 2016, ENGlobal announced that it is being awarded the Basic Engineering and Design for a world-class biomass power plant located in Europe. The planned installation, post completion, will be among the ten largest biomass facilities across the world. According to the initial scope of work, the agreement was valued at about $2 million and would be led by the Company's Denver, Colorado engineering office.
The plant will have a power generation capacity of 300MW and will incorporate multiple gasification boiler systems to produce steam for use in turbine generators. The eco-friendly design also met all the applicable environmental standards and featured extensive use of waste thermal energy through efficient recycling processes, and eventually will help assist with EU carbon reduction objectives.
Last Close Stock Review
On Tuesday, June 27, 2017, ENGlobal's stock closed the trading session at $1.29, jumping 11.21% from its previous closing price of $1.16. A total volume of 98.92 thousand shares were exchanged during the session, which was above the 3-month average volume of 45.62 thousand shares. The Company's share advanced 9.32% in the previous twelve months. The stock currently has a market cap of $34.68 million.
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