Pernix Group’s Subsidiary, Pernix PNG Ltd., Purchases Basic Industries (PNG) Ltd.
We want to bring cutting edge technology, create employment for the people of Papua New Guinea and contribute to its economy through local partnership and participation.
– Nidal Z. Zayed, President & CEO
LOMBARD, IL — April 01, 2016 — Pernix Group, Inc. (OTCQB: PRXG) announced today that its subsidiary, Pernix PNG Ltd., has purchased Basic Industries (PNG) Ltd. from Fijian Holdings Limited (FHL) for one million kina (approximately US $325,000). The transaction, which occurred on 31 March 2016, also included FHL investing seven million kina into Pernix PNG Ltd.
Pernix has had a standing relationship with FHL since 2014, when FHL purchased partial ownership of Pernix (Fiji) Ltd. The partnership between Pernix and FHL is now extending from Fiji to PNG and will eventually lead to partnership in Pernix operations throughout the Pacific Rim. Pernix PNG Ltd., a joint venture between Pernix Group of USA and FHL, is a newly incorporated company with plans to make inroads into energy and construction sectors in PNG.
Nidal Z. Zayed, President & CEO of Pernix Group, made several visits to PNG said that he is very confident about the PNG economy and opportunities it presents. He said, “We want to bring cutting edge technology, create employment for the people of Papua New Guinea and contribute to its economy through local partnership and participation. Pernix is honored to be a bridge between the people of Fiji and PNG to share ownership of the company with local enterprises and shareholders. Together we can drive growth not only in Fiji and PNG but throughout the Pacific Rim.”
Mr. Zayed thanked FHL’s CEO Nouzab Fareed, Chairman Naiveli, shareholders, board, management and entire FHL team for their confidence in Pernix and he said good days are ahead for both the parties.
About Pernix Group, Inc.
Pernix Group, Inc. is a construction company recognized by Engineering News-Record for being one of the Top 50 American Contractors Working Abroad for the last four years in a row. Headquartered in Lombard, Illinois, Pernix has operations in the United States, Africa, Asia, the Middle East, and the Pacific Rim. Pernix has full-scale construction and management capabilities, in three primary markets: Federal Government, Commercial & Industrial, and Power. Recently, Pernix Group expanded its domestic Commercial & Industrial operations by acquiring KBR Building Group, now known as BE&K Building Group. Pernix also expanded its Pacific operations last year by acquiring assets of DCK Pacific Guam, now operating as Pernix Guam LLC.
Pernix Group, Inc. common stock is traded on the over-the-counter quotation board (OTCQB) under the symbol PRXG. Additional information is available at www.www.pernixgroup.com.
Forward-Looking Statement
Certain of the statements made in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and other factors that could cause or contribute to actual results differing materially from such forward-looking statements are discussed in greater detail in the Company’s filings with the U.S. Securities and Exchange Commission.
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