June 18, 2008
CDI Engineering Solutions Announces Joint Venture to Create Kuwait-Based EPCM Firm
PHILADELPHIA, June 18 /PRNewswire-FirstCall/ -- CDI Corp. announced today that its CDI Engineering Solutions division has signed an agreement to form a joint venture with Emtiaz Engineering & Energy Holding Company (Triple E), a subsidiary of Al-Imtiaz Investment Company, to create a Kuwait-based Engineering, Procurement & Construction Management (EPCM) firm. The firm will develop oil & gas, chemical, power, water development and infrastructure projects in Kuwait, Qatar and other Gulf Cooperation Council (GCC) countries.
The new company, CDI Gulf International (CGI), will be owned 51% by Emtiaz Engineering & Energy Holding and 49% by CDI. Once operational, CGI will have the capability to participate in various tenders and projects that will be offered by the oil & gas and industrial sectors in Kuwait and the Gulf States.
Emtiaz Engineering & Energy Holding is an independent engineering and energy holding company focused on oil & gas, energy, drilling and EPC projects in the Middle East and Africa. Emtiaz's parent company, Al-Imtiaz Investment Company (http://www.alimtiaz.com/), actively targets investments in the financial & banking, asset management, real estate development and energy sectors within the GCC and international markets.
"In order to meet the highest standards of performance and carry out these complex industrial and infrastructure projects that are vital to the local economy of Kuwait and the region, we required a multi-faceted international engineering firm that could bring the specific expertise and state-of-the-art technology to Kuwait and the GCC markets," said Dr. Issa M. Al-Own, President & CEO of Emtiaz Engineering & Energy Holding. "CDI's global resources will allow us to be a premier local EPCM firm in Kuwait and the surrounding areas."
"CDI's expertise in cutting-edge technology tools such as SmartPlant computer aided design and 3D laser imaging as well as our flexibility to source world-wide engineering talent will allow us to provide a competitive advantage to the alliance which will be offered to local industry," said Roger H. Ballou, President and CEO of CDI. "We look forward to growing our international presence with this venture and the opportunity it presents to participate in the over $450 billion oil and gas, energy, water and infrastructure spending in this marketplace that is forecast through 2015."
Headquartered in Philadelphia, CDI Corp. is a leading provider of engineering and information technology outsourcing solutions and professional staffing. Its operating units include CDI Engineering Solutions, CDI IT Solutions, CDI AndersElite Limited and Management Recruiters International, Inc. Visit CDI at http://www.cdicorp.com/.
About Emtiaz Engineering & Energy Holding
Kuwait-based Emtiaz Engineering & Energy Holding, founded in 2007, was established to contribute to the energy, engineering and construction sectors. The company develops and expands work in energy, especially in the areas of drilling and oil, engineering, construction and architectural projects to take advantage of the economic growth in the region.
Caution Concerning Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that address expectations or projections about the future are forward-looking statements. Some of the forward-looking statements can be identified by words like "anticipates,""believes,""expects,""may,""will,""could,""should" and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions that are difficult to predict. Because these forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to: changes in general economic conditions and levels of capital spending by customers in the industries that we serve; the availability and cost of qualified labor; our level of success in attracting, training, and retaining qualified management personnel and other staff employees; changes in customers' attitudes towards outsourcing; credit risks associated with our customers; changes in tax laws and other government regulations; the possibility of incurring liability for our activities; our performance on customer contracts; and government policies or judicial decisions adverse to our businesses. More detailed information about some of these risks and uncertainties may be found in our filings with the SEC, particularly in the "Risk Factors" section of our Form 10-K's.
CONTACT: Vincent J. Webb, VP, Communications & Marketing of CDI Corp.,+1-215-636-1240, [email protected]
Web site: http://www.cdicorp.com/http://www.alimtiaz.com/