ROLLING MEADOWS, Ill., Jan. 07, 2016 (GLOBE NEWSWIRE) -- MYR Group Inc. (“MYR Group” or the “Company”) (NASDAQ: MYRG ), a leading specialty contractor serving the electrical infrastructure market in the United States and Canada, today confirmed that Engine Capital, L.P. has provided notice of its intent to nominate three individuals to stand for election to the MYR Group Board of Directors at the 2016 Annual Meeting of Shareholders. The MYR Group Board and its Nominating Committee will review the proposed Engine nominees in accordance with MYR Group’s corporate governance policies and will present the Board’s recommendation with respect to the election of directors in the Company’s proxy statement, which will be filed with the U.S. Securities and Exchange Commission (“SEC”) and mailed to all shareholders eligible to vote at MYR Group’s 2016 Annual Meeting.
The date of the 2016 Annual Meeting has not yet been announced. MYR Group shareholders are not required to take any action at this time.
The MYR Group Board and management have been, and remain committed to, acting in the best interest of the Company and all MYR Group shareholders. The MYR Group Board is comprised of nine highly qualified and experienced directors, including eight independent directors and the Company’s Chairman and Chief Executive Officer. MYR Group has added three new independent directors in the past five years, including two in 2015. The MYR Group Board and management are united in their focus on driving enhanced value creation for all MYR Group shareholders, and will continue to engage with MYR Group shareholders and take appropriate action in this regard.
About MYR Group Inc. MYR Group is a leading specialty contractor serving the electrical infrastructure market throughout the United States and Canada, and has the experience and expertise to complete electrical installations of any type and size. MYR Group’s comprehensive services on electric transmission and distribution networks and substation facilities include design, engineering, procurement, construction, upgrade, maintenance and repair services. MYR Group’s transmission and distribution customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. MYR Group also provides commercial and industrial electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers generally throughout the western and northeastern United States. For more information, visit myrgroup.com.
Forward-Looking Statements
Various statements in these materials, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenue, income, capital spending, segment improvements and investments. Forward-looking statements are generally accompanied by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “likely,” “unlikely,” “possible,” “potential,” “should” or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in these materials speak only as of the date of their date; we disclaim any obligation to update these statements (unless required by securities laws), and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. Forward-looking statements in these materials should be evaluated together with the many uncertainties that affect MYR Group's business, particularly those mentioned in the risk factors and cautionary statements in Item 1A of MYR Group's Annual Report on Form 10-K for the fiscal year ended December 31, 2014, and in any risk factors or cautionary statements contained in MYR Group's Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
Additional Information MYR Group, its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from MYR Group stockholders in connection with the matters to be considered at MYR Group's 2016 Annual Meeting. MYR Group intends to file a proxy statement with the SEC in connection with any such solicitation of proxies from MYR Group stockholders. MYR GROUP STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND ACCOMPANYING WHITE PROXY CARD WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Information regarding the ownership of MYR Group's directors and executive officers in MYR Group securities is included in their SEC filings on Forms 3, 4 and 5. More detailed information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with MYR Group's 2016 Annual Meeting. Information can also be found in MYR Group's Annual Report on Form 10-K for the year ended Dec. 31, 2014, filed with the SEC on March 11, 2015. Stockholders will be able to obtain any proxy statement, any amendments or supplements to the proxy statement and other documents filed by MYR Group with the SEC for no charge at the SEC's website at www.sec.gov . Copies will also be available at no charge at MYR Group's website at www.myrgroup.com or by writing to our Corporate Secretary, at MYR Group Inc., 1701 Golf Road, Suite 3-1012, Rolling Meadows, Illinois 60008-4210.
Contacts: Betty R. Johnson, Chief Financial Officer MYR Group Inc., 847-290-1891, investorinfo@myrgroup.com Matt Sherman / Adam Pollack Joele Frank, Wilkinson Brimmer Katcher, 212-355-4449
