ENGlobal Corporation: Needs More Time To Close A Deal

Houston, TX, Dec. 19, 2012 (GLOBE NEWSWIRE) -- ENGlobal Corporation (NASDAQ: ENG), a leading provider of energy-related engineering and automation solutions, announced today that it entered into a "Second Amendment to Revolving Credit and Security Agreement, Waiver and Forbearance Extension" with its lender.  The extension will be in place through April 30, 2013 and requires ENGlobal's compliance with certain terms and conditions.  This extended period is expected to allow ENGlobal's management sufficient time to see the results of the implementation of its business improvement plan.  As previously reported, ENGlobal hired a management consultant and subsequently developed a plan to restore the Company's compliance with the revolving credit facility.

Opinion: Key phrase, "...requires ENGlobal's compliance with certain terms and conditions."