ENGlobal Wins Prime Spot on $124 Million Automated Fuels Handling Contract

9:00 am ET June 13, 2019

ENGlobal, a leading provider of engineered modular solutions, today announced that its wholly-owned subsidiary, ENGlobal Government Services, Inc. (EGS), has won one of three prime contractor spots on a U.S. Military $124 million Automated Fuel Handling Equipment multiple-award, indefinite-delivery, indefinite-quantity contract.

As part of its participation in this contract, EGS will compete for task orders to support the Defense Logistics Agency's Automated Fuel Handling Program, which provides the fuel monitoring and control systems capabilities that strengthen the mission of all military services. These task orders will include technology upgrades and refreshes of existing systems, new system design and installation, and life cycle maintenance of new and existing systems.

This contract has a five-year period of performance, and its work will be conducted around the world. It follows a previous five year U.S. Military contract covering similar projects of which ENG received task orders of approximately $52 million. Only awarded task orders are included in ENG's backlog.

Commenting on the new award, ENGlobal Chairman and CEO William A. Coskey, P.E., said, "We are extremely proud to have been selected to support our military with innovative and cutting edge fuel handling technology. For over fifteen years, ENGlobal has been honored to provide wide-ranging global solutions for our Military's fueling requirements, and through this new selection, we look forward to providing these services for many years to come."

ENGlobal Government Services specializes in the turn-key installation and maintenance of automation and instrumentation systems for the U.S. defense industry worldwide.

ENGlobal Granted 2nd Extension to Avoid Delisting

ENGlobal Corporation Granted 180-Day Extension by NASDAQ to Regain Compliance with Minimum Bid Price Rule

HOUSTON, May 30, 2019 (GLOBE NEWSWIRE) -- ENGlobal Corporation, a leading provider of engineered modular solutions, today announced it had received notification from the NASDAQ Stock Market indicating that the Company will have an additional 180-day grace period, or until November 25, 2019, to regain compliance with NASDAQ's $1.00 minimum bid requirement.

The notification indicated that the Company did not regain compliance during the initial 180-day grace period provided under the rule. In accordance with NASDAQ Marketplace Rule 5810(c)(3)(A), the Company is eligible for the additional grace period because it meets the initial listing requirements for the NASDAQ Capital Market, except for the bid price, and the provision of written notice to NASDAQ of ENGlobal's intention to cure the deficiency during the additional grace period by effecting a reverse stock split, if necessary.

If, at any time during this additional grace period, the closing bid price of the Company's common stock is at least $1 per share for a minimum of 10 consecutive business days, NASDAQ will provide the Company with written confirmation of compliance and the matter will be closed. If the Company chooses to implement a reverse stock split, however, it must complete the split no later than 10 business days prior to the expiration of the additional grace period in order to timely regain compliance.

If ENGlobal does not meet the minimum bid requirement during the additional 180-day grace period, NASDAQ will provide written notification to the Company that its common stock will be subject to delisting. At that time, the Company can request NASDAQ for a hearing to present a plan to regain compliance.

This NASDAQ notification does not impact ENGlobal's listing on the NASDAQ Capital Market at this time, and the Company's common stock will continue to trade under its current symbol "ENG" during the additional 180-day compliance period.