PRESS RELEASE
Published on November 7, 2007
EXHIBIT 99.1
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PRESS RELEASE |
FOR IMMEDIATE RELEASE
07-18
07-18
Contacts:
|
James Haddox, CFO | Frank Poirot | ||
Reba Reid | Northeast Utilities | |||
Quanta Services, Inc. | (860) 665-3409 | |||
713-629-7600 | poirofj@nu.com |
Quanta Services Secures MOU With Northeast Utilities
Quanta to Expand Role in Strengthening New England Transmission Network
Quanta to Expand Role in Strengthening New England Transmission Network
HOUSTON Nov. 5, 2007 Quanta Services, Inc. (NYSE: PWR) today announced that it has signed a memorandum of understanding (MOU) with Northeast Utilities (NYSE: NU). The MOU
establishes the general framework for a contract under which Quanta will provide transmission
infrastructure services related to NUs transmission build out. The contract intended by the MOU,
which is expected to be finalized by the end of the year, will be valued at approximately $750
million starting in 2008 and extending through 2013.
A strong transmission grid is vital to New Englands safety, security and economic
prosperity. Quantas proven expertise in transmission infrastructure services, nationwide scope
and large workforce are key elements in solving transmission limitations in New England, said
Charles W. Shivery, chairman, president and chief executive officer of Northeast Utilities. This
arrangement builds on the ongoing success of the Middletown-Norwalk project where Quanta is
providing transmission construction services across 45 miles in Connecticut. Quanta shares our
commitment to strengthening electric reliability and reducing costly congestion in this region
through upgrading the transmission infrastructure.
We are eager to again join with NU to make power reliability a reality in New England, said
John R. Colson, chairman and chief executive officer of Quanta Services. We are committed to
enhancing the nations transmission infrastructure by strategically leveraging our expertise, our
workforce and our resources.
The MOU will be discussed as part of a listen-only, live audio Webcast that will begin today
at 7:30 a.m. Eastern Standard Time and will be available on Windows Media Player on the Investors
section of the NU Web site at http://www.nu.com/investors/presentations.asp. For those who cannot
listen to the live Webcast, an archive will be available on the NU
(http://www.nu.com/investors/presentations.asp) and Quanta
(http://www.quantaservices.com/investors/news.html) Websites.
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About Northeast Utilities
Northeast Utilities (NYSE: NU), a Fortune 500 energy company based in Connecticut, operates New Englands largest energy delivery system. NU is committed to safety, reliability, environmental leadership and stewardship, and expanding energy options for its more than 2 million electricity and natural gas customers. For more information on Northeast Utilities, visit www.nu.com.
Northeast Utilities (NYSE: NU), a Fortune 500 energy company based in Connecticut, operates New Englands largest energy delivery system. NU is committed to safety, reliability, environmental leadership and stewardship, and expanding energy options for its more than 2 million electricity and natural gas customers. For more information on Northeast Utilities, visit www.nu.com.
About Quanta Services
Quanta Services is a leading specialized contracting services company, delivering infrastructure network solutions for the electric power, natural gas, telecommunications and cable television industries. The companys comprehensive services include engineering, designing, installing, repairing and maintaining network infrastructure nationwide. With operations in all 50 states and Canada, Quanta has the manpower, resources and expertise to complete projects that are local, regional, national or international in scope.
Quanta Services is a leading specialized contracting services company, delivering infrastructure network solutions for the electric power, natural gas, telecommunications and cable television industries. The companys comprehensive services include engineering, designing, installing, repairing and maintaining network infrastructure nationwide. With operations in all 50 states and Canada, Quanta has the manpower, resources and expertise to complete projects that are local, regional, national or international in scope.
This press release (and oral statements regarding the subject matter of this release, including
those made on the conference call announced herein) contains forward-looking statements intended to
qualify for the safe harbor from liability established by the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not limited to: statements
relating to the intention and ability of the parties to enter into definitive documentation that
will encompass the general framework set forth in the non-binding memorandum of understanding (MOU)
and the scope, services, term and results of any arrangements between the parties or any related
projects, as well as statements reflecting expectations, intentions, assumptions or beliefs about
future events and other statements that do not relate strictly to historical or current facts.
Although Quantas management believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such expectations will prove to be
correct. These statements can be affected by inaccurate assumptions and by a variety of risks and
uncertainties that are difficult to predict or beyond our control, including, among others, ability
of the parties to negotiate and finalize definitive agreements with respect to the matters covered
by the MOU; ability to obtain regulatory or other approvals or consents that may be necessary for
the arrangement contemplated by the MOU or related projects; successful performance and completion
of the intended contract; failure to realize the anticipated value of the intended contract;
adverse changes in economic conditions and trends in relevant markets; future growth in the
electric utility industry; the inability of customers to pay for services; cancellation provisions
that may be present in the intended contract; and other factors affecting the business of the
respective parties generally, including risks detailed in Quantas Annual Report on Form 10-K for
the year ended December 31, 2006, Quantas Quarterly Reports on Form 10-Q for the quarter ended
March 31, 2007 and June 30, 2007 and any other documents of Quanta filed with the Securities and
Exchange Commission (SEC). Should one or more of these risks materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those expressed or implied in
any forward-looking statements. You are cautioned not to place undue reliance on these
forward-looking statements, which are current only as of this date. Quanta does not undertake and
expressly disclaims any obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Quanta further expressly disclaims any
written or oral statements made regarding the subject matter of this press release by any third
party, including comments made on the webcast announced in this press release. For a discussion of
these risks, uncertainties and assumptions, investors are urged to refer to Quantas documents
filed with the SEC that are available through the companys web site at www.quantaservices.com or
through the SECs Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov.