PRESS RELEASE
Published on February 29, 2008
Exhibit 99.1
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PRESS RELEASE |
FOR IMMEDIATE RELEASE
08-05
08-05
Contacts: | James Haddox, CFO | Ken Dennard / ksdennard@drg-e.com | ||
Reba Reid | Kip Rupp / krupp@drg-e.com | |||
Quanta Services, Inc. | DRG&E | |||
713-629-7600 | 713-529-6600 |
OFFICERS OF QUANTA SERVICES TO REPORT
THE WITHHOLDING OF SHARES
THE WITHHOLDING OF SHARES
HOUSTON Feb. 29, 2008 Quanta Services, Inc. (NYSE: PWR) announced today that certain of
its executive officers will submit Form 4 filings pursuant to Section 16 of the Securities Exchange
Act of 1934.
Under Quantas 2001 Stock Incentive Plan, certain of its employees, including certain executive
officers, previously received restricted stock awards, a portion of which vested on February 28,
2008. These awards for Quantas executive officers were previously reported on Form 4 filings.
Pursuant to the Plan, employees may elect to satisfy their tax withholding obligations upon vesting
by having Quanta make the tax payments and withhold a number of vested s hares having a value on
the date of vesting equal to the employees tax withholding obligation. As a result of employee
elections, Quanta withheld shares of stock from certain of its executive officers to satisfy their
tax obligations. The Form 4 filings will report as dispositions the number of shares withheld by
Quanta and will reflect that the dispositions are exempt transactions in accordance with Rule 16b-3
under the Exchange Act.
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.
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