ARGAN,INC. (NYSE:AGX) Files An 8-K Other EventsItem 8.01. Other Events.
On June26, 2018, Gemma Power Systems, LLC (“GPS”), a wholly-owned subsidiary of Argan,Inc. (“Argan” or the “Company”), issued a press release announcing it has entered into an Engineering, Procurement and Construction services contract to construct the Chickahominy Power Station (the “EPC Contract”), a 1,600 MW state-of-the-art natural gas-fired power plant, in Charles City County, Virginia. The facility is being developed by Balico, LLC, the parent company of Chickahominy Power, LLC, the project owner.
A copy of GPS’s press release is attached to this report as Exhibit99.1 and incorporated herein by reference.
In addition, Argan hereby clarifies that it does not intend to place the value of the EPC Contract into project backlog until the Chickahominy Power Station project gets closer to its start date. The EPC Contract relates to the power plant, identified in the Company’s Annual Report on Form10-K for the year ended January31, 2018 (the “2018 Annual Report”) with a power generation capacity planned at the time of 1,650 MW, that is currently being developed with certain financial and engineering support provided by the Company. The value of the EPC Contract is one of several other projects, for which GPS has been selected by project owners to negotiate an EPC services contract, with an aggregate potential project value in excess of $1.5 billion that is also disclosed in the 2018 Annual Report.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
ExhibitNo. |
Description |
99.1 |
Press Release issued by Gemma Power Systems, LLC on June26, 2018. |