The It Group Announces $42 Million In Commercial Project Awards Including Strategically Important Watershed Restoration Projects
Organic Waste Technologies, Inc. (The IT Group, Inc)burgh, Pennsylvania – January 16, 2001 - <%=company%>, (NYSE: ITX) (the Company) announced today that IT Corporation, a wholly owned subsidiary of The IT Group, has been awarded contracts for two South Florida Water Management District (SFWMD) projects with a total value of approximately $14 million. The North Carolina Department of Environment & Natural Resources announced that IT Corporation is the apparent low bidder for the remediation of the Warren County PCB (Polychlorinated Biphenyl) Landfill valued at approximately $14 million. Additionally, the Company received two new contracts with New York City with a combined value of $7 million for the remediation of former, underground storage tank sites. Finally, a commercial client extended IT's contract to provide turnkey environmental remediation services at petroleum marketing locations through 2001 with a value of $7million.
The SFWMD projects, part of the Everglades Construction Program, are intended to improve the conveyance of water through farmland, as well as to improve the flow of water through the existing canal system. The remediation of the Warren County PCB Landfill will include excavation, thermal treatment and base catalyzed decomposition of the PCB materials found at this highly sensitive site.
Anthony J. DeLuca, chief executive officer and president of The IT Group, said, "These contacts further validate our strategy to maintain our core strengths in environmental engineering and remedial construction, while diversifying into watershed restoration."
The IT Group, Inc. is a leading provider of consulting, engineering and construction, infrastructure, water, facility and environmental management services. IT Corporation is a wholly owned subsidiary of The IT Group. Additional information about The IT Group can be found on the Internet at www.theitgroup.com. The IT Group's common stock and depositary shares are traded on the New York Stock Exchange under the symbols ITX and ITXpr, respectively.
Statements regarding the intentions, beliefs, expectations or predictions of The IT Group and its management, including, but not limited to, those statements denoted by the words "anticipate," "believe," "expect," "should," and similar expressions (including "confidence") are forward-looking statements that reflect the current views of The IT Group and its management about future events and are subject to certain risks, uncertainties and assumptions. Actual results could differ materially from those projected in such forward-looking statements as a result of a number of factors, including, but not limited to, competition and pricing pressures, bidding opportunities and success, project results, funding of backlog and industry-wide factors.