MOUNT AIRY, N.C., Aug. 2, 2011 /PRNewswire/ -- Pike Electric Corporation (NYSE: PIKE), one of the nation's leading energy solutions providers, announced its purchase of Pine Valley Power, Inc. based in Bluffdale, Utah.
Pine Valley Power provides construction and maintenance services to the transmission and distribution, renewable energy, industrial water and mining industries. Pine Valley generated revenue of approximately $25 million during the last 12 months. Michael Horan, Pine Valley Power's President, will retain that position.
"Mike and his talented team, their geographic location and strong union relations will enable Pike Electric Corporation, through Pine Valley Power, to construct and maintain transmission and distribution infrastructure throughout the West. Mike and his team also bring tremendous renewable energy knowledge including geothermal electricity generation. Pine Valley Power combined with our Pike Energy Solutions West coast engineering offices and our Klondyke Construction business based in Phoenix, Arizona provide a great team to pursue large scale EPC projects in the West," stated J. Eric Pike, Chairman and CEO of Pike Electric Corporation.
"Joining the Pike family of companies gives us the resources to pursue more and larger projects as we work to dramatically grow our business. Our customers have been looking for us to take on larger, more complex projects and with Pike's backing that will now be possible," explained Mike Horan, Pine Valley Power President.
"Over the past three years Pike has continued to execute on our growth strategy of service line diversification and geographic expansion. Mike and his team help us continue this strategy in the West, and provide a platform to leverage our full range of services to customers in that region," continued Mr. Pike.
About Pike Electric Corporation
Pike Electric Corporation is a leading provider of energy solutions to over 200 investor-owned, municipal and cooperative utilities in the United States. Our comprehensive services include facilities planning and siting, permitting, engineering, design, installation, maintenance and repair of power delivery systems, including renewable energy projects. Our common stock is traded on the New York Stock Exchange under the symbol PIKE. For more information, visit us online at www.pike.com.
This press release and other statements we make from time to time in the future may contain forward-looking statements that relate to Pike Electric Corporation's plans, objectives and future estimates. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and speak only as of the date of this release. The terms "should," "believe," "plan," "expect," "anticipate," "estimate," "intend" and "project" and similar words or expressions are intended to identify forward-looking statements. Various risks, uncertainties and other factors could cause actual results to differ materially from those expressed in any forward-looking statements. For a more detailed list of such risks, uncertainties and other factors, please refer to the Risk Factor section of Pike Electric Corporation's Annual Reports on Form 10-K and in its other periodic filings with the Securities and Exchange Commission. Pike Electric Corporation makes no commitment to update any forward-looking statement or to disclose any facts, events, or circumstances after the date of this release that may affect the accuracy of any forward-looking statement, except as may be required by applicable law.
SOURCE Pike Electric Corporation