Orbital Infrastructure Group Inc (fka OIGBQ)

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Orbital Infrastructure Group, Inc. Announces Sale of Orbital Gas Systems N.A. to Mangan, Inc.
Orbital Infrastructure Group logo (PRNewsfoto/Orbital Infrastructure Group, Inc.)
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Orbital Infrastructure Group, Inc.
Aug 16, 2022, 12:00 ET

HOUSTON, Aug. 16, 2022 /PRNewswire/ -- Orbital Infrastructure Group, Inc. (NASDAQ: OIG) ("Orbital") and Mangan, Inc. ("Mangan") today announced that they have entered into an asset purchase agreement (the "Agreement") under which Orbital will sell its Houston, Texas gas business, Orbital Gas Systems North America Inc. ("Orbital NA") to Mangan.

Effective immediately, Mangan will assume operations of Orbital's North American gas business. Under the terms of the agreement, OIG will maintain ownership and control of its proprietary VE Technology and related products.

"This transaction is the final step in Orbital Infrastructure Group's transformation into a diversified infrastructure services company as we move forward with an aggressive and disciplined strategy to tap into the increasing secular demand trends across the electric power, telecommunications, and renewable industries," said Jim O'Neil, Vice Chairman and CEO of Orbital. "I want to thank the employees of Orbital Gas Systems NA for their past service to OIG and congratulate Mangan for completing this compelling, strategic transaction."

Amin Solehjou, Mangan's CEO stated, "We are very excited about this strategic acquisition and the value it brings to our customers. Coupled with our strong North American presence in providing Specialty Engineering services to many of our customers in the Industrial Market, this acquisition adds meaningful turn-key capabilities towards solving our client's environmental compliance as well as on-line process measurement challenges."

About Orbital Infrastructure Group, Inc.

Orbital Infrastructure Group, Inc. (Nasdaq: OIG) is a diversified infrastructure services platform, providing engineering, design, construction, and maintenance services to customers in three operating segments; electric power, telecommunications, and renewables.

Beginning in April 2021, Orbital Infrastructure Group transformed its infrastructure strategy with the acquisitions of GTS and Front Line Power Construction, the company's telecommunications and electric power segment platforms, as well as three synergistic "tuck in" acquisitions (IMMCO, Inc, Full Moon Telecom, and Coax Fiber Solutions) and the divestiture of its legacy Orbital Gas Systems business. The Company is now positioned to profitably grow its infrastructure services platform for years to come, organically and through synergistic acquisitions to capitalize on strong multi-year end market drivers in the industries we serve.

Orbital Infrastructure Group is dedicated to maximizing shareholder value, by striving to exceed our customers' expectations, building a diverse workforce, and making a positive difference in the lives of our employees and the communities in which we operate, and contributing to reducing the carbon footprint through the services we provide.

For more information please visit: http://www.orbitalenergygroup.co