PJTG News
The Court Approves Interim Financing Plan for The Project Group; Provides Needed Working Capital to Continue Operations
Tuesday , July 26, 2005 10:32 ET
HOUSTON, Jul 26, 2005 (BUSINESS WIRE) --The Project Group, Inc. (OTC-PK:PJTG) announced today that the Federal Bankruptcy Court has approved an interim financing plan that provides working capital required to maintain the operations of the Company. The interim financing will be provided by Corporate Strategies, Inc. Merchant Bankers of Houston, Texas. The Court also established the current management as the debtors in possession with responsibility to execute the business plan.
"This interim financing provides funds to keep our employees and key suppliers engaged in providing the services we are known for, enterprise project management (EPM) and collaboration solutions. We are in contact with all of our clients and continue to provide the services called for in existing contracts. Our marketing team expects to announce new client assignments in the next few weeks, and we have won and started a contract with a major engineering and construction company based in New Orleans in the past week," said Craig Crawford, CEO and President.
About The Project Group
The Project Group is a Microsoft Gold Certified Partner in Business Intelligence and Information Worker Solutions, specializing in project management and collaboration that provides enterprise-level business solutions to Oil & Gas, Financial Services, Retail, Hospitality and Pharmaceutical industries. The Project Group provides project management, collaboration, and Sarbanes-Oxley focused consulting services to many Fortune 1000 organizations, including Halliburton, Microsoft and several of the largest Oil and Gas Companies in the world. PJTG was founded in 2001, and is headquartered in Houston, Texas.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that these forward-looking statements involve uncertainties and risks that could cause actual performance and results of operations to differ materially from those anticipated by these statements. These risks and uncertainties include issues related to the ability to: obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new opportunities, and the unpredictable nature of business risks; as well as our ability to grow revenues in 2005 and beyond, successfully restructure under Chapter 11, maintain our clients, client contracts and employees, increase shareholder value and other factors set forth in the Company's most recently filed SEC reports. The forward-looking statements contained herein represent the Company's judgment as of the date of this release and it cautions readers not to place undue reliance on such statements. The Company assumes no obligation to update the statements contained in this release.
SOURCE: The Project Group, Inc.
The Project Group, Inc., Houston
Craig Crawford, 281-445-3333
Copyright Business Wire 2005
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