Now the question is do they still have a JV in place with Structural Dynamics Engineering? According to a poster from a few days ago he contacted JM and he indicated they are no longer partners.
So "if" the poster is correct it raises a few questions. I dont know whether its true because I never contacted the company.
1) Was it intellectually honest for PGI to include this statement in yesterdays PR if the JV had already been terminated with SDE?
PT Rebana Energi Corpindo of Malaysia has not visited PGI Energy for the acquisition of the drilling rigs related to Structural Dynamics Engineering joint venture. The Company will provide further updates regarding this matter as soon as details develop.
2) Secondly, is PGI capable of manufacturing and designing their own drilling rigs and is that what they were implying with their September 12th PR?
PGI Energy Announces New Business Development in Its Subsidiary PGI Engineering & Manufacturing
Press Release Source: PGI Energy On Monday September 12, 2011, 5:01 am EDT
HOUSTON, TX--(Marketwire -09/12/11)- PGI Energy, Inc. (Pinksheets: PGIE.PK - News)
PGI Energy announces new business development in its subsidiary business PGI Engineering & Manufacturing, formerly known as Structural Dynamics Engineering. The company has developed a new website dedicated to marketing its drilling rigs manufacturing division. The company is currently negotiating a new commercial building facility lease in Houston, and equipment purchase for its machine shop. PGI Engineering & Manufacturing will fabricate mud pumps, rotary drives, top drives, automotive parts, and helicopter parts and many other machine products based upon its agreement with a major supplier who is behind schedule in manufacturing products at its local machine shop. PGI will begin fabricating products at its machine shop in October to take advantage of the new work load, which is projected to generate approx. $350,000-$500,000 a month in machinist labor alone. The machine shop will also generate profits from the manufacture and sale of other signature products designed by PGI Engineering & Manufacturing, Inc. PGI Transportation & Logistics will also see new business as a result of this division through providing logistics and transport services to clients who utilize the machine shop for fabrication of products. "We are excited the division is yielding tremendous opportunities, revenues and profitability," says Robert Gandy, Chief Investment Officer/Investment Banker.
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