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Exhibit 99.1
For Immediate Release
QUANTA SERVICES ACQUIRES SEVEN COMPANIES WITH
COMBINED ESTIMATED REVENUES OF $140 MILLION
JULY 11, 2000 - Houston, Texas - Quanta Services, Inc. (NYSE:PWR) announced
today that it has completed the acquisition of seven companies that are expected
to produce annualized revenues of approximately $140 million in 2000. These
acquisitions consist of both platform companies and smaller "tuck-in" companies
that will be integrated into existing operating units. All of the acquisitions
were accounted for under the purchase method of accounting.
"We are pleased to announce that we have added seven high quality
service providers into the Quanta family of companies," stated John Colson,
Quanta Services' Chief Executive Officer. "The largest of the seven companies
acquired, IRBY Construction Company, represents Quanta's largest acquisition to
date. IRBY, based in Jackson, Mississippi, is a premiere electric power service
provider that has diversified into fiber optic and wireless telecommunications
nationwide. The remaining six companies acquired continue the expansion of our
cable television, telecommunications and directional boring capabilities. We
continue to capitalize on the strong and growing demand for specialty services
created by the increasing need for bandwidth, deregulation, outsourcing and
convergence in the industries we serve."
In addition to IRBY, the companies Quanta acquired include: Kuenzi
Construction, Inc., based in Silverton, Oregon, which provides directional
boring for communications conduit; dot 05 Optical Communications, Inc., a fiber
optic engineering, splicing and testing service provider based in Billerica,
Massachusetts; Marlboro Cablevision Constructors, Inc., based in Bennettsville,
South Carolina, which provides aerial and underground services for the cable
television industry; NetCom Management Group, Inc., based in Albuquerque, New
Mexico, which provides fiber optic services, including engineering, design, and
installation, in addition to commercial data wiring and cabling; Great Western
Enterprises, Inc., based in Billings, Montana, which provides directional boring
services for fiber optic and utility line installations and repairs; and Tjader
& Highstromm Inc., a provider of directional boring and installation services
for the telecommunications and cable industries based in New Richmond,
Wisconsin.
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[QUANTA SERVICES Quanta Services, Inc. is a leading provider of specialized
LOGO] contracting services, delivering end-to-end network solutions
for telecommunications, cable television and electric power industries. The
Company's comprehensive services include designing, installing, repairing and
maintaining network infrastructure. Quanta Services performs projects nationwide
from principle offices in 37 states.
This press release contains various forward-looking statements and information,
including expected revenues of recent acquisitions, that are based on
management's belief as well as assumptions made by and information currently
available to management. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, it can give no
assurance that such expectations will prove to have been correct. Such
statements are subject to certain risks, uncertainties and assumptions
including, among other matters, future growth in the electric power,
telecommunications and cable television outsourcing industry, and the ability of
Quanta to complete acquisitions and to effectively integrate the operations of
acquired companies, as well as general risks related to the industries in which
Quanta operates. Should one or more of these risks materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those expected. For a discussion of the risks, investors are urged to refer to
the Company's reports filed under the Securities Exchange Act of 1934.
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