Goldfield Extends Stock Repurchase Plan; Settles With EPA
September 23 2009 - 8:07AM
PR Newswire (US)
MELBOURNE, Fla., Sept. 23 /PRNewswire-FirstCall/ -- The Goldfield
Corporation (NYSE Amex: GV), a leading provider of electrical
construction and maintenance services in the southeastern United
States and a developer of condominiums on the east coast of
Florida, announced that its Board of Directors approved an
extension of Goldfield's stock repurchase plan until September 30,
2010. As of September 17, 2009, the Company has repurchased
2,345,060 shares pursuant to the plan, at an average cost of $0.55
per share, and is authorized to purchase an additional 1,154,940
pursuant to the plan. As of September 17, 2009, Goldfield had
25,451,354 shares outstanding. The Goldfield Corporation today also
announced that it has finalized its previously disclosed settlement
agreement with the Environmental Protection Agency ("EPA") relating
to investigation and removal activities at the Anderson-Calhoun
Mine/Mill Site in Stevens County, Washington, a mining property
which the Company sold 45 years ago. Pursuant to the settlement
agreement, the Company made a cash payment to EPA of $73,000 in
exchange for a covenant not to sue from EPA relating to the site,
along with certain other protections. The Company is in the process
of determining whether insurance will cover all or any part of the
payment. Notwithstanding the settlement agreement, the party
conducting the remediation of the site may, in theory, seek cost
recovery from the Company, which would be in addition to the cash
payment above; however, the Company believes that any such
contribution claim against the Company would be resolved favorably
in light of the circumstances. About Goldfield Goldfield is a
leading provider of electrical construction and maintenance
services in the energy infrastructure industry in the southeastern
United States. The company specializes in installing and
maintaining electrical transmission lines for a wide range of
electric utilities. Goldfield is also involved in the development
of high-end condominium projects on Florida's east coast. For
additional information, please visit http://www.goldfieldcorp.com/.
This press release includes forward-looking statements based on our
current expectations. Our actual results may differ materially from
what we currently expect. Factors that may affect the results of
our electrical construction operations include, among others: the
level of construction activities by public utilities; the timing
and duration of construction projects for which we are engaged; our
ability to estimate accurately with respect to fixed price
construction contracts; and heightened competition in the
electrical construction field, including intensification of price
competition. Factors that may affect the results of our real estate
development operations include, among others: the level of consumer
confidence; the continued weakness in the Florida condominium
market; our ability to acquire land; increases in interest rates
and availability of mortgage financing to our buyers; increases in
construction and homeowner insurance and the availability of
insurance. Factors that may affect the results of all of our
operations include, among others: adverse weather; natural
disasters; changes in generally accepted accounting principles; our
ability to obtain necessary permits from regulatory agencies; our
ability to maintain or increase historical revenues and profit
margins; general economic conditions, both nationally and in our
region; adverse legislation or regulations; availability of skilled
construction labor and materials and material increases in labor
and material costs; and our ability to obtain additional and/or
renew financing, particularly in light of the current disruption in
the credit markets. Important factors which could cause our actual
results to differ materially from the forward-looking statements in
this press release are detailed in the Company's Risk Factors and
Management's Discussion and Analysis of Financial Condition and
Results of Operation sections of our Annual Report on Form 10-K and
Goldfield's other filings with the Securities and Exchange
Commission, which are available on Goldfield's website:
http://www.goldfieldcorp.com/. For further information, please
contact: The Goldfield Corporation Phone: (321) 724-1700 Email:
DATASOURCE: Goldfield Corporation CONTACT: The Goldfield
Corporation, +1-321-724-1700, Web Site:
http://www.goldfieldcorp.com/
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