Director of construction leaves to rejoin Gemma Power Systems, a sub of Argan, Inc.
Foresight Advisors, LLC: Foresight Advisors, LLC issues Buy rating on Argan Inc. (NYSE Alternext U.S.: AGX) (AMEX: AGX)
Jan 15, 2009 (M2 PRESSWIRE via COMTEX) -- Palm Beach, Florida based Foresight Advisors, LLC has started Argan Inc., a manufacturer and provider of renewable energy power plants and related services with a Buy rating.
Argan's primary business is designing and building energy plants through its Gemma Power Systems subsidiary. These energy plants include traditional gas as well as alternative energy including biodiesel, ethanol, and renewable energy sources such as wind power and solar.
Argan has over $93,000,000 in cash ($6.6 per share) as of Oct. 31, 2008, minimal debt of $2,400,000 and a growing backlog of $505,000,000 not including their recent joint venture with Invenergy Wind Management, LLC., which recently announced their first $50,000,000 contract to build out an existing windfarm in Lasalle County, Illinois.
With less than 14,000,000 shares outstanding and no analyst coverage, we feel that long term investors will profit by an investment in Argan at these levels below $10.00", stated Pat Levy, President of Foresight Advisors, LLC.
Recent events include the announcement on Jan 05, 2009 Argan, on the appointment of Mr. Eric Whitehouse as President of its wholly owned subsidiary Gemma Power Systems effective January 2, 2009.
Mr. Whitehouse has over 25 years experience in the power industry including all types of renewable power such as wind, biomass and solar.
Most recently, Mr. Whitehouse was Director of Construction in the business development group at The AES Corporation, one of the world's largest global power companies. (NYSE: AES)
At AES, Mr. Whitehouse planned facility engineering, construction and EPC contracts for liquid natural gas (LNG) terminals, pipelines and power generation facilities. Previously, Mr. Whitehouse served as Vice President of Gemma from 1997 to 2004.
Additionally, Gemma recently added Mr. Brad Lukehart as Vice President of Operations. Most recently, Mr. Lukehart was Project Director and Vice President at Shaw Power Group (NYSE: SGR), where he oversaw several billion dollar plus projects. Mr. Lukehart also previously worked at Gemma.
About Foresight Advisors, LLC.
Foresight Advisors, LLC is a private equity advisor.
Foresight does not own shares of Argan, Inc., or any of the companies mentioned in this article, nor has FSA received any compensation for this report.
FSA has previously advised others to make purchases of Argan, Inc.
CONTACT: Pat Levy, President, Foresight Advisors, LLC e-mail: ForesightAdvisor@bellsouth.net Tel: +1 561 248 5360 Rainer Bosselmann / Arthur Trudel, Argan Tel: +1 301 315 0027 John Nesbett / Jennifer Belodeau, Institutional Marketing Services (IMS) Tel: +1 203 972 9200
M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at presswire.net on the world wide web. Inquiries to info@m2.com.
(C)1994-2009 M2 COMMUNICATIONS LTD |
