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The PIC Companies Announces Formation of PIC-MARUBENI ENERGY GROUP

Posted on Friday, October 14th, 2005

ATLANTA (Oct. 14, 2005)  – Mr. James R. Flandreau – Chairman of The PIC Companies (“PIC“), today announced the formation of a joint venture with Marubeni Corporation of Japan (“Marubeni”) for the operation and maintenance (O&M) of power generation facilities worldwide. PIC shall maintain majority equity and management control of PIC-MARUBENI ENERGY GROUP, the name of the new JV entity that will combine PIC‘s existing O&M business with Marubeni’s global development and operational expertise.

According to Mr. Flandreau, “Partnership in the O&M business is logical progression of the long-standing relationship between Marubeni and PIC. The O&M partnership supports Marubeni’s strategy of owning and operating power generation facilities worldwide, with strong near-term emphasis in the Americas. The partnership also supports PIC‘s goals for strengthening our execution resources to drive optimal performance of our customer’s facilities and for continued growth in the O&M business by enhancing the company’s competitive position in the marketplace.”

Marubeni is a publicly listed company headquartered in Japan with over $40 billion in assets and $68 billion in annual turnover (2004). The company was founded in 1858 and currently has over 3,700 employees in 124 offices in 73 different countries around the world. Marubeni owns and operates power plants of various technologies; current investment includes 20 operating generators in 14 different countries with total gross capacity of 6,425 MW and net equity capacity of 2,133 MW. Marubeni’s generation portfolio includes renewable energy projects such as wind, hydro, and geothermal as well as conventional fossil-fueled thermal plants (including coal), reciprocating engines, and combustion turbine facilities.

The PIC Companies, headquartered in Marietta (Atlanta), Georgia, and established in 1988, is a leader in providing global service solutions to the energy industry. The company provides full third party O&M and has asset management experience on more than 4,500 MW and current contracted experience encompassing 24 facilities worldwide. In addition to O&M, PIC provides managed outage services, turnkey commissioning, start-up, boiler & mechanical services, and complete staffing solutions through its Field Services and Technical & Consulting lines of business. PIC delivers “The Best of The Best”® personnel, process, and programs to meet its customer’s facility and project needs. PIC serves its customers from its corporate office in Marietta (Atlanta), Georgia, and has offices in Houston, Texas; Zurich, Switzerland; Kuala Lumpur, Malaysia; Buenos Aires, Argentina; Rio de Janeiro, Brazil; Mexico City, Mexico and Beirut, Lebanon.