Williams Industrial Services Group Announces Plan for $7 million Rights Offering to Stockholders with Backstop Commitment - Seite 2

A condition to the obligations of Wynnefield in the Backstop Agreement will be that the Company has consummated the refinancing of its existing credit facilities. The Backstop Agreement allows for the Company to issues securities in connection with the refinancing of its existing credit facilities if required, or the conversion or exercise of its outstanding derivative securities. Williams expects to complete the refinancing process no later than the end of this year.

Wynnefield will not receive any compensation or other consideration for entering into or consummating the Backstop Agreement. The Company has agreed to reimburse Wynnefield for all reasonable out-of-pocket expenses it incurs in connection with the Rights Offering and backstop commitment.

Form S-1 Registration Statement

The Registration Statement relating to these securities has been filed with the SEC, but has not yet become effective. The Company may not accept any offers pursuant to the Rights Offering prior to the time the registration statement becomes effective.

For additional information on the Rights Offering, please see the prospectus included in Williams registration statement on Form S-1, which is preliminary and subject to completion, and amendments to be filed with the SEC prior to the commencement of the Rights Offering. The completion of the Rights Offering remains subject to the satisfaction of certain conditions, and Williams reserves the right to terminate the Rights Offering at any time prior to the expiration date of the Rights Offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Williams

Williams Industrial Services Group Inc. has been safely helping plant owners and operators enhance asset value for more than 50 years. The Company provides a broad range of construction, maintenance and support services to customers in energy, power and industrial end markets. Williams’ mission is to be the preferred provider of construction, maintenance, and specialty services through commitment to superior safety performance, focus on innovation, and dedication to delivering unsurpassed value to its customers.