ROCKVILLE, MD – Argan Inc. (NYSE AMEX: AGX) has signed a letter of intent to purchase United American Steel Constructors Inc. (Unamsco), a private company operating two wholly-owned subsidiaries, National Steel Constructors, and Peterson Beckner Industries.

The proposed purchase price is approximately $50 million, to be structured as a combination of cash and stock.

Rainer Bosselmann, CEO and chair of Argan, said, “National Steel and Peterson Beckner also focus on reducing the emissions produced by traditional coal fired power plants. The ability to provide clean air solutions through the installation of air quality control systems, FGD systems and scrubbers, is a valuable asset in the engineering and construction space, particularly as environmental mandates gain additional support from the Federal Government.”

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. Argan also owns Southern Maryland Cable Inc. and Vitarich Laboratories Inc.

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