Shimmick Broadcasts New Interim CFO to Additional Ship on its Transformation right into a Water Infrastructure Firm

IRVINE, Calif., June 21, 2024 (GLOBE NEWSWIRE) — Shimmick Company (“Shimmick” or the “Firm”) (Nasdaq: SHIM), a number one water infrastructure firm, right now introduced organizational modifications in its finance management to additional ship on its transformation right into a extra selective and centered water infrastructure firm.

Amanda Mobley, a very long time Shimmick finance skilled, will change into interim Chief Monetary Officer, changing Devin Nordhagen, who’s stepping down from his place as CFO to pursue different enterprise pursuits. Mr. Nordhagen will stay with the Firm for a time frame to help with an orderly transition.

“Devin has performed a important function over the previous few years, serving to to ascertain Shimmick as an impartial firm, construct our monetary crew and lead our 2023 IPO,” mentioned Steve Richards, Chief Govt Officer of Shimmick. “We’re grateful for all of Devin’s efforts and want him all the most effective in his future endeavors.”

Steve continued, “I’m additionally excited to have Amanda taking over her new tasks. Amanda has an extended historical past of working with the Shimmick managers within the discipline to enhance outcomes the place she has earned their robust respect. Her concentrate on execution throughout the group shall be instrumental in driving our subsequent part of development.”

Ms. Mobley has been with Shimmick and its predecessors since 2011 in a wide range of monetary administration roles together with being answerable for undertaking accounting and monetary reporting. Previous to her function with Shimmick, Ms. Mobley served as an Audit Supervisor for KPMG with a concentrate on public monetary corporations. Ms. Mobley holds a B.S. in Enterprise Administration from Colorado State College and is a Licensed Public Accountant.

“I’m excited to leverage my years of expertise with Shimmick and tackle these new tasks,” mentioned Ms. Mobley. “We now have a robust finance crew in place, and we’re effectively positioned to proceed to ship on the transformation of Shimmick within the water infrastructure area.”

About Shimmick

Shimmick (NASDAQ: SHIM) is a number one supplier of water infrastructure options nationwide. Shimmick has an extended historical past of engaged on advanced water initiatives, starting from the world’s largest wastewater recycling and purification system in California to the long-lasting Hoover Dam. Shimmick is led by business veterans, many with over 20 years of expertise, and works intently with its clients to ship full options, together with long-term operations and upkeep.

Ahead-Trying Statements

This launch comprises forward-looking statements throughout the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended (the “Trade Act”). These forward-looking statements are sometimes characterised by means of phrases resembling “might,” “ought to,” “expects,” “plans,” “anticipates,” “might,” “intends,” “targets,” “initiatives,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “proceed” or the adverse of those phrases or different related phrases. Ahead-looking statements are solely predictions primarily based on our present expectations and our projections about future occasions, and we undertake no obligation to replace any forward-looking assertion to replicate occasions or circumstances, together with, however not restricted to, unanticipated occasions, after the date on which such assertion is made, until in any other case required by legislation. Ahead-looking statements contained on this launch embody, however aren’t restricted to, statements about our CFO transition and continued transformation of Shimmick. These statements contain dangers and uncertainties, and precise outcomes might differ materially from any future outcomes expressed or implied by the forward-looking statements. Ahead-looking statements are solely predictions primarily based on our present expectations and our projections about future occasions, and we undertake no obligation to replace any forward-looking assertion to replicate occasions or circumstances, together with, however not restricted to, unanticipated occasions, after the date on which such assertion is made, until in any other case required by legislation.

We want to warning readers that, though we imagine any forward-looking statements are primarily based on affordable assumptions, sure vital elements might have affected and will sooner or later have an effect on our precise monetary outcomes and will trigger our precise monetary outcomes for subsequent intervals to vary materially from these expressed in any forward-looking assertion made by or on our behalf, together with, however not restricted to, the next: our potential to precisely estimate dangers, necessities or prices after we bid on or negotiate a contract; the affect of our fixed-price contracts; qualifying as an eligible bidder for contracts; the supply of certified personnel, three way partnership companions and subcontractors; incapability to draw and retain certified managers and expert workers and the affect of lack of key administration; greater prices to lease, purchase and preserve tools mandatory for our operations or a decline available in the market worth of owned tools; subcontractors failing to fulfill their obligations to us or different events or any incapability to take care of subcontractor relationships; market competitors; our restricted working historical past as an impartial firm following our separation from AECOM; our incapability to acquire bonding; our relationship with AECOM; our restricted variety of clients; dependence on subcontractors and suppliers of supplies; any incapability to safe enough aggregates; an incapability to finish a merger or acquisition or to combine an acquired firm’s enterprise; changes in our contact backlog; accounting for our income and prices includes important estimates, as does our use of the enter methodology of income recognition primarily based on prices incurred relative to complete anticipated prices; any failure to adjust to covenants below any present indebtedness, and future indebtedness we might incur; the adequacy of sources of liquidity; cybersecurity assaults in opposition to, disruptions, failures or safety breaches of, our data know-how techniques; seasonality of our enterprise; pandemics and well being emergencies; commodity merchandise worth fluctuations and rising inflation and/or rates of interest; liabilities below environmental legal guidelines, compliance with immigration legal guidelines, and different regulatory issues, together with modifications in laws and legal guidelines; local weather change; deterioration of the U.S. financial system; geopolitical dangers, together with these associated to the struggle between Russia and Ukraine and the battle within the Gaza Strip and the battle within the Crimson Sea Area; and different dangers detailed in our filings with the Securities and Trade Fee, together with the “Threat Elements” part in our Annual Report on Type 10-Okay for the fiscal yr ended December 29, 2023 and people described now and again in our future studies with the SEC.

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