Williams Industrial Services Group Comments on Koontz-Wagner Bankruptcy Filing

Williams Industrial Services Group Inc. (“Williams” or “the Company”)
(OTC:WLMS), a general and specialty construction services company,
commented today on the filing of Chapter 7 bankruptcy proceeding by its
discontinued operation and wholly-owned subsidiary, Koontz-Wagner Custom
Controls Holdings LLC (“Koontz-Wagner”).

Tracy Pagliara, President and CEO of Williams, stated, “It has been a
slow and difficult process to complete the strategic alternatives review
for Koontz-Wagner. After their second sales effort did not go as
planned, Koontz-Wagner assessed a number of other options and, in
consultation with its professional advisors, came to an informed
conclusion that a Chapter 7 bankruptcy filing was most appropriate under
the circumstances.”

Williams also noted that its lender has agreed to waive the event of
default that would have occurred under the term loan agreement as a
result of Koontz-Wagner’s Chapter 7 bankruptcy filing. The lender also
extended through April 1, 2020 the mandatory pre-payment date and
financial covenant compliance date to June 30, 2020 under the term loan
agreement. The Company and its lender have reached an agreement in
principle regarding new terms for refinancing the current term loan and
will endeavor to finalize a new term loan agreement prior to August 31,

Mr. Pagliara concluded, “We can now focus our efforts on reducing costs,
restructuring the organization, closing the Dallas office, obtaining an
asset-based revolver and refinancing our debt while expanding Williams’
business prospects.”

As of July 1, 2018, the Company had $11.7 million of cash, of which $6.5
million was restricted for letters of credit, and $26.5 million in
borrowings. Backlog from continuing operations at the end of Q2 2018 was
approximately $175 million.

Webcast and Teleconference:

Williams’ management will host a brief conference call today at 4:00
p.m. Eastern time (3:00 p.m. Central) to address investors questions
regarding the Koontz-Wagner decision. A webcast of the call will be
available at www.wisgrp.com.
To access the conference call by telephone, listeners should dial

An audio replay of the call will be available from 7:00 p.m. Eastern
time (6:00 p.m. Central) on the day of the teleconference until the end
of day on July 25, 2018. To listen to the audio replay, dial
412-317-6671 and enter conference ID number 13681476. Alternatively, you
may access the webcast replay at http://ir.wisgrp.com,
where a transcript will be posted once available.

About Williams Industrial Services Group

Williams Industrial Services Group (formerly known as Global Power
Equipment Group) has been safely helping plant owners and operators
enhance asset value for more than 50 years. The Company provides a broad
range of general and specialty construction, maintenance and
modification, and plant management support services to the nuclear,
hydro and fossil power generation, pulp and paper, refining,
petrochemical and other process and manufacturing industries. 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.

The Company’s strategy for growth is to further diversify both the
geography and industries served, while also advancing capabilities to
meet changing customer needs which includes nuclear decommissioning and
conversion of analog control systems to digital in power generation

Additional information can be found at www.wisgrp.com.

Forward-looking Statement Disclaimer

This press release contains “forward-looking statements” within the
meaning of the term set forth in the Private Securities Litigation
Reform Act of 1995. The forward-looking statements include statements or
expectations regarding the impact of Koontz-Wagner’s bankruptcy, planned
cost reductions, reorganization and restructuring efforts, management’s
ability to position the Company to fulfill its significant potential for
future growth and profitability, the Company’s ability to come to new
terms under its lending agreement and other related matters. These
statements reflect the Company’s current views of future events and
financial performance and are subject to a number of risks and
uncertainties, including its ability to comply with the terms of its
credit facility and enter into new lending facilities and access letters
of credit, ability to timely file its periodic reports with the U.S.
Securities and Exchange Commission (“the SEC”), ability to implement
strategic initiatives, business plans, and liquidity plans, and ability
to maintain effective internal control over financial reporting and
disclosure controls and procedures. Actual results, performance or
achievements may differ materially from those expressed or implied in
the forward-looking statements. Additional risks and uncertainties that
could cause or contribute to such material differences include, but are
not limited to, decreased demand for the services provided by the
Williams Industrial Services Group due to declines in the industries
served, reduced demand for, or increased regulation of, nuclear power,
loss of any of the Company’s major customers, whether pursuant to the
loss of pending or future bids for either new business or an extension
of existing business, termination of customer or vendor relationships,
cost increases and project cost overruns, unforeseen schedule delays,
poor performance by its subcontractors, cancellation of projects,
competition, including competitors being awarded business by current
customers, damage to the Company’s reputation, warranty or product
liability claims, increased exposure to environmental or other
liabilities, failure to comply with various laws and regulations,
failure to attract and retain highly-qualified personnel, loss of
customer relationships with the loss of critical personnel, volatility
of the Company’s stock price, deterioration or uncertainty of credit
markets, changes in the economic and social and political conditions in
the United States, including the banking environment or monetary policy,
and any suspension of the Company’s continued reporting obligations
under the Securities Exchange Act of 1934, as amended.

Other important factors that may cause actual results to differ
materially from those expressed in the forward-looking statements are
discussed in the Company’s filings with the SEC, including the section
of the Annual Report on Form 10-K for its 2017 fiscal year titled “Risk
Factors.” Any forward-looking statement speaks only as of the date of
this press release. Except as may be required by applicable law,
Williams undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, and you are cautioned to not to rely upon
them unduly.

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