Goldfield Plans To Acquire C and C Power Line

The Goldfield Corporation

today announced that its wholly owned subsidiary, Power Corporation of America, has signed a Term Sheet with respect to the purchase of C and C Power Line, Inc., a privately-held electrical construction company headquartered in Jacksonville, Florida. C and C has been involved in the construction of electrical transmission lines in Florida since 1989, with annual revenue of approximately $15 million in 2012. The Term Sheet does not obligate the parties to proceed with the transaction. The contemplated purchase price for all the stock of C and C will be approximately $7 million. John H. Sottile, President of Goldfield, said that C and C is a well respected union contractor with a fine safety record. "The acquisition of C and C will strengthen our electrical construction platform and facilitate expansion of these operations," Mr. Sottile added. Consummation of the purchase is subject to, among other conditions, completion of due diligence and execution of a definitive purchase agreement. The purchase is expected to be consummated in the fourth quarter. There can be no assurance that the acquisition will be completed. About Goldfield Goldfield is a leading provider of electrical construction and maintenance services in the energy infrastructure industry, primarily in the southeastern, mid-Atlantic, and western regions of the United States. The company specializes in installing and maintaining electrical transmission lines for a wide range of electric utilities. For additional information on our Company, please refer to our filings with the Securities and Exchange Commission which can be found on the Company's website at http://www.goldfieldcorp.com.