PMFG, Inc. Awarded Process Products Equipment Orders With Combined Value of $3.3 Million
DALLAS, Oct. 19, 2012 (GLOBE NEWSWIRE) -- PMFG, Inc. (PMFG) (the "Company") (Nasdaq:PMFG) today announced it was awarded two new orders for two oil production projects with a combined value of approximately $3.3 million. The equipment for both orders is part of the company's Pressure Products offering. Both Projects have a completion date in the second quarter of fiscal year 2014.
The Pressure Products orders are for the installation of three High Pressure Steam Separators at two major Steam Assisted Gravity Drainage (SAGD) sites located in Alberta, Canada. SAGD is an enhanced oil recovery technology for producing heavy crude oil and bitumen.
PMFG's Chief Executive Officer, Peter Burlage, stated, "These significant projects are a great start to what has traditionally been our strongest bookings period. The strong global energy demand has continued to drive the development of unconventional energy sources. The Alberta oil sands projects have been a strong and stable market for us over that last few years as oil prices have maintained at a level that keeps project expansion moving ahead."
We are a leading provider of custom engineered systems and products designed to help ensure that the delivery of energy is safe, efficient and clean. We primarily serve the markets for power generation, natural gas infrastructure and petrochemical processing. Headquartered in Dallas, Texas, we market our systems and products worldwide.
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Safe Harbor Under The Private Securities Litigation Reform Act of 1995
Certain statements contained in this press release that are not historical facts are forward-looking statements that involve a number of known and unknown risks, uncertainties and other factors that could cause the actual results to be materially different from those expressed or implied by such forward-looking statements. The words "anticipate," "preliminary," "expect," "believe," "intend" and similar expressions identify forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for these forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause actual results to differ materially from the anticipated results expressed in these forward-looking statements. The risks and uncertainties that may affect the Company's results include the growth rate of the Company's revenue and market share; the receipt of new, and the non-termination of existing, contracts; the Company's ability to effectively manage its business functions while growing its business in a rapidly changing environment; the Company's ability to achieve financial and nonfinancial covenants and requirements of our debt agreements; the Company's ability to adapt and expand its services in such an environment; the quality of the Company's plans and strategies; and the Company's ability to execute such plans and strategies. Other important information regarding factors that may affect the Company's future performance is included in the public reports that the Company files with the Securities and Exchange Commission, including the information under Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended July 2, 2011. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of this release, or to reflect the occurrence of other events. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.
CONTACT: Mr. Peter J. Burlage, Chief Executive Officer Mr. Ronald L. McCrummen, Chief Financial Officer PMFG, Inc. 14651 North Dallas Parkway, Suite 500 Dallas, Texas 75254 Phone: (214) 357-6181 http://www.peerlessmfg.com or Kevin McGrath Cameron Associates (212) 245-4577 Kevin@cameronassoc.com