PMFG, Inc. Awarded Separation Equipment Orders Valued in Excess of $5 Million
DALLAS, Jan. 8, 2013 (GLOBE NEWSWIRE) -- PMFG, Inc. (PMFG) (the "Company") (Nasdaq:PMFG) today announced it was awarded two separation equipment orders with an aggregate value in excess of $5 million.
The first order is for steam separators to be installed at a nuclear power plant in the United States, with delivery expected in late calendar 2013. These units will be manufactured at PMFG's plant in Denton, Texas. These steam separators are replacement units for a BWR reactor as part of the plant's relicensing process. Only the portion of this award that has been released by the customer will be included in our backlog at the end of December.
The second order is for production separators for a South American natural gas project, with delivery expected in late summer of calendar 2013. The Company will fabricate the equipment in the United States.
PMFG's Chief Executive Officer, Peter Burlage, stated, "Opportunities to provide replacement steam separators both in the United States and globally in connection with relicensing of nuclear facilities represents a significant opportunity for the Company. We believe nuclear power generation will continue to play a material role in the generation of electricity globally. We expect the demand for replacement units to rival or even exceed the demand for steam separators in emerging markets such as China over the foreseeable future. We believe the recent order in Latin America and in particular the short delivery schedule is a positive indication that the numerous anticipated capital projects are beginning to move forward."
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, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. The words "anticipate," "expect," "believe," "intend" and similar expressions identify forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such 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 and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. These risks and uncertainties include the Company's ability to raise additional capital and to execute its 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 SEC, including the information under Item 1A. "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2012. The Company undertakes no obligation to revise any forward-looking statements or to update them to reflect events or circumstances occurring after the date of this release, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. 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