HOUSTON and JAKARTA, Indonesia, April 2, 2008 (PRIME NEWSWIRE) -- American Electric Technologies, Inc. (Nasdaq:AETI), the premium supplier of custom-designed power distribution and control solutions for the traditional and alternative energy industries, today announced plans to deliver on its international geographic expansion and alternative energy penetration strategies by announcing two Southeast Asian projects.
AETI, with current joint venture operations in China and Singapore, has entered into its third Asian joint venture by today announcing a new strategic partnership in Jakarta, Indonesia. Under the terms of the agreement, the new joint venture will concentrate on the service and marketing of power delivery products to benefit the burgeoning Indonesian power generation and oil and gas markets. AETI's Singapore joint venture, M&I Electric Far East (MIEFE), has a 45 percent ownership interest in the new joint venture, which will be managed by Bernard Chia who has 15 years of management, sales and marketing experience in the oil and gas industry in Indonesia. AETI owns a 49 percent interest in MIEFE.
"Our objective with our new Indonesian joint venture is to continue to become the premium full-service provider of power delivery systems in the Indonesian market," said Arthur G. Dauber, chairman and chief executive officer of AETI. "This alliance not only extends our reach into rapidly growing Southeast Asia, but it also serves as a prudent method of leveraging our expertise, experience and operational capabilities to grow the company."
With an existing client base in Indonesia, the company already has a well-established reputation for quality. According to Chia, "AETI's reliable, cost-effective products and services with our local sales, service and project management support represent a tremendous benefit for our collective customers."
AETI also announced today that they have entered into an agreement to provide custom-designed M&I Electric power delivery system components to Chevron Geothermal Indonesia. The Darajat power plant is operated by Chevron's subsidiary, Chevron Geothermal Indonesia, Ltd. Chevron is the world's leading geothermal energy company. Financial terms were not disclosed.
"This contract in Indonesia fits with AETI's focus on delivering power delivery solutions for the renewable energy market, and we are pleased to be involved in the development of this geothermal energy project," said Dauber.
American Electric Technologies, Inc. (Nasdaq:AETI) is the premium supplier of custom-designed power delivery solutions to the traditional and alternative energy industries. AETI offers M&I Electric(tm) power distribution and control products, electrical services, and E&I construction services, as well as American Access Technologies zone enclosures, and Omega Metals custom fabrication services. South Coast Electric Systems L.L.C., a subsidiary, services Gulf Coast marine and vessel customers.
AETI is headquartered in Houston and has global sales, support and manufacturing operations in Beaumont, Texas, Keystone Heights, Fla. and Bay St. Louis, Miss. In addition, AETI has minority interests in two joint ventures which have facilities located in Xian, China and Singapore. AETI's SEC filings, news and product/service information are available at www.aeti.com.
Forward Looking Statements
Except for the historical and present factual information contained herein, the matters set forth in this document, including statements regarding the anticipated results of our international joint ventures are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There are many risks, uncertainties and other factors that can prevent the achievement of our goals or cause results to differ from those expressed or implied by these forward-looking statements including, without limitation, the risks inherent in doing business outside of the U. S. such as political, social and economic instability, currency fluctuations and conversion restrictions. These and other risks which may impact management's expectations are described in greater detail in filings made by the Company with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future events make it clear that any of the anticipated results expressed or implied herein will not be realized.