DALLAS, Nov. 20, 2008 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced that it has been awarded two Environmental Systems contracts for a combined value of $5,000,000.
The first order is for the design and supply of a single Selective Catalytic Reduction (SCR) System with high NOx reduction efficiency on a new dual fuel (natural gas and ultra-low sulfur distillate) simple cycle combustion turbine to provide peak electrical load service to the grid. The SCR System will be installed at an existing combined cycle facility operated by Morris Energy Group and located in Dartmouth, Massachusetts. The equipment is scheduled to be delivered in the second calendar quarter of 2009.
The second order is for the design and supply of SCR Systems to retrofit three combustion turbines at an existing compressor station for an undisclosed customer in California. Air regulations in California require plants to add SCR onto existing facilities to reduce NOx emissions in an effort to meet future ozone attainment requirements. The first unit is expected to be delivered in the third calendar quarter of 2009 and the other two units to be delivered in the first quarter of calendar year 2010.
Peter J. Burlage, Chief Executive Officer, stated, "We are pleased to have received these significant awards for our environmental business. Peerless is an established and recognized leader in designing and building complete SCR Environmental Systems to help our electric power and gas transmission customers meet their required NOx emissions for environmental compliance. Our customers are increasingly demanding innovative, low life-cycle cost solutions to their emission control requirements, and we are committed to meeting those important needs with quality products and on-time delivery."
About PMFG
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.
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; risks associated with the Company's recent acquisition of Nitram Energy, including the integration of Nitram's operations with those of the Company and the significant indebtedness that the Company incurred in connection with the acquisition; 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 June 30, 2008. 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.