-- Two Contracts with a Combined Value of $4,200,000 for Air Pollution
Reduction Systems; and,
-- One Contract for $3,100,000 for Heat Exchangers
DALLAS, Jan. 6, 2009 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG), parent of Peerless Mfg. Co., today announced that it has been awarded two Environmental Systems contracts with a combined value of $4,200,000 and has also been awarded one contract for heat exchangers valued at $3,100,000.
The first Environmental Systems order is for the design and supply of Selective Catalytic Reduction (SCR) Systems for installation on two heat recovery steam generators at the Edwardsport Station Integrated Gassification Combined Cycle (IGCC) facility operated by Duke Energy. The IGCC plant converts coal to a synthesis gas fired in the combined cycle process to produce steam. The 630-megawatt IGCC facility is expected to be one of the cleanest and most efficient coal-fired power plants in the world. The equipment is scheduled to be delivered in the fourth calendar quarter of 2009.
The second Environmental Systems order is for the design and supply of SCR Systems for installation on three fired heater units located at two different facilities for a large domestic refiner. The Company has installed multiple SCR systems for this customer in the past thus maintaining consistency in process design and performance achievement. The equipment is scheduled for delivery in the first calendar quarter of 2010.
The third order is for the design and supply of thirteen heat exchangers for installation on Floating Production/Storage/Offloading (FPSO) vessel. This order is the most recent in a series of similar orders for the same U.S. customer, whose specialty is FPSO design. This order is valued at $3,100,000, and the equipment is scheduled for delivery in the 4th calendar quarter of 2009.
Peerless Mfg. Co.'s ALCO Products and Bos-Hatten product lines provide its industrial customers with custom-designed high performance heat transfer solutions. ALCO and Bos-Hatten heat exchangers are most often found in difficult, highly specified applications that require a high level of experience in thermal design and mechanical fabrication.
Peter J. Burlage, Chief Executive Officer, stated, "We are pleased to have received these significant contract awards. Clean energy projects such as the Edwardsport IGCC facility represent another example of our expertise in NOx reduction when firing many different fuels, including syngas. We also have significant experience in providing large refiners with complete SCR Environmental Systems to meet their required NOx emissions for environmental compliance."
Commenting on the contract for heat exchangers, Mr. Burlage said, "The FPSO vessel project is representative of the complex engineering and fabrication requirements that our customers demand of our heat exchanger equipment and we are very appreciative of this new order."
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.
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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.