DALLAS, Feb. 25, 2010 (GLOBE NEWSWIRE) -- PMFG, Inc. (Nasdaq:PMFG) announced today that it has commenced a public offering of its common stock. All shares will be offered by the Company. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The Company intends to use the net proceeds from the offering to repay a portion of its outstanding borrowings under its senior term loan incurred in connection with the Company's acquisition of Nitram Energy, Inc. in April 2008. The balance of the net proceeds will be used for working capital and other general corporate purposes.
Needham & Company, LLC is acting as the sole book-running manager for the offering.
The common stock will be offered pursuant to a shelf registration statement that was previously filed with and declared effective by the Securities and Exchange Commission. A preliminary prospectus supplement related to the offering will be filed with the Securities and Exchange Commission and will be available on the SEC's website at www.sec.gov. Copies of the preliminary prospectus supplement may also be obtained, when available, from Needham & Company, LLC, 445 Park Avenue, New York, NY 10022, Tel: (212) 371-8300.
This press release shall not constitute an offer to sell nor the solicitation of an offer to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering may be made only by means of a prospectus and a related prospectus supplement.
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.
The PMFG, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5676
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 "intend," "will" 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 include conditions in the equity markets, our working capital needs and decreased demand for our products. Other important information regarding factors that may affect this offering and the Company's future performance is included under "Risk Factors" in the preliminary prospectus supplement to be filed with the Securities and Exchange Commission. 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.