DALLAS, July 13, 2010 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced that it has been awarded contracts with a combined value of approximately $17.5 million across its various product divisions. Project awards occurred at the end of fiscal year 2010.
The first order is for the design and supply of a Selective Catalytic Reduction (SCR) system complete with carbon dioxide reduction to be installed at the new 435 megawatt Hemweg 9 combined cycle power plant in the Netherlands. The plant will be operated by the Dutch utility Nuon, a subsidiary of Vattenfall A.B. The equipment is scheduled to be delivered in the second calendar quarter of 2011.
The second order is for the supply of Skimovex™ oil/water separation equipment applied to water treatment on an unmanned gas platform for a customer in Saudi Arabia. Skimovex is the Company's product brand name for separators that remove entrained oil from water. The Company expects to deliver these units in the first calendar quarter of 2011.
The third order is for multiple SCR systems to be installed in conjunction with replacing three once-through heat recovery steam generators on a gas production plant in California. Delivery is scheduled for early in the first calendar quarter of 2011.
The fourth order is for an additional turnkey retro-fit SCR system to be located at the Victoria, Texas Cogen Refinery Facility. Delivery is planned for early fall 2011.
The fifth order is for a large separation/filtration pressure vessel designed to remove moisture from a liquefied natural gas processing plant in Australia. Delivery is scheduled for summer 2011.
Peter J. Burlage, Chief Executive Officer, stated, "The awarding of these important projects to close out our fiscal year is very gratifying and represent a significant addition to our backlog as we enter our next fiscal year. Our commitment of resources to the Middle East and Europe continues to expand and is accelerating our ability to penetrate these important markets.
"The Skimovex water separator equipment award is our first significant order of this product since our acquisition of Nitram in 2008. The market for oil/water separation is large, and although competitive, we believe that with a more robust sales and marketing effort Peerless can build a strong position in this business due to our ability to custom design and fabricate to the customers' project specific needs."
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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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, 2009. 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.