RIO DE JANEIRO, Brazil, Aug. 27, 2012 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (Nasdaq:AETI), a leading global supplier of power delivery solutions for the energy industry, today announced that as part of its global energy growth strategy, its Brazil joint venture operation has acquired the assets of Assort Services LTDA ("Assort") of Rio De Janeiro, Brazil for an undisclosed amount.
Assort provides electrical technical services for the offshore oil & gas market including electrical system commissioning, preventative maintenance services, emergency electrical equipment services and power system upgrade services.
"Our growth strategy focuses on expansion in the key global energy markets such as Brazil. Part of our strategy is to add strategic capabilities through targeted acquisitions of respected companies like Assort Services," said Charles Dauber, chief executive officer, AETI. "Having Assort as part of AETI Brazil enables us to accelerate our customer service capabilities in the Brazilian Campos Basin and other deep water regions, and we look forward to having them on our team."
As part of the acquisition, Assort President Antonio Carlos Martins will join AETI Brazil as General Manager, Services, reporting to Jose Octavio, General Manager of AETI Brazil.
"Assort Services is the leading offshore electrical services company in Brazil and their technicians are known in the region for their technical skills and safety focus" said Jose Octavio. "With our combined service teams and recent acquisition of additional electrical test equipment, we can fully support the electrical service needs of Brazil's fast-growing offshore oil and gas market."
AETI Alliance Group Brazil ("AETI Brazil") is a joint venture between American Electric Technologies, Inc. of Houston, Texas and 5 Star Services of Macae, Brazil. AETI Brazil provides the following power delivery solutions to the Brazilian oil & gas industry:
- AC VFDs and SCR systems, generator control switchgear, motor control centers, and power control buildings for offshore drilling platforms, semisubmersibles, drillships and land drilling rigs;
- Low voltage and medium voltage power and control solutions for offshore production systems including FPSOs;
- Full automation and control solutions;
- Electrical construction and rig-up services; and
- Electrical services including start-up/commissioning, electrical maintenance, emergency services, equipment retrofit and upgrade services, and spare parts.
American Electric Technologies, Inc. (Nasdaq:AETI) a leading global provider of power delivery solutions to the energy industries. AETI offers M&I Electric™ 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 three joint ventures, which have facilities located in Xian, China, Singapore and Jakarta, Indonesia and Macae, Brazil. AETI's SEC filings, news and product/service information are available at www.aeti.com.
Forward Looking Statements
This press release contains forward-looking statements, as defined in Section 27A of the Securities Exchange Act of 1934, concerning our anticipated future revenues, profits, plans and objectives. While the Company believes that such forward-looking statements are based on reasonable assumptions, there can be no assurance that such future revenues, profits, plans and objectives will be achieved on the schedule or in the amounts indicated. Investors are cautioned that these forward-looking statements are not guarantees of future performance. Actual events or results may differ from the Company's expectations, and are subject to various risks and uncertainties, including those listed in Item 1A of the Form 10-K filed with the Securities and Exchange Commission on March 26, 2010. 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 projected results expressed or implied herein will not be realized.