DALLAS, March 5, 2013 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced that it has been awarded contracts on two projects with an aggregate value of approximately $3.9 million for separation equipment. Both contracts will be managed through the Company's subsidiaries located in Europe. The Company anticipates that the majority of the revenue from these two orders will be recognized in the first half of fiscal year 2014.
The first project is for multiple sets of filtration and separation equipment in support of a natural gas pipeline construction project in Eastern Europe. The second project is for steam separators designed to protect steam turbine generators for a power plant project located in China.
Peter J. Burlage, PMFG's chief executive officer said, "These important new contract awards for our core process products business are destined for the emerging markets, where power demand is growing rapidly along with the associated infrastructure to meet that demand. Whether it is the expansion or upgrading of natural gas pipelines or new power plant construction, we have the experience and depth of resources to provide our customers with high quality, reliable, cost-efficient systems and products."
About PMFG
PMFG is a leading provider of custom-engineered systems and products designed to help ensure that the delivery of energy is safe, efficient and clean. PMFG primarily serves the markets for power generation, natural gas infrastructure and petrochemical processing. Headquartered in Dallas, Texas, PMFG markets its 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, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. The words "anticipate," "expect," "believe," "intend" and similar expressions identify forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such 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 and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. These risks and uncertainties include the Company's ability to raise additional capital and to execute its 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 SEC, including the information under Item 1A. "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2012. The Company undertakes no obligation to revise any forward-looking statements or to update them to reflect events or circumstances occurring after the date of this release, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. 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.