DALLAS, Dec. 22, 2011 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced that it has been awarded multiple international orders totaling $15 million for projects related to natural gas processing and transmission in South America and southern Asia.
Two orders are for the supply of a broad range of Process Systems equipment in multiple skid packages for a large natural gas processing plant in connection with an offshore joint venture in South America. The third order is for the Company's SkimovexTM waste water treatment system for an application in Turkmenistan. Skimovex is the brand name for separators that remove entrained oil from water during oil and gas gathering and production processes.
The Company anticipates that the majority of the revenue from these three orders will be recognized in the third quarter of fiscal year 2012 through the second quarter of fiscal year 2013.
Peter J. Burlage, PMFG's Chief Executive Officer said, "These are significant project wins and point to the excellent reputation we have established for delivering critical equipment to the natural gas processing industry. Our global sales and manufacturing capabilities have positioned us well to benefit from the substantial international energy infrastructure development initiatives underway to meet the continued growth of energy demand. We are pleased to have been awarded these important projects and look forward to their successful completion and timely delivery to our customers."
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, it 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 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; the Company's ability to achieve financial and nonfinancial covenants and requirements of our debt agreements; 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 July 2, 2011. 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.