HOUSTON, July 1, 2014 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (Nasdaq:AETI), a leading supplier of power delivery solutions for the global energy industry, today announced the launch of a new company subsidiary, M&I Electric Brazil.
M&I Electric provides a full range of turnkey power delivery solutions including power distribution, power conversion, power control/automation systems, and power construction and services for the oil and gas and power generation sectors of the global energy industries.
"The formation of M&I Electric Brazil fulfills our objective of developing local capabilities in rapidly growing oil and gas markets worldwide, with the goal to have majority or total ownership of those international entities," said Charles Dauber, AETI president and CEO. "We are bullish long term on Brazil and believe the country's natural resources and large deepwater oil and gas reserves make it a critical market for AETI in the future."
The wholly owned Brazilian operation was formed following the company's recent withdrawal from its previous minority-owned joint venture, AETI Brazil.
Mr. Jose Octavio has been named General Manager of M&I Electric Brazil. He has over 15 years experience in the electrical products and services business in the Brazilian oil and gas markets including tenures with both AETI Brazil and ABB.
M&I Electric Brazil will be headquartered in Macaé, Brazil, with a regional service center located in Rio de Janeiro.
American Electric Technologies, Inc. (Nasdaq:AETI) is a leading provider of power delivery solutions to the global energy industry. 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., Bay St. Louis, Miss, and in Macae Brazil. In addition, AETI has minority interests in two joint ventures, which have facilities located in Xian, China, and in Singapore. 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 anticipated future demand for our products, international expansion, and other future 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 28, 2014. 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.