LOS ANGELES, Aug. 26, 2005 (PRIMEZONE) -- New Century Companies, Inc. (OTCBB:NCNC), a leading manufacturer and re-manufacturer of machine tools, today announced that it has received a $300,000 order for a vertical turning center. The new order is expected to be booked in the second half of 2005.
The vertical turning center will be used by a major Midwestern U.S.-based machine shop (unnamed in this release for competitive reasons) to manufacture parts for compressors used in oil and gas extraction. This new customer produces components for companies including Dresser-Rand Group Inc., a major manufacturer of compressors and other oil-field products.
David Duquette, CEO, said: "With this new order, New Century is beginning to feel the positive impact of two key developments in the energy industry -- the exploration and production boom in response to high oil prices, and the long-awaited passage of the Federal Energy Bill, which will further stimulate drilling and create new demand for drilling-related equipment. New Century, with its price-competitive business model and ample production capacity, is in an ideal situation to profit from this rising demand. Based on the amount of interest we have been receiving lately from companies in the oil industry, we expect a number of these new contracts in the very near future."
About New Century Companies Inc.
New Century, under its brand name Century Turn, specializes in manufacturing, remanufacturing and retrofitting machine tools, primarily vertical boring mills and large lathes such as vertical turning centers. By offering remanufactured vertical boring mills, the Company saves or conserves millions of dollars per year in energy costs by reutilizing the major castings of each mill. These savings, generally in the range of 40% to 60%, allow New Century to be the most price-competitive manufacturer of vertical boring mills in the U.S. These cost savings are passed on to New Century customers and afford them the opportunity to manufacture rotating turbine components for power generation at lower cost. New Century machines are also used by manufacturers of jet engine components, airplane landing gear parts and oil and gas production components, to name a few. New Century currently manufactures its machine tools in state-of-the-art facilities in Santa Fe Springs, Calif. Visit New Century's Web site at www.newcenturyinc.com
Forward-looking statement: Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions, and other risks detailed from time to time in the Company's ongoing quarterly filings, annual information form, and annual reports. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.