HOUSTON, Dec. 13, 2011 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (Nasdaq:AETI), a leading global provider of power delivery solutions to the traditional and renewable energy industries, today announced the celebration of the 65th anniversary of the company's founding.
Established in 1946 as M&I Electric Industries, Inc. in Beaumont Texas, the company began as a high-quality provider of electrical distribution equipment, motor repair and electrical field services to the Marine and Industrial markets around the U.S. Gulf Coast.
Since then, the company has broadened its product line significantly to include power conversion systems such as SCR drives and AC VFDs, and also added complementary electrical construction and electrical services capabilities. The company has shipped more than 1000 mega-watts of power delivery systems and has thousands of satisfied customers around the world.
The company took a major leap forward in 2007, by going public and forming AETI via a merger with American Access Technologies of Keystone Heights, FL. Listed on the NASDAQ-stock exchange, American Electric Technologies, Inc. trades under the ticker symbol AETI.
AETI now has more than 600 employees in its Texas, Mississippi and Florida operations and in its international Joint Ventures, with its primary focus on four strategic markets:
- Drilling, including shale oil & gas, and directional land drilling rig power systems;
- Global Energy, in which the company has established itself as a global power delivery systems market leader with operations in key global energy markets such as China, Singapore and Brazil;
- Marine and Industrial, where the company continues its successful history of providing turnkey power distribution and control solutions for the U.S. Gulf Coast region; and,
- Power generation and renewable energy, including utility-scale solar power generation.
"We're proud to celebrate this milestone in our company's history. It is a testament to our previous leadership that we've successfully built upon their strong foundation and heritage of innovation, safety and quality," said Charles Dauber, AETI President and Chief Executive Officer. "Our commitment to customers is demonstrated by the strong relationships we've built over the years, and this milestone is a tribute to the talent and dedication our employees have contributed to our past, present, and future success."
Forward Looking Statements
Except for the historical and present factual information contained herein, the matters set forth in this document, including statements regarding the anticipated results of our international joint ventures are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There are many risks, uncertainties and other factors that can prevent the achievement of our goals or cause results to differ from those expressed or implied by these forward-looking statements including, without limitation, the risks inherent in doing business outside of the U.S. such as political, social and economic instability, currency fluctuations and conversion restrictions. These and other risks which may impact management's expectations are described in greater detail in filings made by the Company with the Securities and Exchange Commission. 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 anticipated results expressed or implied herein will not be realized.