DALLAS, April 5, 2012 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) has been awarded three new large international orders with a combined value of more than $6.5 million for an assortment of process systems equipment to be used in natural gas and oil exploration applications. The Company anticipates that the majority of the revenue from these three orders will be recognized in the first half of fiscal year 2013.
The first order is for multiple sets of filtration and separation equipment in support of a natural gas pipeline construction project in China. This order will be processed through the Company's subsidiary in China. The second order is for a series of separators used for oil extraction in the oil sands of Western Canada. The third order is for pulsation and separation equipment that will be utilized in conjunction with a reciprocating compressor package. This order is for a facility located in Europe and will be processed through the Company's recently acquired operations in Germany.
PMFG's Chief Executive Officer, Peter Burlage, stated, "These orders represent the growing importance that we have placed on strengthening our global sales and manufacturing capabilities to benefit from the substantial international energy infrastructure development initiatives underway around the world. Our initial focus in China was on capturing the significant opportunities to supply steam separators to the nuclear power industry. We are now winning and actively bidding on a variety of natural gas processing and transmission projects that would require use of our separation equipment and other components. Our presence in Germany has enabled us to more effectively pursue opportunities throughout Central and Eastern Europe. In Canada, the tar sands region continues to experience ever increasing investment in facility development and expansion. With our enhanced presence in Canada we are better able to support our customers while expanding our business opportunities in the region. Our investment of additional resources in these foreign markets has significantly enhanced our success at winning these projects and we are encouraged by the bidding activity we are seeing on other projects in these markets."
About PMFG
We are a leading provider of custom engineered systems and products designed to help ensure that the delivery of energy is safe, efficient and clean. We primarily serve the markets for power generation, natural gas infrastructure and petrochemical processing. Headquartered in Dallas, Texas, we market our 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.