DALLAS, July 7, 2014 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced that it has been awarded a new contract with a value of more than $10 million. This contract is with Peerless' Environmental Systems unit. The project is for multiple SCR systems to be installed as part of a new 2,600 MW natural gas fired combined cycle power plant in Taiwan. This project is scheduled to be completed by the fall of 2016.
Peter J. Burlage, PMFG's chief executive officer said, "Although the global shift to natural gas by large utility customers has been slower than the market anticipated, we believe the transition is gaining momentum and we are very well positioned to leverage this opportunity around the world. This new order is a great win for PMFG and we are proud to be part of a high efficiency, low emission power plant in the Asia Pacific region. We also believe it to be the first installations of an SCR system on the new, large scale 501J gas turbines. This order adds to the recent increased bookings trend out of Asia for environmental equipment, as it follows other combustion system orders made possible by our recent acquisition of CCA. Including this contract, we expect the net bookings for the fiscal year ending June 28, 2014 to increase over 50 percent over the prior year. We expect the region will remain a key growth avenue for the company as power demand grows and emissions standards tighten."
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, PMFG markets its systems and products worldwide.
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, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. The words "anticipate," "expect," "believe," "intend" and similar expressions identify forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such 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 and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. 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 SEC, including the information under Item 1A. "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended June 29, 2013. The Company undertakes no obligation to revise any forward-looking statements or to update them to reflect events or circumstances occurring after the date of this release, or to reflect the occurrence of unanticipated events, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. 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.
CONTACT: Mr. Peter J. Burlage, Chief Executive Officer
Mr. Ronald L. McCrummen, Chief Financial Officer
PMFG, Inc.14651 North Dallas Parkway, Suite 500
Dallas, Texas 75254
Phone: (214) 357-6181
Fax: (214) 351-4172
Shawn SeversonThe Blueshirt Group
Managing Director, Energy Technology Practice
Phone: (415) 489-2198
Source: PMFG, Inc.