DALLAS, Sept. 25, 2013 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced that it has been awarded three separate contracts with a combined value of over $7 million. In our Environmental Systems segment, we were awarded two projects. The first project is an SCR/CO exhaust system to be installed in a simple-cycle natural gas fired turbine application. This equipment will reduce both NOX and CO emissions by at least 90% for an electric power generation unit being installed in the north eastern region of the U.S. The second project is for an SCR system to be used in a refinery application in the upper Midwest. This SCR system is part of the customer's $400 million improvement plan to several process units intended to expand the refinery's overall capacity. In our Process Products segment, we were awarded a project for a replacement steam dryer to be installed in a nuclear power plant in northern Europe. The steam drier is part of this facility's life extension process.
Peter J. Burlage, PMFG's chief executive officer said, "As we outlined in our recent year end conference call, we expect the power generation, natural gas valuation chain and the refinery markets to be key drivers for our company. These wins are certainly representative of the opportunities within these markets and I expect they will continue to play a significant role for us in fiscal 2014 and beyond. We experienced a solid performance from our Environmental Systems division in fiscal 2013 and it is encouraging to see the momentum has continued into the first quarter of fiscal 2014 with two new wins. I am also pleased to see activity in the EMEA region, where economic and political conditions have dampened demand over the past few quarters. This order is another one of the many nuclear power plants that will go thru a re-licensing process in the coming years, of which we expect most of them to increase their steam production resulting in an opportunity for PMFG to sell replacement dryers and separators."
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: For Further Information 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 www.peerlessmfg.com or Shawn Severson The Blueshirt Group Managing Director, Energy & Environmental Technologies Practice Phone: (415) 489-2198 email@example.comSource:PMFG, Inc.