DALLAS, Jan. 14, 2014 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced that it has been awarded three separate contracts with a combined value of over $8.5 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 combined-cycle natural gas fired turbine power plant application. This equipment will reduce both NOX and CO emissions by at least 90% for an electric power generation facility in the northeast region of the United States. The second project is for the installation of emission control systems on power drivers for existing natural gas pipeline in the southeastern region of the United States. In our Process Products segment, we were awarded a project to design and fabricate a steam blow down separator for use on steam assisted gravity drainage ("SAGD") oil recovery operations in Canada. The Company expects to recognize revenue related to these projects over the balance of fiscal year 2014 and the first half of fiscal year 2015.
Peter J. Burlage, PMFG's Chief Executive Officer said, "As we outlined in our recent conference calls, we expect the power generation, natural gas value 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. The new combined cycle plant under construction is indicative of the relative cost of natural gas as a fuel source and the significant cost implications for existing coal fired facilities to meet regulatory requirements. While Peerless has played a significant role in providing separation and filtration equipment for use in natural gas infrastructure within the United States, the recent project allows us an opportunity to introduce our SCR technology to assist our customer in meeting the stringent emission regulations."
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.
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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 www.peerlessmfg.com or Shawn Severson The Blueshirt Group Managing Director, Energy Technology Practice Phone: (415) 489-2198 email@example.com